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India.com
3 days ago
- Business
- India.com
Not Pakistan but this country leads in taking loan from IMF, it is..., India's position is...
(Image: REUTERS/Yuri Gripas) New Delhi: Whenever the discussion arises regarding the International Monetary Fund (IMF) and Pakistan, a distinct perception is formed. The perception is that Pakistan is the most economically dependent country on the IMF. Recently, during the conflict between India and Pakistan, the IMF had lent money to Pakistan again. However, it is undeniable that Pakistan has received a significant amount of loan from the IMF, but it is not the top borrower from this institution. According to the IMF, over 60% of the total loans given to 91 countries worldwide have gone to just five countries. At the top of this list is Argentina, with outstanding IMF credit amounting to 40.3 billion SDRs (Special Drawing Rights). Although Pakistan's name is included in the top 10 list, it is not in the first position. What is SDR? SDR is a special reserve asset of the IMF, the value of which is determined based on five major currencies (US Dollar, Euro, Chinese Renminbi, Japanese Yen, and British Pound). It is not a direct currency but serves as a basis for member countries to transact in actual currencies. Where does Pakistan stand? Argentina ranks first in borrowing from the IMF, followed by Ukraine, which has a debt of 10.7 billion SDR. Next are Egypt (8.2 billion), Pakistan (6.9 billion), and Ecuador (6.4 billion). Pakistan, often perceived as heavily dependent on IMF assistance, ranks fourth on this list. What is India's position? India has also borrowed from the IMF. However, India ranks much lower on this list. This means that India has taken much less loan from the IMF compared to Pakistan. India holds the 31st position on the IMF list, with a debt of 1.98 billion SDR.
The Star
08-05-2025
- Business
- The Star
IMF says Nigeria repays $3.4 billion COVID-19 funding
A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/File Photo LAGOS (Reuters) -Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global lender said on Thursday. In April 2020, the IMF provided the financing to help Africa's largest oil exporter cope with a collapse in crude prices, which hit its finances and tipped the economy into recession. IMF resident representative to Nigeria Christian Ebeke said in a statement that, as of April 30, the country had "fully repaid the financial support" it received under the Fund's Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations. "Nigeria is expected to honour some additional payments in the form of Special Drawing Rights charges of about US$30 million annually," Ebeke added. The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66 billion to service its foreign debt, of which $1.63 billion was to the IMF. (Reporting by MacDonald Dzirutwe; Editing by Alex Richardson)
Winnipeg Free Press
03-05-2025
- Business
- Winnipeg Free Press
A global supply chain shrinks dramatically
Opinion You could call it reading the TEU leaves. OK, that's a poor attempt at a joke. TEU is the abbreviation for a 'Twenty-foot Equivalent Unit' — in other words, a standard-sized shipping container. Yuri Gripas / Abaca Press U.S. President Donald Trump And the tale of the TEUs is a fascinating one. The question of how many TEUs are making their way through global supply chains has an interesting inflection point — in 2024 and into the first few months of 2025, you can find many stories about shipping volumes in TEUs being at record levels as sales boomed and wary importers stocked up on extra supplies, concerned about U.S. President Donald Trump's talk of impending tariffs. Then came Trump's so-called 'Liberation Day,' in early April, when he announced tariffs basically worldwide, with an extraordinary 145 per cent levy on China. Supply lines are long, with containerized products having to reach ports for shipment, and then, a 20- to 40-day ocean transit from China to North America. That means a tariff kick can take some time to land — and more time to sting. But it has now come ashore; post Liberation Day, the stories are about how container traffic, especially into the United States from China, is virtually flatlining. Just over a week ago, the Port of Los Angeles' executive director, Gene Seroka, had some harsh news for a meeting of the port's board of harbour commissioners. Los Angeles is a major point of entry for Chinese products. As a result of U.S. tariffs, 'essentially all shipments out of China for major retailers and manufacturers have stopped,' Seroka said. That meant, for last week, shipments into the port had fallen by 31 per cent in a week, a 14 per cent decline year over year. This week, shipments arriving at the port are expected to be even worse: total shipments are expected to be off by 35 per cent compared to the same week in 2024. When you look beyond Los Angeles, logistics firms say 50 per cent of shipments from China to North America have now been cancelled. That hurts U.S. businesses in a lot of ways: trucking, rail and logistics companies have nothing to ship, ports have nothing to unload, retailers have less to sell and hard decisions have to be