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NEWS ABOUT: International Monetary Fund

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IMF Chief Probed Over Affair

Investigation rattles key organization during financial crisis

(Newser) - In a shakeup amid the financial crisis, the International Monetary Fund is investigating whether its managing director abused his position in an affair with a subordinate, the Wall Street Journal reports. Backed by US and Russian representatives, Egypt’s rep to the IMF called for the probe into the relationship... More »

From Carnage of Crisis Rises Vast Opportunity

World must act to overhaul finance for next era: Gordon Brown

(Newser) - The British plan to recapitalize world banks helped calm global markets, but Gordon Brown isn't done yet. In an op-ed for the Washington Post, the prime minister declares that we face "a defining moment for the world economy" on par with the aftermath of World War II, and that... More »

Recession May Take Down More Banks: Expert

'Worst is yet to come' for US economy, economist warns

(Newser) - The credit-market slump could take a further toll on the largest US banks, a former chief economist of the International Monetary Fund tells Bloomberg. Claiming “the worst is yet to come,” Kenneth Rogoff says the financial sector “needs to shrink” before the economy will recover, and that... More »

China's Economy Will Dwarf US

Twice the size of the US economy by 2050: report

(Newser) - China is the world's economic superpower of the future and will dwarf the financial might of the US, according to a new study by an American research organization. China's economy will surpass the US economy by 2035—and be more than double its size by 2050, predicts the report by... More »

Food Crisis Lurks in Soaring Prices, Says IMF Chief

Predicts widespread starvation, conflict

(Newser) - Rising food prices may soon have dire global consequences with starving people rioting in the streets, warns the head of the International Monetary Fund. “Hundred of thousands of people will be starving,” he said yesterday at a meeting in Washington. “Children will be suffering from malnutrition, with... More »

Surging Energy Prices Drive Global Inflation

Food costs, up 83% in 3 years, also slap worldwide economies

(Newser) - Inflation in Europe and the US is projected to reach its highest point since 1995, the Wall Street Journal reports, with food prices up 83% in three years and rising energy and transportation costs. The International Monetary Fund predicts the US and Europe will see inflation of 2.6% this... More »

Going Greener Won't Cut Much* Into Bottom Line: Study

*If governments are smart with policies

(Newser) - Cutting greenhouse-gas emissions will put a dent in the world's bottom line, but the damage could be minimal with the right economic policies, the International Monetary Fund forecasts. A 60% reduction of 2002 emission levels will reduce global growth by 2.6% come 2040, but the world's economy would still... More »

Slow Day Sees Modest Losses

Stocks end mostly lower after Bernanke testimony

(Newser) - The markets slid into negative territory after Ben Bernanke's Congressional testimony on the state of the economy today, but trading was generally low-key. "Flat is good," an economist told the Wall Street Journal. "People are getting their nerve back." The Dow ended down 45.44 at... More »

Sovereign Funds Agree on Conduct

Treasury's Paulson works deal on keeping investment from crossing political bounds

(Newser) - Investment funds bankrolled by the governments of Abu Dhabi and Singapore agreed today with US Treasury Secretary Henry Paulson on guidelines aimed at allaying fears of political interference by the sovereign wealth funds, the Wall Street Journal reports. Decisions should be “based solely on commercial grounds," a statement... More »

Fed 'Will Get on Top of This,' Says Bernanke Mentor

Scope 'far exceeds' that of previous crises

(Newser) - Ben Bernanke has the savvy to inject enough liquidity into the US economy to push it through the current credit crisis, says a leading economist who advised the Fed chief's MIT doctoral thesis. “The Fed will get on top of this,” said Stanley Fischer, ahead of this afternoon's... More »

World Money Chief Calls for Global Action

IMF head foresees widespread slowdown, backs US stimulus

(Newser) - With a global recession looming, the head of the IMF has warned bankers meeting in Davos, Switzerland, that lower interest rates alone won’t avert a crisis, the Financial Times reports. Dominique Strauss-Kahn called on governments to follow the US in easing fiscal policies, reversing a quarter-century of emphasis on... More »

Sky-High Oil Will Reshape World Power, Dent US Clout

Power shifts as global economies change

(Newser) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power... More »

President Cristina Takes Charge

Argentina swears in first elected woman president

(Newser) - Cristina Fernandez de Kirchner, the first woman to be elected president of Argentina, took office today with ominous promises about the Argentine economy and the sovereignty of the disputed Falkland Islands. The crowd chanted "Viva, Cristina!" as the country's First Lady succeeded her husband, Nestor, as head of... More »

Credit Crisis Could Torpedo UK Housing Market, Too

Prices more inflated than US, agency warns

(Newser) - Britain risks its own housing price crash, according to an International Monetary Fund report. The UK is in a credit crunch similar to the ongoing US version, and its housing is more overpriced than the US market before the crisis. In fact, "a number of advanced economies' housing markets... More »

Chavez Lavishes Oil Wealth on Neighbors

In bid to undercut IMF, Chavez becomes Latin America's banker

(Newser) - Venezuelan President Hugo Chavez is spreading hundreds of millions of oil dollars around South America in an effort to limit the influence of the International Monetary Fund and forge a strong alliance. Chavez began a four-nation tour in Argentina referring to the IMF as "Dracula" and called for a... More »

EU Supports French Socialist to Head IMF

Choice of former finance minister a victory for Sarkozy

(Newser) - A former French finance minister has the inside track to become the next chief of the IMF. EU finance ministers meeting in Brussels today settled on Dominique Strauss-Kahn, a Socialist who served in the cabinet of Francois Mitterrand. The choice was another coup for Nicolas Sarkozy, who managed at once... More »

Venezuela to Leave IMF, World Bank

Chávez government exerts state control over privately owned oil projects

(Newser) - Hugo Chávez said yesterday he will pull Venezuela out of the International Monetary Fund and the World Bank, institutions the leftist leader blames for contributing to poverty in Latin America. Venezuela will also take control of foreign oil projects previously run by multinational companies, some U.S.-based, in... More »

Aid Grows Despite Embargo

(Newser) - Palestinians are actually receiving more foreign aid, not less,  than they were before the US and the European Union slapped an aid embargo against the Hamas led Palestinian Authority last year, reports Steven Erlanger. The United Nations and the International Monetary Fund say $1.2 billion was given to... More »

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