By Reuters Staff
2 Min Read
FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas/File Photo
BERLIN (Reuters) - Germany expects world financial leaders this week to back a $650 billion new allocation of the International Monetary Fund’s Special Drawing Rights (SDR) to help countries cope with the pandemic and its economic fallout, officials said on Tuesday.
“That is a reasonable figure,” a senior German finance ministry official said ahead of the virtual spring meetings of the International Monetary Fund and World Bank.
Tossing a few executives overboard won’t suffice for scandal-ridden Credit Suisse. The twin collapses of clients Archegos Capital Management and Greensill Capital must lead to deeper soul-searching at the Swiss bank. Restructuring and disposals may be necessary.
Nikkei up 1%, Nomura flags possible loss at U.S. unit Markets hopeful ahead of Biden infrastructure plan Oil slips as ship re-floated in Suez Canal U.S. dollar holds recent gains on euro and yen
SYDNEY, March 29 (Reuters) - Asian share markets edged higher on Monday while oil prices slipped as the ship blocking the Suez Canal was re-floated, raising hopes the vital waterway could reopen and ease global shipping backlogs.
The news added to optimism about world growth as markets look to President Joe Biden to outline his infrastructure spending plans this week, which could supercharge an already accelerating U.S. recovery.
Foreign net flows to emerging market equity and debt portfolios slowed in March to their weakest in almost a year as rising U.S. yields continue to weigh on EM, with flows excluding China barely making a blip last month, data from the Institute of International Finance showed.
By Reuters Staff
1 Min Read
WASHINGTON, April 5 (Reuters) - U.S. Treasury Secretary Janet Yellen said that a $650 billion increase in International Monetary Fund currency reserves will put significant resources into the hands of the world’s poorest countries facing the biggest pandemic needs.
Yellen told the Chicago Council on Global Affairs that many advanced economies which will get the biggest share of resources from the U.S.-backed Special Drawing Rights allocation have indicated a desire and willingness to loan or donate SDRs to poorer countries through IMF facilities.
Yellen also said that she doubted that Biden spending initiatives, including a $1.9 trillion relief package and a proposed $2 trillion infrastructure investment plan, would cause inflationary pressures because the true U.S. unemployment rate was still around 9% due to the coronavirus pandemic. (Reporting by David Lawder)