Latest news with #IMFBoard
Straits Times
24-07-2025
- Business
- Straits Times
IMF is waiting for more data, agreement on remedial measures on Senegal
LONDON - The International Monetary Fund is waiting for some more data before it can firm up its assessment on Senegal's debt situation and still needs to reach an agreement on key remedial measures with the country, a Fund spokesperson said on Thursday. Senegal is grappling with billions in debts hidden by the previous administration - a problem for the cash-strapped country - which has seen its programme with the Fund put on hold over the issue. "Once we have reached agreement on the key corrective measures, the IMF Board will be in a position to consider the Senegal misreporting case and take a decision," a spokesperson for the Fund said in response to emailed questions from Reuters. Based on latest data received from Senegalese authorities, hidden debt is estimated at $11.3 billion at the end of 2023, the spokesperson added. This included a portion for state-owned enterprises of about 7.4% of GDP. REUTERS
United News of India
01-07-2025
- Business
- United News of India
IMF board enables disbursement of about $500 mln to Ukraine
Washington, July 1 (UNI) The IMF Board has approved a nearly $500 million disbursement to Ukraine following a review of the Extended Fund Facility program, the Fund announced in a statement on Monday. "The IMF Board today completed the Eighth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$0.5 billion (SDR 0.37 billion) to Ukraine, which will be channeled for budget support," the IMF said. The IMF reminded that Ukraine's 48-month EFF program, approved in March 2023 with access to $15.5 billion, is part of a $152.9 billion international support package, which aims to stabilize the economy, support recovery, and strengthen governance and institutions. UNI SPUTNIK GNK 0829
India Gazette
10-05-2025
- Business
- India Gazette
Gaurav Gogoi slams IMF over USD 1 billion loan to Pakistan, says it will
New Delhi [India], May 10 (ANI): Congress MP Gaurav Gogoi slammed the International Monetary Fund's (IMF) approval of a USD 1 billion loan to Pakistan, terming it 'shocking' and 'disappointing'. Gogoi added that the IMF consists of 25 country board, including nations such as US, Japan, Australia, Germany, France, UK, Italy and Israel. He believed that the loan would be used to perpetuate the rule of the army over Pakistan. 'The IMF Board comprises of 25 member countries such as US, Japan, Australia, Germany, France, UK, Italy and Israel. The approval of $1 billion loan after the Pakistan-sponsored Pahalgam attack is shocking and disappointing. The loan will only perpetuate the rule of the army over the state,' Gaurav Gogoi's 'X' post said. Earlier, Jammu and Kashmir Chief Minister Omar Abdullah slammed IMF's decision to go ahead and fund Pakistan. The J&K CM decried that the reimbursement from IMF is being used to target several places across Jammu and Kashmir. In a post on X, CM Abdullah gave a call to the international community and said that giving funds to Pakistan would not result in de-escalation but woud rather embolden its actions to continue with devastations across places such as Poonch, Rajouri, Uri and Tangdhar along with several others. He wrote on X, 'I'm not sure how the 'International Community' thinks the current tension in the subcontinent will be de-escalated when the IMF essentially reimburses Pakistan for all the ordnance it is using to devastate Poonch, Rajouri, Uri, Tangdhar and so many other places.' On Friday, IMF approved the first review of Pakistan's economic reform programme under the Extended Fund Facility (EFF), enabling a disbursement of approximately USD 1 billion. India, however, firmly opposed providing funds to a country that continues to sponsor cross-border terrorism, warning that such support carries reputational risks for global institutions and undermines international norms. In a post on X, the IMF said, 'IMF Board approved the first review of Pakistan's economic reform program under the EFF, enabling a disbursement of ~ $1 billion, reflecting strong programme implementation which has contributed to continuing economic recovery.' India abstained from the recent IMF vote on approving a loan to Pakistan, not due to a lack of opposition, but because IMF rules do not permit a formal 'no' vote, sources added. (ANI)
India.com
10-05-2025
- Business
- India.com
Omar Abdullah slams IMF over reimbursing Pakistan, says money being used for devastating…
