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Argentine Government, Wary of Spending Cuts, Drags Feet on Deal With IMF
MEXICO CITY—Argentina’s leftist governing administration is unlikely to attain a deal with the Worldwide Financial Fund to repay $forty four billion in credit card debt prior to the country’s October midterm elections, extending the uncertainty for South America’s 2nd biggest economic system, in accordance to people today common with the matter. Although each sides experienced hoped to attain a deal by May well, so significantly there have been no substantial discussions with the multilateral lender on crucial issues these as how the nation programs to rein in runaway public spending to put governing administration funds on a lot more protected footing, said a person human being near to the negotiation.…
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IMF Predicts Worst Slump Since Great Depression
The global economy will likely suffer its worst contraction this year since the Great Depression due to the coronavirus pandemic, with prospects for a recovery in 2021 shrouded in “extreme uncertainty,” the International Monetary Fund warned Tuesday. In its latest World Economic Outlook report, the IMF said it now expects global gross domestic product to contract by 3% in 2020 — a downgrade of 6.3 percentage points from January 2020, when it forecast growth of 3.3% for the year. The revised forecast assumes the pandemic and the required containment resulting from it peak in the second quarter for most countries and recede in the second half of this year. “It…
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U.S. to Block Iran’s Request to IMF for $5 Billion Loan to Fight Coronavirus
The U.S. designs to block Iran’s asked for $five billion emergency loan from the International Monetary Fund for funding Tehran states it requires to combat its coronavirus disaster. Senior officials in the Trump administration stated Iran’s government has billion-dollar accounts continue to at its disposal. If allowed to faucet IMF financing, the officials stated, Tehran would then be capable to divert people or other resources to enable its economic climate, which has been weakened by U.S. sanctions, or finance militants in the Middle East, alternatively than on containing…