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IMF’s Georgieva says private creditors, China need to fully participate in debt relief By Reuters

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© Reuters. IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity

WASHINGTON (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva on Wednesday called for increased participation in debt relief for poor countries by private creditors and China, saying this was key to its success and a potential framework for debt restructurings.

Georgieva told a news conference that private creditor participation in a debt service suspension program for poor countries has been largely non-existent, with only three of 44 countries signed up for the program reaching out to private creditors.

An IMF spokesman said that the total had recently risen from 43 countries when heavily indebted Mozambique signed up for the program https://www.worldbank.org/en/topic/debt/brief/covid-19-debt-service-suspension-initiative that suspends payments on official bilateral debt through June 2021.

“What we have seen, regrettably, is the private sector shied away, and the countries themselves shied away from asking the private sector (for debt relief) because of fears that that may erode their future access to market. Access they have earned the hard way in previous years,” Georgieva said.

She added that only some of China’s official lending entities have participated.

“What we are also hearing from China is a recognition that they are a relatively new creditor, but they are very large creditor, and they need to mature domestically in terms of how they handle their own lenders, the coordination among them,” Georgieva said.

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Economy

Economy Continues ‘Modest’ Growth; Businesses Feel Cost of Pandemic: Fed Survey By Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – Economic growth expanded at a “slight to modest” pace and employment remained slow across large parts of the U.S. at a time when businesses face rising costs to curb the Covid-19 spread, a Federal Reserve survey showed.

The central bank’s Beige Book economic report, based on anecdotal information collected by the Fed’s 12 reserve banks through the end of the year, noted most districts continued to see an increase in economic activity, with the “pace of growth characterized as slight to modest,” while employment increased in almost all districts, though “growth remained slow.”

Inflation, meanwhile, showed no sign of breaking its lull even as food and auto prices jumped.

“Overall, consumer prices across Districts rose modestly, with the notable exceptions of food, automobiles, and appliances, which increased significantly. Retail gasoline prices declined. Input costs increased at varying degrees, mostly led by increases in materials costs, particularly steel and lumber,” according to the report.

The impact of the pandemic, meanwhile, continued to show up in costs as businesses initiated measures to prevent the spread of Covid-19. 

“Multiple Districts reported continued additional costs for firms due to COVID-19, including personal protective equipment, sanitation equipment, testing equipment, and technology needed for remote work. Changes in row crop prices were mixed, while Districts reported declines in prices for animal proteins.”

The subdued note on inflation comes as the Federal Reserve recently adopted a new policy measure on inflation that would see consumer prices run above the 2% target for a period of time to make up for sluggish growth.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.K. to Restart Brexit Trade Talks with European Union By Bloomberg

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© Bloomberg. Boris Johnson departs from a weekly meeting of cabinet ministers in London on Oct. 20. Photographer: Chris J. Ratcliffe/Bloomberg

(Bloomberg) — The U.K. agreed to resume trade talks with the European Union less than a week after Prime Minister Boris Johnson suspended them.

Intensive negotiations will begin on Thursday afternoon in London and happen every day, U.K. Chief Negotiator David Frost said in a Tweet on Wednesday.

The decision came after the EU’s chief negotiator, Michel Barnier, moved on Wednesday to address three British complaints, telling lawmakers in Brussels the EU would acknowledge the U.K.’s sovereignty, change its negotiating approach, and start work on the detailed text of an accord.

“We are ready to welcome the EU team to London to resume negotiations later this week,” a spokesperson for Johnson’s office said in a statement after the two sides’ chief negotiators spoke on Wednesday. “We have jointly agreed a set of principles for handling this intensified phase of talks.”

READ: Brexit Talks Set to Restart With Aim of Deal by Mid-November

The pound was on course for its largest daily gain since March at the end of the London session, while the yield on 10-year gilts rose five basis points to 0.24%.

Negotiations are expected to last for about another three weeks, officials said, but they cautioned there are still significant disagreements between the two sides.

“It is clear that significant gaps remain between our positions in the most difficult areas, but we are ready, with the EU, to see if it is possible to bridge them in intensive talks,” Downing Street said.

If the EU and the U.K. fail to reach a trade agreement, consumers and businesses will face the cost and disruption of tariffs and quotas in just 10 weeks’ time.

(Adds Frost comment starting in second paragraph.)

©2020 Bloomberg L.P.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed’s Kaplan says U.S. economy will live with virus well into next year By Reuters

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© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event in Mexico City

(Reuters) – Dallas Federal Reserve Bank President Robert Kaplan on Wednesday repeated his forecast for the U.S. economy to shrink about 2.5% this year and grow a strong 3.5% next year, adding that he expects the pandemic to continue to impact daily life well into next year.

“Let’s see what we can do to live with this virus,” Kaplan said in an online event with the Houston Hispanic Chamber of Congress, adding that wearing masks is a “far better alternative” to the mass lockdowns earlier this year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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