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IMF Approved $6.4M Disbursement for Afghanistan under ECF
The Executive Board of the International Monetary Fund (IMF) completed the third review of the arrangement under the Extended Credit Facility (ECF) for Afghanistan on Thursday. The ECF is a lending arrangement that provides sustained program engagement over the medium
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IMF’s new loan for Afghanistan, talks to begin later in May
The International Monetary Fund’s management has welcomed Afghanistan’s request for financial support. The talks on the loan will be discussed later this month amid instability in the country. “The Afghan authorities recently requested a Fund financial arrangement (Extended Credit Facility—ECF)…
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Afghan government continues to pump US dollar into market
Da Afghanistan Bank, Afghanistan’s central bank, plans to continue injecting US dollar into the market in a bid to control the rising value of US dollar against Afghani. “As per our new policy, we plan to sell US dollar three
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Despite Upturn in Economy, Spain Still Not Out of the Woods
By Eve Pearce The year 2008 marked the commencement of one of the harshest crises encountered by the Spanish economy in history. Finally, there is a silver lining on the horizon, with the International Monetary Fund claiming (in June, 2014)
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Eurozone finance ministers starting to lose patience with Greece
Head of the Eurogroup, Jeroen Dijsselbloem, said the Eurozone finance ministers were starting to lose patience with debt-laden Greece. The Eurogroup is made up of the finance ministers from the 17 nations that use the single European currency. Greece has
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Cyprus receives first installment of its bailout funds
Cyprus has received 2bn Euros, the first installment of a 10bn-Euro bailout package, from the European Union (EU) and the International Monetary Fund (IMF). Eurozone finance ministers are also expected to sign off the latest tranche of Greece’s bailout, as
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Greek debt is containable, says the troika
The troika, which includes the European Commission, the European Central Bank and International Monetary Fund (IMF), has said Greece will return to growth in 2014 after the release of the next tranche of financial support. The troika recently reviewed the
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Karzai and Fahim have not paid back their loans- Kabul Bank Tribunal
Kabul Bank special tribunal claim that two of the shareholders of the former Kabul Bank- President Hamid Karzai’s brother, Mahmoud Karzai, and deputy president’s brother, Hassin Fahim- still owe money to the bank. The two shareholders, however, deny the allegations
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Kabul Bank defendants’ final trial to begin soon
Kabul Bank’s special tribunal has completed the investigation on Kabul Bank’s defendants after two years. Head of the tribunal Shams-ul-Rahman Shams said Monday that trial of the defendants will begin soon. “Our investigation is completed. We are working on the
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Greece to get the latest tranche of bailout funds
After weeks of tough talks, Eurozone finance ministers have agreed to approve the third tranche of bailout funds, 37bn Euros, to save the debt-ridden country. The country will get 34.3bn Euros “ in the following days”, with the rest to
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Eurozone Deal On Greece Bailout
Eurozone finance ministers and the IMF have reached an agreement to release urgently needed loans to Greece in order to reduce the country’s debt. The deal was made on Monday after 12 hours of talks at the third meeting of
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Serious efforts to resolve the issue of the Kabul Bank- IMF
The International Monetary Fund (IMF) said on Monday Afghanistan has achieved progress in structural reforms; however, efforts should be intensified to resolve the Kabul Bank issue. Paul Ross, head of an IMF mission that wound up Kabul talks with Afghan
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Work on the Torkham-Jalalabad Highway Resumed
Pakistan resumed construction on the dualization of the Torkham-Jalalabad highway, which was halted for the past three years due to negligence of the Pakistani contractor. The first lane of the road was inaugurated in 2007 and after that Pakistan refused
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Sluggish global economy hurting emerging economies-warns IMF’s Christine Lagarde
The global economic crisis has started to hurt growth in emerging economies warned the International Monetary Fund (IMF) head, Christine Lagarde. There has been a widespread uncertainty in Europe, America, and other places around the globe, hampering decision makers from
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IMF warns of instability in the global financial system
In its latest Global Financial Stability Report, published every six months, the International Monetary Fund (IMF) said the global financial risks have increased in the past six months despite the measures taken by the policymakers to make the financial system
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Kabul Bank unable to recover the debts
According to the Kabul Bank Receivership Department’s officials, the bank’s existing properties are not sufficient to compensate for the lost money that was embezzled. Given the high prices of the properties, no one is willing to purchase the properties. The
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IMF cuts global growth forecast
Amid continuing economic tensions in the Eurozone and disappointing growth rate of the US economy, IMF looks likely to cut its forecast for global growth. IMF head Christine Lagarde, speaking in Washington, said on Monday: “We continue to project a
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IMF cuts South Korea growth forecast
The International Monetary Fund (IMF) has cut South Korea’s growth forecast from 3.25% in June to 3% for this year due to spiraling economic crisis in the Eurozone. The Eurozone is the key market for South Korea’s exports, which account
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Eurozone Crisis: ECB Unveils Bond Buying Plans
European Central Bank President Mario Draghi has announced that policy makers have agreed to an unlimited bond purchase program as they try to regain control of interest rates in the euro area. The announcement came after the ECB held its
Read MoreGermany warns it could veto Greek aid
According to a senior lawmaker, if Athens fails to comply with the terms of previous rescue packages, Germany will block any new aid to Greece. Michael Fuchs, the deputy head of Chancellor Angela Merkel’s conservative party, has said that Berlin
Read MoreIMF’s Top Economist Critical of the Fund in his Resignation Letter
Peter Doyle, who served as an economist in the International Monetary Fund for 20 years, expresses his criticism about the organization in his resignation letter. He describes the performance of the Fund as “incompetence” over a ten year period. Mr.
Read MoreIMF pays USD 18.2 million to Afghanistan
Following Afghanistan’s progress in its reforms, International Monetary Funding (IMF) agrees to pay USD 18.2 million to Afghanistan. The money was disbursed under the approval of Extended Credit Facility Arrangement after reviewing Afghanistan’s economic progress. “In a very difficult environment,
Read MoreSpain denies ‘senseless’ IMF bailout rumours
Spain’s economy minister has dismissed talk of it seeking a bailout from the International Monetary Fund (IMF) as “senseless”. And the IMF denied that Spain had asked to discuss rescue loans. The IMF has contributed to bailouts of all the
Read MoreSpain denies 'senseless' IMF bailout rumours
Spain’s economy minister has dismissed talk of it seeking a bailout from the International Monetary Fund (IMF) as “senseless”. And the IMF denied that Spain had asked to discuss rescue loans. The IMF has contributed to bailouts of all the
Read MoreLack of Trust Hurting Greek Economy
While Greece’s financial stability is the most obvious and immediate concern, confidence—or a lack thereof—is a major issue and a growing part of the equation as the rest of the world’s leaders circle the wagons in an effort to rescue
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