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The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

IMF approves $3 bn bailout to debt-ridden Sri Lanka

The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

Sri Lanka's president said Monday that the International Monetary Fund has approved its request for a $2.9 billion bailout, raising hopes for an easing of the island nation's dire economic crisis.
The IMF's board also confirmed it has signed off on the loan, which clears the way for the release of funds and kicks off a four-year programme designed to shore up the country's economy.
But its managing director Kristalina Georgieva warned that Colombo must continue pursuing tax reform and greater social safety nets for the poor -- and rein in the corruption that has been partly blamed for the crisis.
"I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," President Ranil Wickremesinghe said in a statement.
Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence because of a major shortage of foreign currency reserves.
The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest.

Operation theatres in Pakistan are left with less than 2 weeks' worth of supply of anaesthetics, as per local reports.

Pakistan: major medicine shortage as forex slide hurts drug, API imports amid worsening economic crisis

Operation theatres in Pakistan are left with less than 2 weeks' worth of supply of anaesthetics, as per local reports.

The situation in Pakistan appears to be resembling the 2022 Sri Lanka crisis more and more every day.
Now, hospitals and healthcare facilities in Pakistan are staring at a major shortage of medicines as the country's economic woes continue. Operation theatres in Pakistan are left with less than 2 weeks' worth of supply of anaesthetics, as per local reports.
With dwindling foreign exchange reserves, the country has not been able to import medicines in required quantities. The import of Active Pharmaceutical Ingredients (API), which are used to manufacture drugs, has also been affected. This has resulted in Pakistan's domestic manufacturers cutting production of important medicines, as per reports.
Also watch: <a href="https://www.editorji.com/india-news/local/400-earthquakes-in-last-2-years-this-indian-district-is-on-tenterhooks-after-turkey-syria-disaster-1677413956833">400 earthquakes in last 2 years: this Indian district is on tenterhooks after Turkey-Syria disaster</a>
The drug manufacturing industry has said that the cost of making drugs is constantly increasing due to rising fuel costs and transportation charges and the sharp devaluation of the Pakistani rupee.
Recently, the Pakistan Medical Association (PMA) called for the intervention of the government to prevent the situation from turning into a disaster.
(With ANI inputs)

The Shehbaz Sharif government is currently battling with low foreign exchange reserves, a plummeting currency, electricity outages, and consequent political instability.

Pakistan govt has stopped salary, bill payments amid economic crisis, says report

The Shehbaz Sharif government is currently battling with low foreign exchange reserves, a plummeting currency, electricity outages, and consequent political instability.

Pakistan's economic crisis hit a new low on 25 February 2023 with the government ordering the halting of payment of bills and salaries, according to a news report.
Pakistan's Ministry of Finance and Revenue ordered the Accountant General of Pakistan Revenues (AGPR) to stop clearing bills of federal ministries and departments, according to sources quoted by The News International.
However, salaries and pensions of defence-related institutions were already cleared for March 2023, as per the report.
The Shehbaz Sharif government is currently battling with low foreign exchange reserves, a plummeting currency, electricity outages, and consequent political instability.
Finance Minister Dar while meeting on February 22 with a delegation of Rothschild and Co had said "the government was steering the economy towards stability and growth". He added that "the government is committed to completing the IMF programme and fulfilling all international obligations".
Dar's commitment to unlocking the IMF tranche was visible on February 20 when the national assembly had unanimously approved the Finance (Supplementary) Bill 2023 or "mini-budget" - a move mandatory for seeking funding. The bill increases sales tax from 17 to 25 per cent on imports ranging from cars and household appliances to chocolates and cosmetics. A general sales tax was raised from 17 to 18 per cent.
"The prime minister will also unveil austerity measures in the next few days," the minister told the lower house of parliament as the bill was passed, adding "we will have to take difficult decisions".
(With PTI inputs)

Petrol now costs Rs 272 per litre, while diesel costs Rs 280 per litre, as per reports.

Pakistan: petrol price at all-time high after Rs 22.20/L hike; diesel also costlier amid economic crisis

Petrol now costs Rs 272 per litre, while diesel costs Rs 280 per litre, as per reports.

