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IMF cuts India's FY17 growth rate to 6.6% from 7.6%
The World Economic Outlook (WEO) update released by the International Monetary Fund (IMF) has cut India’s growth rate for the fiscal year 2016–17 to 6.6% from its previous estimate of 7.6%. India’s growth rate was cut due to the temporary ..
Month: Current Affairs - January, 2017
Adoption of GST tax will boost India's medium-term growth: IMF
The International Monetary Fund (IMF) has asserted that adoption of GST (Goods and Services) tax will boost India’s medium-term growth. It was mentioned IMF’s latest Asia Pacific regional economic update. It mentioned that India has shown progress on reforms that ..
Month: Current Affairs - October, 2016
Brexit: IMF warns of repercussions for global economy
The International Monetary Fund (IMF) has warned that United Kingdom’s decision to leave the European Union (EU) has created significant uncertainty. The uncertainty is likely to dampen growth in the near term, particularly in the UK, but with repercussions for ..
Month: Current Affairs - July, 2016
Nauru becomes 189th member of IMF, World Bank
The Republic of Nauru, a tiny South Pacific island nation in Pacific Ocean became the 189th member of the International Monetary Fund (IMF) and World Bank i.e. Bretton-Woods institutions. Nauru had applied for membership in the Washington-based IMF and World ..
Month: Current Affairs - April, 2016
US Senate ratifies IMF reforms as part of a Budget Bill
The United States (US) Senate has ratified reforms in the International Monetary Fund (IMF) to boost the representation of emerging economies as part of a budget bill. The reforms ratified in the legislation are in line with the proposed 2010 ..
Month: Current Affairs - December, 2015
IMF approves China's Yuan as elite reserve currency
International Monetary Fund (IMF) has included China’s Yuan into its elite reserve currency basket mailny used as an international reserve asset with an effect from effect from 1st October 2016. Decision in this regard was taken by the IMF’s executive ..
Month: Current Affairs - December, 2015
Subir Gokaran appointed as Executive Director of IMF
Renowned economist Subir Gokaran has been appointed as an Executive Director on the board of the International Monetary Fund (IMF). Mr. Gokarn’s name was cleared by Appointments Committee of Cabinet (ACC) headed by Prime Minister Narendra Modi. He will replace ..
Month: Current Affairs - November, 2015
Greece becomes first developed nation to default IMF debt
Greece has become the first developed nation to default on International Monetary Fund (IMF) debt. It has defaulted on a 1.7 billion dollars payment to IMF. The deadline for debt payment was missed by Greece after Eurozone Finance Ministers refused ..
Month: Current Affairs - July, 2015
Global energy subsidies to hit US $ 5.3 trillion this year: IMF report
International Monetary Fund (IMF) in its recent report titled Act Local, Solve Global: The $5.3 Trillion Energy Subsidy Problem has voiced alarm about energy subsidies across the world. The report has clearly mentioned that theenergy subsidies across the world are ..
Month: Current Affairs - May, 2015
Sunil Sabharwal re-nominated as Alternate Executive Director at IMF
Sunil Sabharwal, an independent Indian-American investor has been re-nominated as Alternate Executive Director at International Monetary Fund (IMF). He was re-nominated to key post at IMF by US President Barack Obama. In this regard, President Obama has forwarded his decision ..