IMF Archives - Defence Monitor

13 Dec

IMF completes Sri Lanka’s first review, allowing for disbursement of $337 mn

Colombo, Dec 13, The Executive Board of the International Monetary Fund (IMF) has completed Sri Lanka's first review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the South Asian country to access about $337 million to support its economic policies and reforms. Sri Lanka's performance under the program was satisfactory, with all but one performance criteria and all but one indicative target being met at end-June, Xinhua news agency quoted the IMF as saying in a statement late Tuesday. Most structural benchmarks due by the end of October 2023 were either met or implemented with delay, the statement said.…

06 Sep

Biden will call for ‘reshaping’ World Bank, IMF at G20

Washington, Sep 6, US President Joe Biden will focus on "fundamentally reshaping and scaling up the multilateral development banks" during his upcoming visit this week to New Delhi for the G20 leaders' meeting, the White House said. Biden's other priorities for the summit will include debt relief for countries, climate, health, digital technology, including commitments with respect to a more inclusive digital transformation and a responsible path and approach to Artificial intelligence development. The US President's plans have not changed because of wife, First Lady Jill Biden, testing positive for Covid-19. He has tested negative but due to possible exposure…

13 Jul

IMF finally approves $3bn bailout for Pakistan

The International Monetary Fund (IMF) announced that its Executive Board has approved a critical $3 billion bailout programme for Pakistan, out of which $1.2 billion will be immediately disbursed to help the cash-strapped nation. The global lender's announcement on Wednesday came just weeks after the IMF and Pakistan had reached a Standby Arrangement on June 29 to ease the country’s financial crisis, reports Dawn news. In a statement issued late Wednesday night, the IMF said: “The Executive Board of the IMF approved a nine-month Stand-By Arrangement (SBA) for Pakistan for an amount of about $3 billion, or 111 per cent…

01 Jul

Shehbaz Sharif wants IMF loan programme to be Pakistan’s last

Lahore, July 1, Pakistan Prime Minister Shehbaz urged that the $3 billion pact signed with the International Monetary Fund (IMF) should be the country's last loan programme with the global lender. The staff-level agreement is on a $3 billion stand-by arrangement, which is subject to approval by the lender’s executive board, the IMF said on Friday. The long-awaited decision comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves, Dawn reported. On Friday, Sharif said it was not a “moment of pride but a moment…

23 May

Mutual trust & respect bind India-Australia ties: PM Modi

New Delhi, May 23 (IANS) While addressing a massive crowd of the Indian diaspora in Sydney on Tuesday, Prime Minister Narendra Modi said that mutual trust and respect are the elements that bind India and Australia ties. He made the remarks at an event at the Qudos Bank Arena where he received a rousing welcome from the diaspora members. Upon his arrival at the arena accompanied by his Australian counterpart Anthony Albanese, Modi was welcomed amid Vedic chanting and other traditional rituals. Addressing the Indian diaspora, Modi said: "No matter what the geographical distances are between India and Australia, the Indian…

15 Apr

Ukraine to receive financial assistance from IMF

Kiev, April 15, Ukraine will receive a total of $4.5 billion from the International Monetary Fund (IMF) this year as Russia continues its full scale invasion of Kiev, the war-torn country's Finance Ministry said. Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion, Xinhua news agency quoted the Ministry as saying. After his meeting with IMF Managing Director Kristalina Georgieva at the Spring Meetings of the IMF and the World Bank, Ukrainian Finance Minister Serhiy Marchenko said the new Extended Fund Facility program endorsed by the global lender…

27 Mar

Changing Landscape Of Terrorism In Kashmir

Raison D’etre Ever since the partition in 1947 on the lines of a skewed religion based two nations theory, the state of Pakistan has not been at peace with itself. From time to time it has engrossed in turmoil largely of it’s own making. Pakistani state has been like a sheep without a shepherd, wandering aimlessly, chasing a non-existent Mirage. History that Pakistan has made for itself reflects a very sorry state of affairs. Three major wars and Kargil conflict with India without success of getting territory, losing half of the country in 1971, three military coup in 1958, 1977…

03 Feb

US should show sincerity and help Sri Lanka: China

Colombo, Feb 3 (IANS) In a counter-attack to a recent comment made by a US government official on Sri Lankas debt restructuring process to obtain the $2.9 billion International Monetary Fund (IMF) bailout, China said that Washington should show sincerity by helping the crisis-hit island nation "Rather than jabbing fingers at China's close cooperation with Sri Lanka, the US might as well show some sincerity and actually do something to help Sri Lanka weather through the current difficulties," spokesperson of the Chinese Foreign Ministry Mao Ning said at a recent press conference. Ning was responding to US Under Secretary of State…

25 Jan

The envoy stressed the importance of India-SL unity.

Colombo, Jan 25 (IANS) Gopal Baglay, the Indian High Commissioner to Sri Lanka, has emphasised the importance of New Delhi and Colombo's togetherness on the journey that lies ahead. Baglay made the remarks while addressing a gathering, an evening of music to mark the Republic Day of India with the participation of President Ranil Wickremesinghe as the Chief Guest. "The cooperation and working together would be very important for Sri Lanka and India on the journey that lies ahead for them to celebrate the centenary of independence in 2047 for India and 2048 for Sri Lanka," the President's Media Division (PMD)…