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Room for more fiscal support for India’s vulnerable households & SMEs in near term: IMF

A complete, successful implementation of the existing support measures is of paramount importance, said Vitor Gaspar, Director of IMF's Fiscal Affairs Department.
Signage is displayed outside the IMF | Alex Wroblewski/Bloomberg

IMF sees Asia’s economic pain persisting as coronavirus curbs limit recovery

While regional growth is tipped to rebound to 6.6% next year, that won’t be enough to replace all of the output lost due to the crisis. Image is fine

IMF gives a more pessimistic projection of global economy, expects GDP to shrink 4.9%

IMF chief economist Gita Gopinath said that the cumulative loss for the world economy this year and next as a result of the recession is expected to reach $12.5 trillion.
Signage is displayed outside the IMF | Alex Wroblewski/Bloomberg

IMF revises India’s growth rate to -4.5%, says projected contraction ‘a historic low’

The IMF's record reveals that this is the lowest for India since 1961. However, it said that India's economy is expected to bounce back in 2021 with 6% growth.
US dollars

India’s foreign exchange reserves rise $3.43 billion to $493.48 billion

During the week ended 29 May, RBI data showed foreign currency assets, a major component of the overall reserves, increased by $3.50 billion to $455.21 billion
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IMF believes Qatar can pull of a budget feat only few countries can

Qatar’s government revenue has yet to recover to a level it reached seven years ago, before the last oil crash, after slumping more than 30% in 2016.
Signage is displayed outside the IMF | Alex Wroblewski/Bloomberg

Global economic outlook has worsened since our last forecast 3 weeks back, IMF says

The IMF said in the World Economic Outlook report on 14 April that global gross domestic product will decline 3% this year.
KV Subramanian | Suraj Singh Bisht | ThePrint

IMF’s 1.9% growth projection for India in FY21 a reasonable estimate, says CEA Subramanian

India’s chief economic advisor says fiscal deficit only area that needs to be looked at right now, adding the stimulus package will be announced soon.

Media layoffs amid Covid-19 crisis and coronavirus doesn’t care if you’re a VIP

The best cartoons of the day, chosen by the editors at ThePrint.
Kristalina Georgieva

World economy bound to suffer severe recession due to Covid-19, warns IMF

Addressing a meeting of the IMF & World Bank, Managing Director Kristalina Georgieva said the Covid-19 pandemic had struck the world economy that was already in a fragile state.

On Camera

An employee sits on a video call at the Unicredit SpA headquarters in Milan

Why shrinking offices and hot-desking are bad ideas, Covid or no Covid

Employees’ demands for flexible working will include spacious offices. Given the relative savings, slashing floor space is a false economy.
Oil Facilities And Services Ahead Of Final Year Figures After Demonetization Induced Fluctuation

Diesel demand drop forces India to import gasoline as Covid skews output

The slump in diesel demand is forcing refineries to operate below capacity, but gasoline sales are back at pre-virus levels with people resorting to personal vehicles.

Defence

File image of the OFB pavilion at DefExpo 2016 | Representational image | Twitter | @SpokespersonMoD

Army says ‘poor quality’ Ordnance Board ammo, mines have cost India Rs 960 crore since 2014

Pointing out these shortcomings in an internal assessment, the Army has thrown its weight behind government plans to corporatise the OFB to make it more efficient.
Narendra Modi and Amit Shah | File photo: T. Narayan | Bloomberg

Partners dispensable in Modi-Shah construct if they do not bring additional votes

In the Modi-Shah construct, if partners do not bring additional votes, they are dispensable. However old or loyal, either they become supplicants, or die.