Sunday December 17, 2017
Home World IMF appoints ...

IMF appoints new chief economist

0
38

IMF

 

Washington: Christine Lagarde, managing director of the International Monetary Fund (IMF), late on Monday announced the appointment of Maurice Obstfeld as the IMF’s economic counselor and director of the research department.

Obstfeld succeeds Olivier Blanchard. He is expected to begin his work at the fund on September 8, Xinhua news agency reported.

“I am thrilled to have Maurice join us at the fund. His outstanding academic credentials and extensive international experience make him exceptionally well-placed to provide intellectual leadership to the IMF at this important juncture,” Lagarde said in a statement.

“He is known around the globe for his work on international economics and is considered one of the most influential macroeconomists in the world,” she added.

A professor of economics and former chair of the Department of Economics at the University of California, Berkeley, Obstfeld has advised many governments and consulted at central banks all over the world. He is currently a member of US President Barack Obama’s council of economic advisers.

(IANS)

Next Story

Advancing Asia meet to be hosted by India and IMF

0
213

New Delhi: Indian government and the International Monetary Fund (IMF) will be hosting “Advancing Asia: Investing for the Future” which will bring together officials, corporate executives, academics and civil society representatives from more than 30 countries covering Asia and the Pacific.

“Advancing Asia provides a forum for Asia-Pacific leaders to discuss a region renowned for its economic successes over the past decades,” said IMF Managing Director Christine Lagarde.

The Advance Asia conference will gather notable leaders from business and civil society, policymakers and academic.

IMF Managing Director today concluded his two days visit to India stating “I am delighted to have return to India these past few days to see first-hand remarkable dynamism of this country.”

“As Asia’s advanced, emerging market and developing economies move to the next stage of success, they face the key challenge of how to maintain and enhance the region’s high growth record while boosting jobs, reducing inequality, accelerating infrastructure and human capital development and implementing other growth-enhancing reforms.

“I am very pleased to cooperate closely with the Government of India on this conference that will explore how the region can meet these policy challenges through investments in the future,” said Lagarde.

The main agenda of the conference will include the most effective drivers of growth, income inequality, demographic change and gender, infrastructure investment, climate change, managing capital flows and financial inclusion.

Prime Minister, Narendra Modi and IMF Managing Director, Lagare will be among the conference keynote speakers.

The conference will be attended by other sector officials, including Indian Finance Minister Arun Jaitley, Asian Development Bank President Takehiko Nakao, Indonesian Finance Minister Bambang Brodjonegoro and Governor of Bank Negara Malaysia Zeti Akhtar Aziz.

Advancing Asia has followed the Asia 21: Leading the Way Forward conference, held in Daenjeon, South Korea in 2010, where the focus was to discuss the region’s role in a global economy recovering from the Global Financial Crisis.

Advancing Asia will soon be held in New Delhi from March 11 to 13, 2016.(IANS)

Next Story

Two percent global GDP lost to corruption every year

0
41

Lima: Around $1-1.5 trillion or around two percent of global GDP, are lost to corruption every year, president of the Natural Resource Governance Institute (NRGI) has said.

Speaking at a panel on integrity in public governance during the World Bank Group and International Monetary Fund annual meeting on Sunday, Daniel Kaufmann, president of (NRGI), presented the statistic, result of a study by the NRGI, an independent, non-profit organisation based in New York.

However, according to Kaufmann, the figure is only the direct costs of corruption as it does not factor in the opportunities lost on innovation and productivity, Xinhua news agency reported.

“The mis-allocation of talent away from productive activities and innovation” has a costlier impact on countries suffering from corruption in the long term.

A country that addresses corruption and significantly improves rule of law can expect a huge increase in per capita income in the long run, the study showed.

It will also see similar gains in reducing infant mortality and improving education, said Kaufmann.

Countries with better control of corruption averaged a five percent improvement in their budget deficits or surplus in the long term, he said.

Based on the findings of the study, Kaufmann called for a new definition of corruption.

Believing that corruption is no longer a simple transaction between two parties, he called it a “tax on the poor and, increasingly, the middle class… leading to higher levels of inequality”.

“Corruption has shifted to large colluding networks, such as FIFA. These networks shape the rules of the game, institutions, policies and contracts. This is more insidious than petty corruption,” he said.

(IANS)

Next Story

India ‘a bright spot’ amidst global economic challenges

0
143
www.zimbio.com

Washington:  IMF managing director Christine Lagarde, mentioning that India is a ‘bright spot’ in the current economic challenges said, India would require stronger policies to help the world recover from the global economic downtrend.

www.yourarticlelibrary.com
www.yourarticlelibrary.com

“I am calling on policymakers to make a policy upgrade to address the current challenges,” she said in a speech at the Council of the Americas ahead of the IMF-World Bank Annual Meetings that take place October 9-11 in Lima, Peru.

Lagarde, noting that the IMF’s global projections will be released next week, warned that ‘global growth will likely be weaker this year than last, with only a modest acceleration expected in 2016”.

The “good news”, Lagarde said, is a modest pick-up in advanced economies, but the “not-so-good news” is that emerging economies are likely to see their fifth consecutive year of declining rates of growth.

“India remains a bright spot. China is slowing down as it rebalances away from export-led growth. Countries such as Russia and Brazil are facing serious economic difficulties,” she said.

“If we put all this together, we see global growth that is disappointing and uneven,” she said, putting the world at a “difficult and complex juncture”.

“The prospect of rising US interest rates, China’s slowdown, a sharp deceleration in the growth of global trade, and the rapid drop in commodity prices are contributing to global uncertainty,” Lagarde said.

With conflict and forced migration, she said there is the “human toll” from economic dislocation and low activity.

More than 200 million people remain unemployed globally, income inequality is rising, and women continue to be disadvantaged both in pay and labour market opportunities.

“My key message today, however, is this: with the right policies, strong leadership, and global cooperation, it can be managed,” Lagarde stressed.

( Arun Kumar, IANS)