IMF blamed the darker outlook caused by persistently high inflation, weak growth in China, and ongoing supply disruptions and food insecurity caused by the Russia-Ukraine war.
The IMF in July had projected a gross domestic product growth of 7.4 per cent in the year starting April 2022. In January, it had predicted 8.2 per cent.
Economists have warned the IMF aid could prove inadequate to avert a default crisis, unless Pakistan secures additional external financing it expects from West Asian partners.
India did poorly in 1st pandemic year, but achieved among the fastest recoveries. But since global environment is less than hospitable, the optimism should be tinged with some caution.
IMF’s World Economic Outlook has flagged concerns about a global recession. This should worry US & advanced economies but probability of recession in India seems low.
High Commissioner of India to Sri Lanka Gopal Baglay added that New Delhi will also work with the island nation’s new govt to facilitate talks for a bailout package from the IMF.
Wickremesinghe administration plans to submit a debt restructuring report to IMF by Aug. Showing it can repay debts & that it has the 'longevity to lead the country' will be key.
Briefing reporters after all-party meeting on Sri Lanka, External Affairs Minister S. Jaishankar says situation in Sri Lanka is 'delicate', and it is of 'deep concern' to New Delhi.
Once Sri Lanka and Pakistan get through their current challenges, most likely with IMF’s support, they would do well to scale back their reliance on China.
New Delhi, Nov 16 (PTI) The National Financial Reporting Authority (NFRA) will carry out audit quality inspections of five audit firms, including the...
No matter what tactics, doctrine, or weapon system is used, the objective of any war is to control territory, argues Gen. MM Naravane (retd). But it's politics that matters most.