what do you think about the imf loan if it goes ahead? going to be good enough for the people? as we have been hearing, the imf loans come with painful policies. the people have been feeling pain on the streets. we have seen the protests taking place, so how would the sri lankans be reacting to this news do you think? >> i think how they react to the news with the pen -- will depend on the fact whether these loans were negotiations are going to be felt on the ground, because what we are seeing is something that is unprecedented. there are power cuts, fuel shortages, gas shortages, spiraling price hikes, all of these things have come together and they are felt by every citizen, so whether this, these loans, these negotiations with the imf and with individual countries, whether they are really going to make an impact is whether these shortages are going to reverse and any rate if the power cuts are going to become shorter, if the gas lines are going to be shorter, if we can find fuel without staying in line for half a day or even more , tha

so says the imf.as i do. listen to _ nations so says the imf. if you, as i do, listen to prime _ nations so says the imf. if you, as i do, listen to prime minister's - i do, listen to prime minister's questions regularly then you will have heard the prime minister say many many times in recent weeks that the uk has the strongest growth rate in the g7 and that has been a really important claim about the success of the government's economic management. what happens when they have already had enough bad news coming, the imfforecast have already had enough bad news coming, the imf forecast has have already had enough bad news coming, the imfforecast has bitten as going from the top of the league table this year to the bottom of the g7 league table next year with growth estimated at i.2%, lower than italy, lower than france, lower than germany, lowerthan italy, lower than france, lower than germany, lower than america, japan and canada. so that is quite a crush and canada. so that is quite a crush and the

what are we doing at the imf?e supporting them as much as we can with emergency assistance, without program, with our policy advice, but also with initiatives. tom: the wrapper and i don't mean argentine over the last three to four years but the wrap on the imf going back decades is there is a procedure. you are in trouble, sri lanka is one example. you go to the imf and there are conditions. is your process or the formula of your conditions changed given a war in ukraine? ceyla: we are a learning institution as you know and we have been changing in terms of the pandemic, we had emergency loans during the pandemic which basically had no conditions. the idea was you use it to deal with the pandemic. tom: what is an example of a change process that you as managing director are doing on food inflation? ceyla: yesterday the managing director, the world bank president announced a global food action, so what are we doing as a fund? we are looking at these countries and we just had a program, $276 million. lisa: argentin

what is the latest on the discussions with the imf? they are midway _ discussions with the imf? iia: are midway through what discussions with the imf? tia: are midway through what we expect to be tough negotiations, at this point they have requested for rapid these are short—term lows that can be dispensed strings that come with package, these financial problems are considered to although reluctant they are likely to consider in imf came up sri lanka officials, they said even after financial assistance they would want to get some sort of confirmation that they will make their debt more sustainable, meaning they will bring in policies for better repayment of their debt and a stronger fiscal position, and sri lanka. stronger fiscal position, and sri lanka-— stronger fiscal position, and srilanka. ., ., ., sri lanka. you are there on the round, sri lanka. you are there on the ground. how — sri lanka. you are there on the ground, how bad _ sri lanka. you are there on the ground, how bad is _ sri lanka. you are there on the ground, how bad is the - sri lanka. you are there on the l g

haidi: let's get back to the imf report.is cutting china's gdp growth estimate to 4.4% from 4.8%. that is about -- that is from the government's target of about 5.5%. kathleen: i'm very happy to welcome helga berger, the imf's director of the china division. he is the one who we are going to hear all about the chinese economy. it is great to be with you in person in washington again. thank you for joining us. it's not an upbeat time for the global economy or for china. where do you think the economy is now in china? they have the 4.8 gdp forecast. people say that is backwards looking. we are looking at weaker numbers which would probably underscore the consumer spending numbers we got recently as well. what is the trajectory for china's economy? >> momentum is pointed down. some of that is reflected in the q1 numbers that were quite positive. january and february were strong but march is pointing down. it continues through april. consumer spending, the ukraine war has ramifications for china as well. energy prices are very h

haidi: that was the imf china mission chief.g up next, a big interview with the imf japan mission chief, discussing whether the boj needs to change its policy direction. this is bloomberg. shery: take a look at the currencies base. not a lot of movement on the dollar. this is after it rose to the 2020 high, it's felt against the chinese yuan and japanese yen, especially the yuan which is fallen to the weakest level in six months against the u.s. dollar, and this might not sound significant, but given the yuan, it's a pretty big deal. especially we are seeing these concerns about growth forecast. we are seeing the aussie rally for a second session, we heard from the rba wage growth could be accelerating the timing for its first rate hike. the one we are focusing on that's not moving, the boj, the weakness of the japanese yen. we have not seen such a long losing streak. given the boj is not budging when it comes to monetary policy , we might see even more weakness. haidi: looks like we are getting close to 1:30. the last time auth

