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.
The SDR allocation will boost the liquidity and reserves of all our member countries, build confidence, and foster the resilience and stability, according to IMF MD Kristalina Georgieva
Surging reserves can be a double-edged sword as there is a cost to holding them. High reserves will obviously lead to appreciation of the currency and rise in inflation, because capital inflows that result in high reserves are used to buy domestic currency, thereby expanding the domestic monetary base without a corresponding increase in production, and this causes a rise in inflation.
Increasing price on carbon will encourage innovation and transition to renewable energy, clean mobility, and low carbon technologies
Jonathan Otry, the Deputy Director of the IMF`s Asia Pacific Department, said that "the current surge in infections presents a worrisome downside risk revisions" for India.
The premier said the strict conditions of the IMF could not be applied on the people, who he said are already suffering because of the pandemic.