Amid a burgeoning economic crisis in Pakistan, petrol prices have reached an all-time high in the country.
Petrol now costs Rs 272 per litre, while diesel costs Rs 280 per litre, as per reports. Petrol prices were raised by Rs 22.20 per litre, and diesel by Rs 17.20 per litre.
The announcement came after the Shehbaz Sharif government tabled a supplementary finance bill in the National Assembly to hike goods and services tax to 18% to raise Rs 170 billion in revenue. The increase came as finance minister Ishaq Dar presented the money bill in the parliament to fulfil the International Monetary Fund's (IMF) demand to increase revenue before it releases USD 1.1 billion out of the USD 7 billion loans.
The increase in the price of petroleum products was one of the preconditions of the International Monetary Fund, which will lead to a hike in the already record-high inflation, coupled with the new fiscal measures undertaken through the 'mini-budget'.
(With PTI inputs)
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&nbsp;

Loose milk now costs Rs 210 per litre, as compared to Rs 190 per litre earlier.

Pakistan: milk, chicken prices skyrocket amid economic crisis as Shehbaz Sharif govt negotiates with IMF

Loose milk now costs Rs 210 per litre, as compared to Rs 190 per litre earlier.

The economic crisis in Pakistan is levying a high cost on the common people. The prices of staples like milk and chicken have spiralled even as the Shehbaz Sharif government tries to secure international funding, as per a Hindustan Times report.
Loose milk now costs Rs 210 per litre, as compared to Rs 190 per litre earlier. Chicken meat has gone up from Rs 620-650 per kg, to Rs 700-780 per kg.
The price of live broiler chicken has gone up by Rs 30-40 to Rs 480-500 per kg. Meanwhile, boneless meat is being sold at Rs 1,000-1,100 per kg.
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For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table. 

Recession on horizon for world economy in coming year, says research

For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;

As 2023 approaches, the world faces a recession threat, says UK-based Centre for Economics and Business Research (CEBR). Higher borrowing costs aimed at controlling inflation have caused a number of economies to contract.&nbsp;
'It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation,' said Kay Daniel Neufeld, director and head of Forecasting at CEBR.
For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;
'The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come,' the report added.&nbsp;
The centre had warned in October that more than a third of world's economy will contract and a 25% chance exists that global GDP will grow less than 2% in 2023, defining that as global recession.&nbsp;
The research centre data is based on the International Monetary Fund's (IMF) World Economic Outlook, and uses an internal model to forecast growth, inflation and exchange rates.&nbsp;
China which is set to overtake the US as the world's largest economy until 2036 at the earliest is seeing a slowdown in its economic expansion. It's zero Covid policy and high trade tensions with the West are causing the slowdown, the report said.&nbsp;
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The take over which was supposed to happen by 2028, according to the CEBR will only happen till 2036 or later if China tries to take control of Taiwan consequentially facing retaliatory trade sanctions.&nbsp;
"The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia's attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation," CEBR said.
"But the damage to China would be many times greater and this could well torpedo any attempt to lead the world economy."
The CEBR also predicted that India will become the third $10 trillion economy in 2035 &nbsp;and the world's third largest by 2032.&nbsp;
While the United Kingdom will remain the world's sixth largest economy, and France will be in seventh place over the next 15 years.&nbsp;
Britain however, will no longer grow faster than its European peers due to 'an absence of growth oriented policies and the lack of a clear vision of its role outside of the European Union,' said the report.&nbsp;

The International Monetary Fund has downgraded its outlook for the world economy for 2023, citing a long list of threats that include Russia's war against Ukraine.

IMF cuts 2023 global growth, says ‘worst is yet to come’

IMF dims outlook for 2023 global economy, says 2023 will feel like a recession

2023 will feel like a recession: IMF

IMF trimmed its 2023 global GDP growth forecast to 2.7 percent, 0.2 point down from July expectations

The International Monetary Fund has downgraded its outlook for the world economy for 2023, citing a long list of threats that include Russia's war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.
In its report, the 190-country lending agency forecast trimmed its 2023 global <a href="https://www.editorji.com/partner/databaaz/india-s-gdp-growth-will-be-more-constrained-next-year-1662544677172">GDP growth</a> forecast to 2.7 percent, 0.2 point down from July expectations.
The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe.&nbsp;
The global growth profile is its weakest since 2001, apart from during the global financial crisis and the worst of the pandemic, the <a href="https://www.editorji.com/business-news/imf-warns-global-recession-risks-darker-outlook-how-could-it-affect-you-1665141928248">International Monetary Fund (IMF)</a> said.