Jammu and Kashmir Chief Minister Omar Abdullah criticized the International Monetary Fund (IMF) for its decision to continue funding Pakistan. He condemned the move, alleging that IMF reimbursements are being utilized to target various areas across Jammu and Kashmir. In a post on X, CM Abdullah gave a call to the international community and said that giving funds to Pakistan would not result in de-escalation but woud rather embolden its actions to continue with devastations across places such as Poonch, Rajouri, Uri and Tangdhar along with several others. He wrote on X, 'I'm not sure how the 'International Community' thinks the current tension in the subcontinent will be de-escalated when the IMF essentially reimburses Pakistan for all the ordnance it is using to devastate Poonch, Rajouri, Uri, Tangdhar & so many other places.' I'm not sure how the 'International Community' thinks the current tension in the subcontinent will be de-escalated when the IMF essentially reimburses Pakistan for all the ordnance it is using to devastate Poonch, Rajouri, Uri, Tangdhar & so many other places. — Omar Abdullah (@OmarAbdullah) May 10, 2025 His remarks come after the International Monetary Fund approved the first review of Pakistan's economic reform program under the Extended Fund Facility (EFF), enabling a disbursement of approximately USD 1 billion. India, however, firmly opposed providing funds to a country that continues to sponsor cross-border terrorism, warning that such support carries reputational risks for global institutions and undermines international norms. In a post on X, the IMF said, 'IMF Board approved the first review of Pakistan's economic reform program under the EFF, enabling a disbursement of ~ $1 billion, reflecting strong program implementation which has contributed to continuing economic recovery.' India abstained from the recent IMF vote on approving a loan to Pakistan, not due to a lack of opposition, but because IMF rules do not permit a formal 'no' vote, sources added. Further, New Delhi conveyed its strong dissent within the constraints of the IMF's voting system and used the opportunity to record its objections formally. India's key objections included: India also questioned the effectiveness of ongoing IMF assistance, noting that Pakistan has received support in 28 of the past 35 years including four programs in just the last five without meaningful or lasting reform and highlighted the Pakistani military's continued dominance in economic affairs, which undermines transparency, civilian oversight, and sustainable reform. In its official statement, India raised significant concerns regarding Pakistan's track record with previous IMF loans and the potential misuse of funds for 'state-sponsored cross-border terrorism. 'India's concerns extended beyond economic considerations to governance issues, particularly the role of Pakistan's military in economic affairs. The statement pointed out that 'Pakistan military's deeply entrenched interference in economic affairs poses significant risks of policy slippages and reversal of reforms.' It referenced a 2021 UN report that described military-linked businesses as the 'largest conglomerate in Pakistan' and noted the army's current leading role in Pakistan's Special Investment Facilitation Council. Earlier today, CM Omar Abdullah expressed grief on the demise of J&K Administration Services officer Raj Kumar Thappa. The J-K CM offered his condolences to Thappa who lost his life after his home was targeted due to shelling from Pakistan in Rajouri. Pakistan carried out cross-border shelling on Saturday, causing significant damage to civilian areas in Jammu's Rajouri district and heightening fears among residents. A series of explosions damaged several houses and properties across the region, triggering panic among residents. India launched the retaliatory strikes immediately after Pakistan attacked 26 locations across India on Saturday, the sources told ANI. Intermittent firing is still going on at several places along the Line of Control (LoC). At least four airbases in Pakistan were hit by Indian strikes in the early hours of Saturday, top government sources said, as tensions between the two countries continue to escalate. Drones have been sighted at 26 locations along the International Border and LoC with Pakistan. These include suspected armed drones. The locations include Baramulla, Srinagar, Avantipora, Nagrota, Jammu, Ferozpur, Pathankot, Fazilka, Lalgarh Jatta, Jaisalmer, Barmer, Bhuj, Kuarbet and Lakhi Nala. Regrettably, an armed drone targeted a civilian area in Ferozpur, resulting in injuries to members of a local family. The injured have been provided medical assistance, and security forces have sanitised the area. The Indian Armed Forces are maintaining a high state of alert, and all such aerial threats are being tracked and engaged using counter-drone systems. The situation is under close and constant watch & prompt action is being taken wherever necessary. Citizens, especially in border areas, are advised to remain indoors, limit unnecessary movement, and strictly follow safety instructions issued by local authorities. While there is no need for panic, heightened vigilance and precaution are essential,' the Ministry of Defence said in its statement. (With inputs from ANI)
