Economy / Global

IMF unlocks disbursement of $5.4b to indebted Argentina

IMF unlocks disbursement of $5.4b to indebted Argentina

The International Monetary Fund (IMF) approved Argentina's fourth review under its $44 billion loan program on Friday, unlocking the disbursement of $5.4 billion to the indebted country, the lender said in a short statement. The IMF made no mention of Argentina's request for easing reserve targets


Pakistan posts highest-ever annual inflation

Pakistan posts highest-ever annual inflation

Consumer price inflation in Pakistan jumped to a record 35.37 per cent in March from a year earlier, the statistics bureau said on Saturday, as at least 16 people were killed in stampedes for food aid. The March inflation number eclipsed February's 31.5 per cent, the bureau said, as food, beverage

Outlook for European banks left clouded as storm abates

Outlook for European banks left clouded as storm abates

European banking stocks were meant to shine in 2023. But after a two-week storm which had analysts and investors rushing to rework their spreadsheets, the outlook is clouded. Before the fall of Silicon Valley Bank (SVB) on Mar 10, stronger than expected euro zone economic data and 50 per cent four

Sri Lanka's key inflation rate eases to 50.3pc in March

Sri Lanka's key inflation rate eases to 50.3pc in March

Sri Lanka's key inflation rate eased to 50.3 per cent in March from 50.6 per cent in February, the statistics department said on Friday. The Colombo Consumer Price Index (CCPI) reflected a reduction in food inflation to 47.6 per cent in March from 54.4 per cent in February, but non-food inflation

Pakistan's central bank likely to hike key rate to record 22pc

Pakistan's central bank likely to hike key rate to record 22pc

Pakistan's central bank looks set to raise its key interest rate by 200 basis points to a record high of 22 per cent at its review on April 4, as it struggles to bring down stubborn inflation, the median estimate in a poll showed. Eighteen out of 20 economists and market watchers surveyed said the

Lebanon has 'no other way out' than IMF deal, US official says

Lebanon has 'no other way out' than IMF deal, US official says

Lebanon has no alternative for economic recovery but to make progress on a deal with the International Monetary Fund, a senior US official said on Thursday. US Assistant Secretary of State for Near Eastern Affairs Barbara Leaf visited Lebanon, which is suffering one of the world's worst financial

UK economy avoids recession after growing in fourth quarter

UK economy avoids recession after growing in fourth quarter

Britain's economy grew in the fourth quarter of last year, official data showed on Friday, with a jump of business at travel agents and state support for soaring energy bills helping the country avoid falling into recession. Economic output increased by 0.1 per cent from the previous three month

Britain agrees to join trans-Pacific trade pact

Britain agrees to join trans-Pacific trade pact

Britain on Friday said it had struck a deal to join an 11-country trans-Pacific trade pact which includes Japan and Australia as it looks to deepen ties in the region and build its global trade links after leaving the European Union. Prime Minister Rishi Sunak said Britain had agreed to join the C

Egypt's central bank raises interest rates to tame inflation

Egypt's central bank raises interest rates to tame inflation

The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. The bank set the lending rate at 19.25per cent and the deposit rate at 18.25 per

Russia's Rosneft inks deal to boost oil supplies to India

Russia's Rosneft inks deal to boost oil supplies to India

Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday. The deal was signed during a working trip to India by R