by admin | May 25, 2021 | Corporate, Corporate finance
Washington, (IINA) : The Executive Board of the International Monetary Fund (IMF) approved a two-year arrangement for Morocco under the Precautionary and Liquidity Line (PLL) for an amount of $3.47 billion.
The access under the arrangement in the first year will be equivalent to about $1.73 billion, according to an IMF statement. The new PLL arrangement will provide Morocco with useful insurance against external shocks as the authorities pursue their reform agenda aimed at further strengthening the economy’s resilience and fostering higher and more inclusive economic growth.
“The authorities have successfully reduced fiscal and external vulnerabilities and implemented key reforms with the support of two successive 24-month PLL arrangements”, the same source pointed out.
Morocco’s first PLL arrangement for $6.21 billion was approved on August 3, 2012. Morocco’s second 24-month PLL arrangement for $5 billion was approved on July 28, 2014.
The PLL was introduced in 2011 to meet more flexibly the liquidity needs of member countries with sound economic fundamentals and strong records of policy implementation but with some remaining vulnerabilities.
Following the Executive Board on Morocco, IMF Deputy Managing Director and Acting Chair of the Board Mitsuhiro Furusawa said: “Despite the difficult global and regional environments, Morocco has made significant strides in reducing fiscal and external vulnerabilities and addressing medium-term challenges, supported by the two successive Precautionary and Liquidity Line (PLL) arrangements.
External imbalances have declined substantially and fiscal consolidation has progressed, while policy and institutional frameworks have been strengthened, including through the implementation of the new Organic Budget Law, the adoption of the civil service pension reform, and ongoing improvements to financial sector oversight.”
by admin | May 25, 2021 | World
Washington (IINA) – Head of the International Monetary Fund (IMF) Christine Lagarde said Wednesday that the amount of money paid worldwide in bribes is between 1.5 trillion and 2 trillion dollars, or about 2 percent of the value of the world’s economic output, DPA reported.
Lagarde quoted the figure from recent IMF research in an open letter published one day before the start of an anti-corruption summit in London. She said the amount is an estimate of the total value of bribes paid annually in both developing and developed countries.
Lagarde explained that corruption “undermines trust in government and erodes the ethical standards of private citizens.”
While the direct economic costs of corruption are well known, “the indirect costs may be even more substantial and debilitating, leading to low growth and greater income inequality,” she wrote.
The IMP chief also said in order to fight corruption, a multifaceted approach that promotes transparency and strong institutions centered on a professional civil service is needed.
by admin | May 25, 2021 | Muslim World
DUBAI: The International Monetary Fund (IMF) said on Thursday it had reviewed Pakistan’s economic performance and will make available a further $510 million to the country as part of a three-year, $6.7 billion financial assistance programme.
The money will be provided when the review is approved by the IMF’s management and executive board, the Fund said in a statement, describing its discussions with Pakistan as “productive” and adding that performance criteria in the programme had been met.
“After productive discussions, the mission and the Pakistani authorities have reached staff- level agreement on the completion of the eleventh review under the EFF arrangement,” said Harald Finger, the Fund’s mission chief for Pakistan.
The statement added that growth has remained robust despite a weak cotton harvest and declining exports amid a more challenging global environment.
“Real GDP growth is expected to reach 4.5 percent in FY 2015/16 and 4.7 percent in FY 2016/17, helped by favorable oil prices, rising investment, including related to the China Pakistan Economic Corridor (CPEC), improvements in energy supply, buoyant construction activity, and acceleration of credit growth.”
IMF stated that all end-March 2016 quantitative performance criteria, including the budget deficit target and the floor on the SBP’s net international reserves, have been met.
Pakistan’s gross domestic product growth is projected at 4.5 per cent in the 2015/16 fiscal year and 4.7pc in the following year, the IMF said.
The agreement was reached after the IMF mission held discussions with Finance Minister Ishaq Dar, SBP Governor Ashraf Wathra and other senior officials in Dubai from May 2 to May 11.
by admin | May 25, 2021 | World
Christine Lagarde
Washington:(IANS) The International Monetary Fund (IMF) on Friday announced that it selected Christine Lagarde to serve as its leader for a second five-year term.
Lagarde, the sole candidate nominated for the post of the IMF chief, will start the second term from June 5.
The IMF said in the announcement that the decision was taken by consensus among its executive board.
Following the announcement, a jubilant Lagarde said: “I am delighted to be given the opportunity to lead the IMF as managing director for a second term of five years, and I greatly appreciate the continued trust and support of the fund’s executive board and our 188 member countries.”
The IMF praised Lagarde’s leadership during her first term. “Lagarde strengthened the fund’s ability to support its members with policy advice, capacity building, and financing. She has also played a critical role in revitalising the fund’s relations with its global membership, including its emerging market and developing members,” Aleksei Mozhin, dean of the IMF’s board, said in a statement.
Lagarde, a former French finance minister, took over as head of the IMF in 2011 following Dominique Strauss-Kahn’s resignation amid scandal. She is the first woman to lead the international organisation, Xinhua news agency reported.
