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International Monetary Fund

March 5, 2004 | From Times Wire Reports
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 | From Reuters
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 | Hector Tobar, Times Staff Writer
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 | From Associated Press
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 | Carol J. Williams, Times Staff Writer
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.
April 30, 2003
Argentina stands with one foot on the edge of salvation. The other is stuck on the muddy path that leads deeper into a political and economic Hades. The South American nation plunged down that trail 16 months ago. Enraged by the government's continued belt-tightening and its decision to limit the amount that people could take from their bank accounts, tens of thousands of poor and middle-class Argentines ransacked stores, broke bank windows and attacked government buildings.
April 14, 2003 | Warren Vieth, Times Staff Writer
World financial leaders acknowledged Sunday that they are in danger of losing "the other war," conceding that their failure to follow through on past pledges is contributing to global poverty, health crises and other ills. Members of the International Monetary Fund and the World Bank ended their spring meetings here with fresh promises to participate in the reconstruction of Iraq.
November 11, 2002 | From Reuters
An International Monetary Fund team will arrive in Sao Paulo today on a quarterly mission to review Brazil's $30-billion loan package. The visit also will mark the fund's first formal dialogue with President-elect Luiz Inacio Lula da Silva. Although outgoing President Fernando Henrique Cardoso and his team will lead discussions with IMF-Brazil point man Jorge Marquez-Ruarte, Lula and his team will participate in talks on economic goals from Jan. 1, when his government is set to take over.
As protesters denounced the global economic regime, world leaders agreed Saturday to pursue new ways of resolving financial crises, including a groundbreaking bankruptcy court process for insolvent governments. Members of the International Monetary Fund's policy-making panel also promised to make good on an earlier pledge to contribute another $1 billion for Third World debt relief. The actions came during the first day of official deliberations by members of the IMF and World Bank.
America's corporate accountability crisis is sapping the strength of the world economy, the International Monetary Fund said Wednesday as it reduced its estimates of global growth in 2003. IMF economists said U.S. financial scandals were contributing to a sluggish recovery from last year's global recession by undermining investor and consumer confidence around the world, depressing markets and slowing the cycle of production and consumption. They predicted the world economy would expand at a 3.
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