August 16, 2013
Source: The Daily Star
State-owned commercial banks are pressurising the central bank to raise their lending ceiling, which they deem to be too restrictive for their activities.
The lending cap was imposed earlier this year to appease the International Monetary Fund (IMF) demanded the government take actions against the four banks’ spiralling default loans, should it wish to access $1 billion credit. More…
August 12, 2013
The IMF Executive Board released its Article IV consultation with Vietnam on August 9, saying that the export sector is performing well—especially foreign-invested enterprises—but the domestic sector, though improving, has yet to find a solid footing because of several factors, including low productivity, structure of resource allocation, impaired bank balance sheets, and inefficiency in several state-owned enterprises (SOEs). More…
July 30, 2013
Reposted from International Business Times
Myanmar’s opposition leader Aung San Suu Kyi (L) walks with Executive Chairman of Infosys Kris Gopalakrishnan in the Electronic City area of Bangalore, November 17, 2012.
By Sophie Song
Myanmar, formerly one of the poorest nations in Southeast Asia but now termed the region’s “next economic frontier” by the International Monetary Fund, is also the newest battleground for Indian companies seeking to wrest business away from Chinese firms, which remain the biggest investor in Myanmar, even as western companies rush to the country. More…
July 25, 2013
Reposted from the International Business Times
Workers count Myanmar’s kyat banknotes at the office of a local bank in Yangon.
By Sophie Song
The opening of Myanmar’s economy along with its floating currency and growing demand for imports has led to a worsening trade deficit and significant weakening of the Myanmar kyat (MMK) against the dollar. Investors have no reason to worry, however, as these are necessary growing pains for the rapidly emerging economy, according to the analysts at Standard Chartered Bank. More…
June 15, 2013
Reposted from The Caribbean Journal
The IMF has lowered its growth forecast for Haiti to 3.4 percent from 6.5 percent, the Fund announced following the visit of a mission to Haiti.
Despite what it called a “relatively strong performance” of non-agricultural sectors, the IMF announced Wednesday that it had lowered its GDP forecast for Haiti, citing a “weak recovery of agricultural production.” More…
June 5, 2013
Reposted from The PakTribune
With foreign reserves diminishing fast, Pakistan is on the brink of an economic crisis that may force its new government to ask for an unpopular bailout from the International Monetary Fund requiring a sweeping overhaul of the country’s economy. More…
May 11, 2013
Reposted from DW.DE
The International Monetary Fund has granted Jamaica a much-needed economic lifeline. In return, the island – one of the most indebted countries in the world – needs to get a grip on its rampant public spending.
Inside a Cambio (currency exchange – the ed.), as the customers wait in line, the talk quickly turns to the exchange rate. In a country where many depend on remittances sent by family from the US, Canada and the UK the country’s sliding dollar is a worry. “It’ll soon be J$100 to $1US, watch my words,” says an old man; a woman interrupts to add that it won’t stop there, as everyone looks at the board showing the exchange rate. More…
April 24, 2013
Reposted from GoJamaica.com
Finance Minister Dr Peter Phillips says a World Bank mission is expected in Jamaica in May to continue work on the new Country Partnership Strategy.
The initiative will provide support for the Government’s efforts to increase economic growth, create jobs and fight poverty.
Speaking with the Jamaica Information Service in Washington, Phillip said consultations have already started on a new programme for Jamaica, which will be launched later this year. More…
April 22, 2013
Reposted from The Guardian
The latest IMF loan does not ‘rescue’ Jamaica, whose debt must be written off if its people are to take control of their economy
Many people in Jamaica would have trembled as they read the financial press last week, telling them that their country is, again, due to be “rescued” by a loan package put together by the International Monetary Fund (IMF). More…
December 17, 2012
Reposted from Eleven Myanmar
Myanmar’s foreign exchange rate remained stable in the last three months of the year, after the government introduced reforms in April and ended 35 years of a fixed rate.
As a result, businessmen have expressed more confidence in the trading and investment sectors.
In April, the exchange rate was 815 kyats to a US dollar; it increased to 837 kyats in May and 844 kyats in June. More…