The chief of the IMF (International Monetary Fund), Christine Lagarde, has said that China needs to prevent its economy from being overly dependent on investment and exports. Lagarde has also said that the Yuan, the Chinese currency, may become a global reserve currency, if the Chinese government introduced market-oriented changes. Ms Lagarde’s comments came as [...]
The IMF (International Monetary Fund) has agreed to contribute 28bn euros towards the 130bn euro bailout for Greece – the second for the debt-ridden nation. The organisation’s approval is the last step in finishing the long-awaited rescue fund for Greece. The IMF has also stated that it would give 1.65bn euros, of the promised 28bn [...]
Finance ministers in the eurozone have reached an agreement on a crucial second bailout for Greece. The latest deal, which came following approximately 13 hours of talks in Brussels, will give the Greek government loans with a value of over 130bn euros. The deal was announced on Tuesday morning by Jean-Claude Juncker, the Luxembourgian Prime [...]
A recession in the eurozone could reduce Chinese growth by nearly half of forecasted figures for this year, according to the IMF (International Monetary Fund). It estimates that the Chinese economy will grow by 8.2% in 2012. However, it cautions that a eurozone downturn could cause growth for this year to fall to 4.2%. The [...]
Nigerian citizens have condemned their government for removing a fuel price subsidy, which has resulted in prices of petrol more than doubling in many parts of the African nation. Hundreds of people gathered in Abuja, Nigeria’s capital, to protest against the removal, chanting “Remove corruption, not subsidy.” Petrol prices have risen from 65 naira (£0.26, [...]
The French Finance Minister, Francois Baroin, has described the economic situation in the UK as being “very worrying”. This comment came after the chairman of France’s central bank, Christian Noyer, said that credit ratings agencies should downgrade Britain’s credit rating before France’s, as he believes the UK economy is weaker. Standard & Poor’s (S&P) (Public, [...]
The IMF (International Monetary Fund) has reached an agreement to resume with its support for Afghanistan, by granting an all-new $134m credit line. The move signifies the end of a lengthy dispute between the IMF and Afghan officials regarding a scandal at Kabul Bank, Afghanistan’s biggest lender. The decision is a major boost for the [...]
Italy will need a bail out so large that it will be an amount ten times more than the country’s current gold holdings. The latest value of the nation’s gold reserves comes from October data from the World Gold Council. Italy has a holding of 2,451.8 tonnes – the third highest holding out of all [...]
The IMF (International Monetary Fund) has cautioned China that a “steady build-up” of vulnerabilities is occurring in its financial sector. In its first official assessment of China’s finances sector, the fund has called for reforms in the country to promote more balanced economic growth and better financial stability. The IMF has stressed that the sector [...]
A report issued by trade body, the Organisation for Economic Co-ordination and Development (OECD) has praised the government in the Republic of Ireland for its “very sizeable” measures taken in order to reduce the budget deficit. The OECD study showed that the Irish economy had made a “modest recovery”, but warned that should the debt [...]
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