May 5, 2004 |
The International Monetary Fund's executive board selected former Spanish Finance Minister Rodrigo Rato as the fund's new managing director. Rato will succeed Horst Koehler, who resigned March 4 to run for the presidency of Germany. Rato was selected by consensus for a five-year term, the IMF said. Rato's knowledge of Latin America will help in consultations with the fund's two biggest borrowers, Brazil and Argentina, development groups said.
April 26, 2004 |
World finance leaders agreed Sunday on the need to continue canceling the debts of poor countries and to provide more aid in the form of grants rather than loans, but critics said their pledges fell short of what was needed. The International Monetary Fund and the World Bank concluded two days of deliberations by declaring their intent to expand an existing debt-relief program and secure more funds to help developing countries achieve poverty-reduction goals.
April 25, 2004 |
The world's wealthy nations promised Saturday to take new steps to promote growth in the global economy, while protesters banged pots and pans to try to focus their attention on the poor. Concern about the health of the world economy and the plight of developing countries emanated from both sides of the police barricades as global financial leaders launched two days of deliberations at the International Monetary Fund and World Bank complex.
March 11, 2004 |
In a case of mistaken identity that sent a shudder through the capital's large corps of foreign professionals, U.S. agents handcuffed a Spanish economist and took him off an international flight here because his name matched that of an individual on a watch list, officials said Wednesday. Alex Segura-Ubiergo, who works at the headquarters of the International Monetary Fund, was returning from a business trip Saturday when he was detained.
March 10, 2004 |
Argentina agreed Tuesday to make a $3.1-billion payment to the International Monetary Fund after the lender pledged to release more financing to the country. President Nestor Kirchner had threatened to miss the payment unless the IMF agreed to back Argentina's stance on restructuring $99 billion in defaulted bonds. The IMF withdrew demands not included in a lending agreement signed in September.
March 5, 2004 |
International Monetary Fund chief Horst Koehler said in Washington that he was quitting to accept the conservative nomination for the mostly ceremonial German presidency. Since the conservative parties hold a majority in the assembly that will choose the next president May 23, nomination virtually assures victory. The post would put Koehler, 61, at the center of fresh attacks on the economic record of Chancellor Gerhard Schroeder, a Social Democrat.
January 8, 2004 |
The International Monetary Fund Wednesday urged the Bush administration to develop a plan to balance the federal budget, saying tax cuts had given the economy only a modest lift, and warning that widening fiscal deficits held dangers for domestic and global growth. U.S. policymakers will need both tax increases and spending restraint to balance the budget, the global lender said in a report, which it described as part of an annual review of the U.S. economy.
September 11, 2003 |
Argentine officials have reached an agreement with the International Monetary Fund to roll over $12 billion in debt, the government said Wednesday, easing a two-year debt crisis that helped bring down three presidents. Argentina became a pariah to the international financial community when its spiraling debt and banking crisis forced President Fernando de la Rua from power in December 2001 and forced it to declare itself in default on $103 billion in public debt.
September 10, 2003 |
Argentina defaulted on a $2.9-billion loan owed to the International Monetary Fund, complicating efforts to restore its standing with the international financial community. It was the second time this year the nation failed to make a payment to a multilateral lender. It also missed a deadline on a $681-million payment to the World Bank in January.
July 19, 2003 |
No one is yet talking about headway or even momentum, but talks between Argentina and the International Monetary Fund have stirred to life, bringing cautious hope that the government may soon restructure its $150-billion debt and start to shed its deadbeat status. Argentina's economy has been crawling back from its December 2001 collapse, which triggered the largest sovereign debt default in history and a peso devaluation that robbed millions of Argentines of their life savings.