A Lebanese parliamentarian on Wednesday entered a bank branch near Beirut, demanding some of her trapped savings to cover medical expenses.
Cash-strapped Lebanon in recent weeks has witnessed a surge in depositors storming bank branches to forcefully withdraw their locked savings as the country's economy continues to spiral. On Tuesday, depositors stormed at least four banks, two of which were armed.
Lebanon's cash-strapped banks have imposed informal limits on cash withdrawals since late 2019. Since then, three-quarters of the population plunged into poverty, and the Lebanese pound lost some 90 per cent of its value against the dollar.
Beirut legislator Cynthia Zarazir entered a Byblos Bank branch near the capital, demanding USD 8,500 from her savings to cover expenses for a surgery.
The reformist lawmaker arrived with a lawyer, and for several hours has been negotiating with the bank branch's management.
“I am a Lebanese citizen demanding my rights in light of this exceptional situation,” Zarazir told the press and bystanders.
Her lawyer Fouad Debs, a member of legal and advocacy group the Depositors' Union, told The Associated Press that negotiations are ongoing, and that she has rejected a “ridiculous” proposal to withdraw her savings in Lebanese pounds at a fraction of its dollar value.
Meanwhile, dozens of protesters scuffled with riot police near at the Central Bank's headquarters in Beirut.
And in Byblos, a man fired an assault rifle at the glass facade of a bank branch, after employees did not let him in without an appointment.
The general public has commended the bank heists, some even hailing the perpetrators as heroes.
Among the most notable cases was Sally Hafez, who last month stormed a Beirut bank branch with a fake pistol and gasoline canister to take some USD 13,000 to fund her 23- year-old sister's cancer treatment.
The banks meanwhile have condemned the angry depositors' actions, and said in a statement Tuesday that the Lebanese government is primarily to blame for the crisis. Last month, the banks closed for a week after at least seven banks were raided, and have since only partially reopened.
Debs, who alongside the Depositors' Union has tried to help depositors unlock their trapped savings, said that the situation is no longer bearable and that Lebanon needs to reform its economy to become viable again.
“What we want is a collective solution which would be through a recovery plan that's fair, comprehensive, transparent, and includes the restructuring of the banks and public debt,” Debs told the AP, adding that the politicians and bankers should be held accountable for the crisis.
Lebanon for over two years has been struggling to reach an agreement with the International Monetary Fund for a bailout program. The country's government and divided parliament have stalled over about a dozen mandatory reforms ever since they reached a tentative agreement in April, including restructuring its banks, implementing formal capital controls, and reforming its outdated bank secrecy laws. The United Nations and IMF have both criticized Lebanon for its sluggish progress.

Explained: Why are customers storming banks in Lebanon 

As Lebanon's economic crisis worsens, depositors are breaking into banks to forcefully withdraw their trapped savings reflecting growing public anger towards banks and govt who have struggled to reform the country's corrupt and battered economy

As Lebanon's economic crisis worsens, depositors are breaking into banks to forcefully withdraw their trapped savings reflecting growing public anger towards banks and govt who have struggled to reform the country's corrupt and battered economy

A Lebanese parliamentarian on Wednesday entered a bank branch near Beirut, demanding some of her trapped savings to cover medical expenses.
Cash-strapped Lebanon in recent weeks has witnessed a surge in depositors storming bank branches to forcefully withdraw their locked savings as the country's economy continues to spiral. On Tuesday, depositors stormed at least four banks, two of which were armed.
Lebanon's cash-strapped banks have imposed informal limits on cash withdrawals since late 2019. Since then, three-quarters of the population plunged into poverty, and the Lebanese pound lost some 90 per cent of its value against the dollar.
Beirut legislator Cynthia Zarazir entered a Byblos Bank branch near the capital, demanding USD 8,500 from her savings to cover expenses for a surgery.
The reformist lawmaker arrived with a lawyer, and for several hours has been negotiating with the bank branch's management.
&ldquo;I am a Lebanese citizen demanding my rights in light of this exceptional situation,&rdquo; Zarazir told the press and bystanders.
Her lawyer Fouad Debs, a member of legal and advocacy group the Depositors' Union, told The Associated Press that negotiations are ongoing, and that she has rejected a &ldquo;ridiculous&rdquo; proposal to withdraw her savings in Lebanese pounds at a fraction of its dollar value.
Meanwhile, dozens of protesters scuffled with riot police near at the Central Bank's headquarters in Beirut.
And in Byblos, a man fired an assault rifle at the glass facade of a bank branch, after employees did not let him in without an appointment.
The general public has commended the bank heists, some even hailing the perpetrators as heroes.
Among the most notable cases was Sally Hafez, who last month stormed a Beirut bank branch with a fake pistol and gasoline canister to take some USD 13,000 to fund her 23- year-old sister's cancer treatment.
The banks meanwhile have condemned the angry depositors' actions, and said in a statement Tuesday that the Lebanese government is primarily to blame for the crisis. Last month, the banks closed for a week after at least seven banks were raided, and have since only partially reopened.
Debs, who alongside the Depositors' Union has tried to help depositors unlock their trapped savings, said that the situation is no longer bearable and that Lebanon needs to reform its economy to become viable again.
&ldquo;What we want is a collective solution which would be through a recovery plan that's fair, comprehensive, transparent, and includes the restructuring of the banks and public debt,&rdquo; Debs told the AP, adding that the politicians and bankers should be held accountable for the crisis.
Lebanon for over two years has been struggling to reach an agreement with the International Monetary Fund for a bailout program. The country's government and divided parliament have stalled over about a dozen mandatory reforms ever since they reached a tentative agreement in April, including restructuring its banks, implementing formal capital controls, and reforming its outdated bank secrecy laws. The United Nations and IMF have both criticized Lebanon for its sluggish progress.