Business Recorder
10-05-2025
- Business
- Business Recorder
PSX sees big bounce-back
KARACHI: The Pakistan Stock Exchange (PSX) staged a remarkable recovery on Friday after four consecutive negative sessions, driven by easing tensions between Pakistan and India and anticipation surrounding the upcoming IMF Board meeting. The benchmark KSE-100 Index gained 3,648 points, or 3.52 percent to close at 107,174.64 points on Friday compared to 103,527 points on Thursday. Overall, some 519 million shares were traded down from 653 million a day earlier. On Friday, BRIndex100 also increased by 411.38 points or 3.79 percent to settle at 11,267.56 points with a total volume was 451.39 million shares. BRIndex30 closed at 32,236.02 points, up by 1502.16 points or 4.89 percent with a total volume was 309.693 million shares. Analysts said the KSE 100 Index rebounded on the last trading day of the week and gained to close at 3.5 percent recouping some of the previous day losses, in which KSE 100 Index lost some 6.7 percent. This recovery was on account of optimism on IMF Executive Board meeting scheduled to consider Extended Fund Facility (EFF) program, where market expects smooth approval. Overall decline in cross border hostilities also provided stimulus to investor sentiment, they added. The total traded value on the ready counter declined to Rs 29 billion compared to Rs 35.44 billion in the previous session. The market capitalization increased by Rs 368 billion to Rs 12.893 trillion. Out of 441 active scrips, 300 closed in positive and 99 in negative while the value of 42 stocks remained unchanged. Muhammad Rizwan Director Brokerage Chase Securities Pakistan (Pvt.) Limited, after four consecutive days of decline, totaling an 11.2 percent loss, the market staged a remarkable recovery, on hopes of easing tensions between the two sides, fueled by international diplomatic efforts. Hopes of a potential release of a $1 billion IMF tranche and anticipation of circular debt payment boosted investor confidence in the second half of the session, particularly benefiting Oil and Gas Exploration stocks. Stocks like OGDC, PPL, SNGP, and PSO closed with gains ranging from 4 percent to 6 percent. WorldCall Telecom was the volume leader with 47 million shares and closed at Rs 1.16 followed by Cnergyico PK that closed at Rs 33.5 with 6.42 million shares. Sui South Gas ranked third with share trading of 29 million shares and it closed at Rs 27.69. PIA Holding Company LimitedB and Nestle Pakistan Limited the top gainers increasing by Rs 703.20 and Rs 120.31 respectively to close at Rs 7,735.23 and Rs 7,119.15, while Unilever Pakistan Foods Limited and Supernet Technologies Limited were the top losers declining by Rs 107.87 and Rs 64.78 respectively to close at Rs 21,972.88 and Rs 780.00 BR Automobile Assembler Index closed at 20,531.57 points, marking a net gain of 432.79 points or 2.15 percent, with a total turnover of 11.80 Cement Index ended the session at 8,931.34points, reflecting a rise of 441.80 points or 5.20 percent, and a total turnover of 44.01 million. BR Commercial Banks Index settled at 31,716.02points, posting an increase of 839.07 points or 2.72 percent, with a total turnover of 43.33 Power Generation & Distribution Index finished at 18,055.73points, showing a gain of 646.72 points or 3.71 percent, and a total turnover of 24.19 million. BR Oil & Gas Index closed at 10,293.23points, registering a positive change of 526.39 points or 5.39 percent, with the highest turnover of 83.87 Technology & Communication Index ended at 4,369.11points, up by 122.24 points or 2.88 percent, with a notable turnover of 75.50 million. Ahsan Mehanti of Arif Habib Corp said that stocks staged sharp recovery as investor eye de- escalation in Pak -India tensions after US appeal for end to violence and IMF board approval disbursement of $1bn under EFF and additional arrangement for $1.3bn under RSF. He added that SBP policy easing and surge in global crude oil prices played catalyst role in record bullish close at PSX. Copyright Business Recorder, 2025
