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The Latest Breaking News from International Monetary Fund

IMF says that without reforms, Lebanon faces ballooning inflation and public debt

An International Monetary Fund report on Lebanon’s economic situation released Thursday warns that without reforms, the small, crisis-ridden country will continue to see triple-digit inflation

The Independent UK

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal

Banks closed to prevent rush on desposits as IMF bailout deal is put to parliament

The Independent UK

EU leaders meet to assess Russia, NATO and migration crisis

NATO chief Jens Stoltenberg and Ukraine's President Volodymyr Zelensky are the key figures at a European Union summit underway in Brussels this Thursday, highlighting the importance of protecting the EU's eastern flank from Russian aggression and bolstering support for Tunisia to combat illegal migration across the Mediterranean.

Radio France Internationale

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The key points of Sri Lanka’s plan to restructure domestic debt

Central bank outlines measures to restructure local debt as part of efforts to meet conditions of IMF bailout.

Al Jazeera

Few buyers for Eid camels as record inflation hits Pakistan

As inflation reaches record 38 percent in May and IMF bailout package awaited, the economic crisis affects celebrations.

Al Jazeera

The Guardian view on pricing power: it’s about firms’ strength and profiteering

Editorial: For the first time since Covid, businesses are most to blame for the UK’s high inflation rates. But ministers are doing little about it

The Guardian - UK

Corporate profits drove up prices last year, says ECB president

Christine Lagarde says without a shift in corporate behaviour, interest rates will need to stay higher for longer

The Guardian - UK

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Pakistan's premier says he hopes the IMF will decide on the bailout for his country in a day or two

Pakistan’s prime minister says he hopes the International Monetary Fund will make its decision in a day or two on the fate of the much-needed $6 billion bailout package for his country

The Independent UK

Tunisia struggles to progress under cumbersome bureaucracy

Analysts say successive governments have opted to kick the can down the road rather than take serious action.

Al Jazeera

Still Cruising: Tom premiers new 'Mission Impossible' adventure in Abu Dhabi

Tom Cruise has graced the red carpet in Abu Dhabi for the Middle Eastern premier of “Mission: Impossible — Dead Reckoning Part One.”

The Independent UK

EU accused of whitewashing Tunisian regime in bid to stem migration

Bloc is set to give country £860m despite rapid erosion of democracy since President Kais Saied took power in 2021

The Guardian - UK

Argentina election shifts right as Latin America leans left

Argentina’s presidential election is increasingly poised to usher in a pro-market government after the ruling bloc coalesced around centrist Economy Minister Sergio Massa.

Tribune News Service

Climate conferences have a huge trust deficit: how to make COP28 deliver

As countries prepare for COP28 summit scheduled for the end of the year in Dubai, the world has the opportunity to map a transition pathway that addresses over 14 years of unmet promises. This is particularly true when it comes to climate finance.

The Conversation

The Mission: Impossible Series Doesn't Need To End, But Tom Cruise's Ethan Hunt Needs To Retire

After almost 30 years, and with almost eight missions in the book, Tom Cruise's Ethan Hunt should retire from the Mission: Impossible universe.

Cinemablend

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The Hindu

Scientists now one step closer to identifying the source of solar mean magnetic field: Indian Institute of Astrophysics study

Scientists from the Indian Institute of Astrophysics (IIA) through their latest study have given a clearer picture of how the sun’s magnetic field influences the interplanetary magnetic space which is the primary driver of space weather.

Fortune

IMF says banning crypto 'may not be effective' and encourages governments to consider 'well designed' CBDCs

A Thursday blog post noted that people in Latin America have been turning to crypto for protection against macroeconomic conditions—and for cheaper and faster payments.

Radio France Internationale

Rich nations pledge to unlock hundreds of billions for climate fight

Multilateral development banks like the World Bank are expected to find $200 billion in extra firepower for low-income economies by taking on more risk, a move that may require wealthy nations to inject more cash, world leaders said on Friday.

Bangkok Post

Financial systems failing Africa

The United Nations Secretary-General, António Guterres, recently sounded an ominous alarm bell. The Sustainable Development Goals (SDG), which aim to significantly reduce poverty around the world and create a better quality of life for all, are off track, he warned.

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The Independent UK

Pakistan's premier meets with the head of IMF in Paris, hoping to unlock $6B deal to avoid default

Officials say Pakistan’s Prime Minister Shahbaz Sharif has met with the head of the International Monetary Fund in Paris on the sidelines of the global financing summit in a last-ditch effort to unlock a $6 billion bailout package to help avoid a default

Al Jazeera

Pakistan PM Sharif requests IMF release $1.1bn tranche

Pakistan is facing a dire economic situation in an election year with multiple challenges mounting.

Bangkok Post

Paris climate summit opens with call for ‘finance shock’

PARIS: French President Emmanuel Macron told global leaders Thursday that no country should have to choose between tackling poverty and dealing with climate change at a summit tasked with reimagining the world’s financial system.

Radio France Internationale

Macron opens Paris summit to help developing nations face climate crisis

Heads of state, finance leaders and activists from around the world are converging in Paris to attend a summit which aims to overhaul the world's development banks and help developing countries face the challenges of a warmer and stormier world.

France 24

Paris summit aims to overhaul global financial system for 'climate solidarity' with South

Around 50 heads of state, along with representatives from international institutions and civil society, will attend a summit hosted by French President Emmanuel Macron on Thursday and Friday in Paris. Their objective is to develop a new global financial system so the most vulnerable countries will be better equipped to…

The Conversation

Paris hosts summit to secure debt relief and climate cash for developing countries

On 22 and 23 June, Paris is hosting a summit for a “New Global Financing Pact” at the Palais Brogniart. Heads of state, international organisations and representatives of civil society will be gathering to discuss ways to boost solidarity toward the Global South. The aim is also to contribute to…

The Conversation

China's economic recovery is built on increasingly shaky foundations and that could affect the whole world

Confidence in China’s post-COVID recovery has started to waver over the past week after the world’s second-largest economy reported disappointing figures for two of the major drivers of its economy: property and exports.

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