'Even Pak handled Covid better': Rahul's dig at govt

Rahul Gandhi took a dig at the Centre over IMF's projection of a 10.3% contraction in&nbsp;Indian economy, saying it was another "solid achievement" by the Modi government

Congress leader Rahul Gandhi took a dig at the Centre on Friday over IMF's projection that the Indian economy is set to contract by a massive 10.3 per cent this year, saying it was another "solid achievement" by the government.&nbsp;Gandhi tweeted a swipe at the government by tagging a chart that showed IMF growth projections for 2020-21 for Bangladesh, Myanmar, Nepal, China, Bhutan, Pakistan, Sri Lanka, Afghanistan and India.&nbsp;"Another solid achievement by the BJP government. Even Pakistan and Afghanistan handled Covid better than India," Gandhi tweeted.

New Delhi, PTI: Congress leader Rahul Gandhi took a dig at the Centre on Friday over IMF's projection that the Indian economy is set to contract by a massive 10.3 per cent this year, saying it was another "solid achievement" by the government.
Gandhi tweeted a swipe at the government by tagging a chart that showed IMF growth projections for 2020-21 for Bangladesh, Myanmar, Nepal, China, Bhutan, Pakistan, Sri Lanka, Afghanistan and India.
The chart showed that the Indian economy is projected to contract by a massive 10.3 per cent this year, the highest contraction among the countries mentioned.
"Another solid achievement by the BJP government. Even Pakistan and Afghanistan handled Covid better than India," Gandhi tweeted with the chart.
The former Congress chief on Wednesday had also taken a dig at the government over IMF growth projections showing Bangladesh closing in on India in terms of per capita GDP this year and described it as a "solid achievement" of six years of BJP's "hate-filled cultural nationalism".
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund had said on Tuesday.
However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.

PM's Aatmanirbhar Bharat' push gets IMF thumbs up

Prime Minister Narendra Modi's call for an "Aatmanirbhar Bharat" is an important initiative, the International Monetary Fund has said

Prime Minister Narendra Modi's call for an "Aatmanirbhar Bharat" is an important initiative, the International Monetary Fund said on Thursday. Welcoming the economic package under the self-reliant India initiative in the aftermath of the coronavirus pandemic, the IMF said that it has supported the Indian economy and mitigated significant downside risks. "To achieve the stated 'Make For The World' goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, it said.

Washington, PTI: Prime Minister Narendra Modi's call for an "Aatmanirbhar Bharat" (self-reliant India) is an important initiative, the International Monetary Fund (IMF) said on Thursday.
"The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important," Gerry Rice, Director, Communications Department, IMF, told reporters at his fortnightly news conference here.
Looking ahead, as the prime minister has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical, he said, responding to a question on Modi's call for an "Aatmanirbhar Bharat".
"To achieve the stated 'Make For The World' goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology," Rice said.
Responding to another question, he said the IMF's joint study with the NITI Aayog and the Ministry of Finance shows that to achieve a high performance in health-related sustainable development goals, India would need to gradually increase its total spending in the healthcare sector from the current 3.7 per cent of the GDP.
"More generally, beyond the health sector, comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth.
"We have talked about those reforms before -- infrastructure, land reforms, product market and labour market reforms, increasing female labour force participation, access to finance and better jobs," Rice said.

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