made about layoffs. Labour is still among a business' highest cost, and you can't keep people working if there's no money coming in. Some estimates are that US$600 billion in Chinese imports turns into U.S. retail sales of US$2 trillion. With U.S. tariffs having hit around Easter Monday, retailers have to deal with the twin problems of taking the tariff hit and passing it on to their customers in increased prices, or turning cargos back, resulting in shortages on American shelves. (And then, most likely, price increases due to product shortages as well.) Weekday Mornings A quick glance at the news for the upcoming day. Donald Trump has been saying that backroom negotiations have been going on with China to reach some kind of a tariff deal: China steadfastly denies that has been taking place. But what is clear is that, tariffs or not, a reckoning is coming, especially for small U.S. businesses whose pockets aren't deep enough to absorb massive tariffs. Scarce and expensive products, or empty shelves? Before too long, American consumers could be finding out a lot about both of those. Will Donald Trump accept responsibility for that? No. He'll blame Joe Biden or the Chinese or whoever else happens to pop into his head. (Complicating things, Trump said Thursday the U.S. would halt all trade with countries buying Iranian oil. China buys Iranian oil.) By the end of May, shortages of stock and hikes in prices should be well underway in the U.S. And we'll have a very, very cranky neighbour to the south of us.
Yahoo
28-01-2025
- Business
- Yahoo
The Human Cost of Trump Firing All Federal DEI Workers
President Donald Trump after signing executive orders in the Oval Office of the White House in Washington, DC, US, on Thursday, Jan. 23, 2025. Credit - Yuri Gripas—Bloomberg/Getty Images Just days into his second term, President Donald Trump placed federal staff working on diversity, equity, and inclusion (DEI) initiatives on paid leave—with the intent of eventually laying them all off. Workers who led DEI programs at University of Texas, University of Florida, and other higher education institutions located in states where conservative legislators eliminated DEI offices, programs, and positions have also recently lost their jobs. And then there are those workers who have lost their jobs at companies like Walmart, McDonald's, and Meta, which have recently unraveled DEI efforts. Amidst the dramatic saga, we too often forget that the professionals who abruptly lost their jobs are people. The overwhelming majority of these workers who have lost their jobs are Americans—and many of them are women of color. Their humanity deserves compassion and appreciation. Media coverage about the roll back of DEI activities has largely been focused on which programs and policies are being phased out, why such regression is occurring at this time, and what conservatives are misunderstanding and misrepresenting. In the context of education, attention also has been placed on the anticipated effects on diverse students. But not enough emphasis is being devoted to the actual people who do high quality DEI work—professionals who are losing jobs, salaries, and stability. Plus, these workers have then had to endure President Donald Trump and other powerful lawmakers baselessly misrepresent their work as 'illegal and immoral' and accuse them of being unqualified so-called 'DEI hires.' Immediately after the White House announced that federal DEI workers were being placed on administrative leave, hosts and guests on conservative cable news networks celebrated. 'Bye, Bye DEI,' posted Fox News on Instagram. Perhaps they didn't realize that they were rejoicing the undeserved loss of American jobs. Maybe they didn't understand that those people who spent years (in some instances decades) attempting to make America truly great for all citizens suddenly may not be able to afford to pay rent or their mortgages. Some of these workers now won't be able to afford daycare for their kids or elder care for their aging parents. Others have children in college whose tuition payments are suddenly in limbo because of politics. Some will lose their healthcare benefits. Too many of these workers will struggle to find other jobs because of the false narratives that are being told about DEI. Now is a terrible time for a DEI professional to find a job. Maybe Trump and other DEI obstructionists didn't fully consider this before they ruined these American workers' careers. Or perhaps they did, but ultimately were more interested in the preservation of an America that isn't equitable or inclusive. Is it possible that Trump wants heterosexual, Christian white guys to permanently occupy the majority of top leadership positions in our nation under the guise of merit? It was ignorant and short-sighted to lay off federal DEI professionals without meeting with them, without experiencing their work firsthand, and without even attempting to confirm if the alleged widespread wrongdoings were true. And celebrating the firings of hard-working Americans on cable news shows, social media platforms, and in conservative policymaking venues is cruel. These people, as well as the Americans they serve, deserve better. Contact us at letters@
