INTERNATIONAL MONETARY FUND
Saudi oil exports down by $12 billion year on year in April
Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said. Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia's oil exports plunged by 21.9 per cent year on year to $40 billion.
Pakistan's economy contracts for first time in 68 years by -0.38%
Advisor on Finance Abdul Hafeez Sheikh, releasing the Pakistan Economic...
Saudi shoppers rush to buy gold before taxes triple
Saudi shoppers have rushed to buy big-ticket items such as gold, appliances and electroni...
Debt relief for poorest countries could extend beyond 2020, G7 says
In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called for strengthened reporting of public debt data, and said all creditors - public and private - should make responsible lending decisions in line with debt sustainability guidelines.
2 in 5 Indian-Americans worried about financial stability, says first-of-its-kind survey
According to the report which is based on a recent COVID-19 survey, one in six tested positive or know a family member of the Indian community member who tested positive. However, only a few Indian-Americans faced immigration impacts from this pandemic.
Australia's Qantas airline to cut 6,000 jobs as virus hits
Qantas announced a plan Thursday to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing 747 planes.
Beware second wave of coronavirus, medics warn Britain
Britain has one of the world's highest death tolls from COVID-19 but infections have fallen. Govt plans to lift many restrictions in England from July 4 to help an economy facing the deepest contraction in three centuries. With fears of renewed spikes of infections concerning leaders around the world, some of Britain's most eminent health leaders want urgent preparations.
International Monetary Fund approves debt relief for 25 poor countries
The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021.
Gold firms as fears of second pandemic wave boost safe-haven bids
Gold, considered a safe investment during times of political and financial uncertainty, tends to benefit from widespread stimulus measures as its is widely viewed as a hedge against inflation and currency debasement.
Pakistan's 2020-21 budget gives CPEC a miss
Dr Bengali pointed out that despite the economic crisis, the government has not reduced its non-development budget and funds for running government departments.
IMF says $10 trillion spent to combat pandemic, far more needed
New estimates suggested that up to 100 million people could fall into extreme poverty as a result of the crisis, IMF Managing Director Kristalina Georgieva said, noting this would erase the past three years of gains made in poverty reduction.
Japan's debt mountain: How is it sustainable?
Japan's debt began to swell in the 1990s when its finance and real estate bubble burst to disastrous effect. With stimulus packages and a rapidly ageing population that pushes up healthcare and social security costs, Japan's debt first breached the 100-percent-of-GDP mark at the end of the 1990s.
Missed opportunity or foresight? Hedge funds remain wary of rally on D-Street
One of India’s newest long-short funds is betting the stocks rally will extend.
Lockdown over, Pakistan's coronavirus deaths, infections tick higher
How the mostly Muslim nation of 207 million people behaves when the fasting month of Ramadan ends and festivities for Eid begins, which is expected on Sunday or Monday, could influence the course of the contagion. Doctors and experts fear Pakistan's under-funded and creaking healthcare system if the contagion gathers more pace.
IMF's Georgieva says virus crisis could ultimately test $1 trillion war chest
The IMF has been rapidly deploying some $100 billion in emergency financing and has now provided loans and grants to 72 countries.
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