IMF

IMF raises global growth forecasts, US tax cuts provide boost

Washington - Muslimchronicle

Global economies are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts, the International Monetary Fund said Monday. In the latest update to the IMF's World Economic Outlook, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition. However, the fund warns that exuberant financialRead more

IMF raises global growth forecasts, US tax cuts provide boost

Washington - Muslimchronicle

Global economies are recovering simultaneously and at a stronger than expected pace, and will get at least a short-term boost from the US tax cuts, the International Monetary Fund said Monday. The latest update of the IMF's World Economic Outlook (WEO) revised the global growth forecast to 3.9 percent this year and next, two-tenths higher than the previous estimate inRead more

IMF warns on brewing risks in China's financial system

Beijing - Muslimchronicle

The International Monetary Fund on Thursday warned of brewing risks in China's banking system as it found dozens of crucial lenders needed to beef up their defences against possible financial crises. The IMF report comes a day after regulators in Beijing drafted new rules to strengthen bank funding, and follows a number of alerts about a ballooning debt problem inRead more

Spain court orders ex-IMF head Rato to be tried for fraud

Washington - Muslimchronicle

A Spanish court on Friday ordered former IMF head Rodrigo Rato to stand trial for fraud over the failed 2011 listing of Bankia, a bank he led which later needed rescuing by the state. Rato, a former Spanish economy minister, is accused of falsifying information about Bankia's finances to encourage investors to buy into its stock market listing. He willRead more

Ex-IMF head Rato to be tried for banking fraud

Madrid - Muslimchronicle

Former IMF head Rodrigo Rato will go on trial for fraud over the failed 2011 listing of Bankia, a bank he led which later had to be rescued by the state, a Spanish court said Friday. Rato, a former Spanish economy minister, is accused along with three other executives of falsifying information about Bankia's financial state to encourage investors toRead more

MP refuses increasing transportation fees

Cairo - Mohamed Al Toni

A member of the Transport Committee in the Egyptian Parliament, MP Mohammad Badawi Desouki, expressed his opposition to some articles of the draft law establishing the transport regulation system submitted by the government to parliament. He said that the bill in its second article includes the word "parcels" and therefore will be charged for the packages both international and domestic.Read more

Venezuela's misery could worsen with debt default

Caracas - Muslimchronicle

Luber Faneitte has lung cancer but there's no medicine to treat it. She cannot make ends meet. Crime is rampant in her neighborhood. And she fears that if Venezuela defaults on its $150 billion debt, which is considered likely, things will get worse. Faneitte, 56, lives on the 18th story of a decrepit building in downtown Caracas. In her fridgeRead more

IMF Staff Completes 2017 Article IV & Extended Fund Facility

Cairo - Muslimchronicle

Egypt’s growth picked up during fiscal year (FY) 2016/17, with full year GDP rising by 4.2 percent compared to the projected 3.5 percent. The CBE remains committed to achieve its goal of reigning in inflation and the monetary policy framework is underpinned by a flexible exchange rate regime which has eliminated chronic foreign exchange shortages and the parallel market. ReducingRead more

Weinstein hires celebrated New York criminal lawyer

New York - Muslimchronicle

Harvey Weinstein has hired one of America's most celebrated criminal defense lawyers to represent him in New York, a spokesperson for the disgraced mogul said Wednesday, as Manhattan prosecutors reportedly prepare a case against him. Adding Benjamin Brafman to his legal team would be a clear sign that the 65-year-old, twice-married father of five fears possible criminal charges in ManhattanRead more

MP Taaima criticizes new traffic law

Cairo - Essam Mohamed

Egyptian parliamentarian and Chairman of the Transportation Committee in the Egyptian Parliament, Major General Saeed Taaima, expressed his reservations about the new traffic law, which was approved by the Council of Ministers on Wednesday and referred it to the State Council for discussion before it was formally approved. He added that the law will be presented again to the HouseRead more