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IMF urges repeal of ‘ill-designed’ sweeping federal budget cuts
WASHINGTON (Reuters) – The International Monetary Fund on Friday urged the United States to repeal sweeping federal budget cuts that will be a severe drag on economic growth this year. In its annual check of the health of the U.S. economy, the IMF forecast economic growth would be a sluggish…
IMF admits to under-estimating damage austerity would do to Greece
The International Monetary Fund admitted it had failed to realise the damage austerity would do to Greece as the Washington-based organisation catalogued mistakes made during the bailout of the stricken eurozone country. In an assessment of the rescue conducted jointly with the European Central Bank (ECB) and the European commission,…
African ministers say the region is ready to ‘contribute to the global growth’
Africa’s economic outlook is brighter than ever and the continent is positioned to help boost global growth for the first time in history, African officials said Saturday. Speaking on the sidelines of the spring meetings of the International Monetary Fund and World Bank in Washington, officials from Cameroon and Nigeria…
International Monetary Fund: ‘Sequester’ cuts will slow global economic growth
The broad US “sequester” spending cuts that take effect beginning Friday will slow growth in the world’s biggest economy and hit the global economy, the International Monetary Fund said Thursday. “There will be an impact on global growth,” IMF spokesman Bill Murray said. “We’ll have to reevaluate our growth forecast…
Egypt to discuss financial future with IMF official
A top International Monetary Fund official will visit Egypt on Monday for talks likely to focus on the $4.8 billion loan agreement frozen last month because of political unrest in the country. The trip to Cairo by Masood Ahmed, director of the IMF’s Middle East and Central Asia department, comes…
U.S. stocks fall amid fiscal cliff fears
NEW YORK — US stocks fell Tuesday as fiscal cliff worries overshadowed encouraging US economic data and investors shrugged off Greece’s revised bailout deal. The Dow Jones Industrial Average shed 89.24 points (0.69 percent) at 12,878.13. The broad-market S&P 500 lost 7.35 (0.52 percent) at 1,398.94, while the Nasdaq Composite…
Stiglitz: Greece and Spain are ‘in depression’
Greece and Spain are in “depression, not recession”, Nobel prize-winning economist Joseph Stiglitz said on Wednesday, blaming tough austerity measures for their downward economic spiral. Stiglitz also maintained that the International Monetary Fund was “a little too optimistic” in its forecast last week that the eurozone economy would shrink by…
Japan says it may purchase new Europe bailout bonds
Japan said Saturday it would consider buying bonds issued by Europe’s new permanent bailout fund in a bid to help soothe the eurozone’s crippling debt crisis. “We will consider buying them after carefully reviewing what Europe itself will be doing” on reforms, Finance Minister Koriki Jojima told a press briefing…
World leaders meet on disaster management in Japan
SENDAI, Japan — Politicians and aid officials will gather in Japan’s quake- and tsunami-hit northeast Tuesday to discuss what lessons can be learned from disasters. Pre-emptive measures to reduce damage — and save lives — when nature strikes will be top of the agenda at this two-day conference, part of…
IMF warns U.S. ‘fiscal cliff’ would set back world economy
WASHINGTON — The International Monetary Fund warned US leaders that hitting the looming “fiscal cliff” would not only crush the American economy but spin havoc through the rest of the world. The US needs to shrink its huge fiscal deficit over the medium term but steep spending cuts and tax…
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