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International Monetary Fund chief Kristalina Georgieva said on Friday that debtors and creditors made "tangible progress" on debt restructuring issues this week, but urged countries facing mounting debt problems to seek help earlier in the process, Reuters reported. A new sovereign debt roundtable was helping to accelerate work on debt restructurings, Georgieva told a news conference during the IMF and World Bank spring meetings in Washington.
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The European Union is determined to scrap the draconian fiscal rules of the past blamed for choking economies in the aftermath of the previous financial crisis despite Germany’s call for strict limits to reduce public expenditure, Bloomberg News reported. “Clearly we are not getting back to the 1/20th rule” that forced member states to implement severe adjustments to their public debt levels, European Commission Valdis Dombrovskis said in an interview Friday the sidelines of the spring meetings of the International Monetary Fund in Washington.
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Ukraine secured promises of $5 billion in additional funding to support its ongoing fight against Russia amid "fruitful meetings" in Washington this week, Ukrainian Prime Minister Denys Shmyhal told reporters on Friday, Reuters reported. Shmyhal met with representatives of the International Monetary Fund, the World Bank and the European Investment Bank as well as top U.S. officials, on the sidelines of the spring meetings of the IMF and World Bank.
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Suriname’s creditors are nearing a deal with the South American nation’s government to restructure $675 million of bonds, Bloomberg News reported. An agreement, which could result in losses in a range of about 25% to 30% for investors, stands to finally lift the country out of a years-long default, said the people who asked to not to be name because the matter is private. It is also likely to help as the nation looks to resume a program with the International Monetary Fund.
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The Argentine government is in talks to issue two dollar-bonds for up to $600 million each with separate guarantees from the World Bank and the CAF as collateral, a source from Argentina's Economy Ministry said on Friday, Reuters reported. The operation, which would take place in the coming weeks, would guarantee 60% of the issuance, and the notes would have a maximum maturity of five years, said the ministry source, who asked not to be identified. The intention is to issue two separate bonds, each with its own backing, for up to $600 million each, the source said.
China Evergrande New Energy Vehicle Group Ltd.’s billionaire founder vowed to overtake Tesla Inc. as the world’s biggest maker of electric cars within three to five years back in early 2019. Four years later, the company’s stock has gone from boom to bust and it’s struggling to survive, Bloomberg News reported. Evergrande NEV, the brainchild of Hui Ka Yan — the tycoon behind beleaguered property developer China Evergrande Group, is seeking a lifeline after last month warning it would need to stop production at its Tianjin factory unless new funds were secured.
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Crypto lender Amber Group is weighing options for its Japan unit, including a possible sale, and plans to apply for a Hong Kong license following the city’s pivot toward creating a digital-asset hub, Bloomberg News reported. The evaluation of the Japan operation is part of a strategic decision to focus more on institutional rather than retail business, Amber’s Managing Partner Annabelle Huang said on Friday. Japan is a “very high quality market, but regulations are strict,” Huang said, adding the firm doesn’t have an announcement at the moment about a deal.
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International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that the global economy has proven remarkably resilient to multiple shocks, but has yet to overcome a combination of weak growth and sticky inflation, Reuters reported. The IMF's projection of 2.8% global growth for 2023 "is not enough to bring opportunities to businesses and people around the world, and most worrisome is the projection for weak growth over a longer period of time," Georgieva told a news conference at the IMF and World Bank spring meetings in Washington, D.C.
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China's exports unexpectedly surged in March, with officials flagging rising demand for electric vehicles, but analysts cautioned the improvement partly reflects suppliers catching up with unfulfilled orders after last year's COVID-19 disruptions, Reuters reported. Exports in March shot up 14.8% from a year ago, snapping five straight months of declines. But analysts say the jump was more likely related to exporters rushing to fulfil a backlog of orders that had been disrupted by the pandemic in past months, and warned the global demand outlook remained subdued.
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Italy on Thursday pledged Tunisia a host of investments and help negotiating an International Monetary Fund bailout as the European nation seeks to stem the number of migrants arriving from North Africa, the Associated Press reported. Foreign Minister Antonio Tajani outlined Italy’s efforts and pledges during a meeting with his Tunisian counterpart, Nabil Ammar, who insisted that Tunisia has seen growing numbers of African migrants arriving from the Libyan border and needs economic help.
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