India takes leading role in calling for multilateral bank reforms
India has also adopted another two-pronged approach to promote change: Setting up a fund with the UN for developing countries and working with the BRICS on the New Development Bank.
India has also adopted another two-pronged approach to promote change: Setting up a fund with the UN for developing countries and working with the BRICS on the New Development Bank.
As the world is in the midst of the ‘Great Election Year’ of 2024, the International Monetary Fund (IMF) has sounded the alarm on the perilous tight-rope walk between democratic exercises and fiscal responsibility.
The Maldives is highly vulnerable to climate change risks, with potentially severe economic costs due to floods and rising sea level, the IMF said.
It also upgraded the growth forecast for the India economy by 0.2 percentage points to 6.5 percent for both 2024 and 2025, citing resilient domestic demand.
The data cited the buoyant domestic spending and improved global growth prospects.
One of the conditions that would be attached to the loan is the withdrawal of subsidies on fuel, electricity and fertilisers.
Depleting reserves, a widening current account deficit and the rupee’s depreciation against the dollar have left the nation facing a balance-of-payments crisis.
Thus, the main task of the Central Bank is to stop hyperinflation. As inflation increases it is mainly the poor, pensioners, and those with fixed incomes that will be most affected, he said.
Georgieva stressed the top priorities were bringing down inflation, including through government spending cuts that would aid central bank efforts.
IMF has clearly mentioned that Sri Lanka needs to first reduce the prevalent corruption conditions and overhaul the taxation structure.