. ~ , , imf. 0k.hen energy bosses themselves — imf. 0k. when energy bosses themselves saying _ imf. 0k. when energy bosses themselves saying the - imf. 0k. when energy bosses| themselves saying the surging imf. 0k. when energy bosses - themselves saying the surging bills of up to 40% is truly horrific you are going to get worried. a0%, i mean, that is a frightening, staggering figure.— mean, that is a frightening, staggering figure. mean, that is a frightening, sta: caerin fiaure. . , ., staggering figure. that is the max. but i should _ staggering figure. that is the max. but i should think _ staggering figure. that is the max. but i should think the _ staggering figure. that is the max. but i should think the ft _ staggering figure. that is the max. but i should think the ft printed i but i should think the ft printed this with — but i should think the ft printed this with enormous amounts of glee because _ this with enormous amounts of glee because this government is not their favourite _ because t

the imf world bank and pr d. have been critical partners in rebuilding ukraine and they will also provide vital support to neighboring countries welcoming refugees. spillover from the crisis are happening economic vulnerabilities in many companies that are already facing higher debt burdens and limited policy options at they recover for the covid 19. the ifis will play a critical role in several areas, first food security. together, russia and ukraine account for nearly a third of the world's wheat exports. russia's invasion disrupted the flow of food for millions of people around the world and caused prices to spike. the ifis and food security funds already working to address both the short term and long term effects of the invasion on a global food prices and supplies. second, and you security. the invasion of ukraine has also underscored the need for sustainable, affordable, clean and secure energy for economic growth and security for the united states as well as foreign governments that partner with the ifis.

what message would you like to send to the imf?er message to the investor community and that is such political processes are not uncommon in democracy. it is important the economic policymaking institutions act on a timely basis to ensure the goal of financial stability remains. that is why the central bank took the action that it did and most of the rupee rallied as well as the stock market. the fundamentals of pakistan remain strong. last year our economy grew around 5.5%. this was in the top third of all countries when the imf released data in january. our projections of growth for this fiscal year remains around 4% despite the hike we have done in interest rates. yvonne: do see a scenario in which pakistan might need further financial assistance beyond what the imf and this agreement you have had and it is is it from the form of the imf or bilateral deals with china? >> we are at the halfway mark with the imf. we have drawn 3 billion. there is another 3 billion left. our goal is to complete the work necessary to draw the remain

and appeal to the imf. . , ., to go ahead and appeal to the imf. ~ , ., ., , , , imf.at happens in the coming days. _ imf. we will see what happens in the coming days. aneeka . in the coming days. aneeka gupta, thank you. france goes to the polls this weekend, in the first round of its presidential election. president macron has been trying to focus attention on his leading role in the eu s efforts to put economic pressure on russia ? and the strength of the country s recovery from the pandemic. but his opponents could benefit from issues closer to home ? including the impact of shortages and high energy prices on the country s industrial heartlands. theo leggett reports from eastern france. in the factories of eastern france, they have been cutting and welding steel, for generations. in this plant, huge structures are being built for a major underground railway project in paris. but, times are tough. there used to be 50 people working here. now, there are just 25. the problem this company faces is that making structures like these requires vast amounts of steel and th

made -- imf aid. let's get you to vonnie quinn now with the first word headlines. vonnie: the biden administration is expected to announce another 800 million dollars in weapons and support for ukraine. sources say the money will come from the president's job down -- this is the imf called on nations to provide grants and donations to fill a $5 billion a month financing need for ukraine after russia's invasion. u.s. secretary -- janet yellen and others walked out of the g20 meeting after russian officials began speaking. jerome powell, christine lagarde, andrew bailey, and the ukrainian finance minister also among those who left or turned off their cameras when russian officials joined virtually. russia is on course for its first external default in more than a century. the country was judged to have breached the term of two bonds by derivatives panel afterpay did in rubles instead of dollars. goldman set -- after it paid them in rubles instead of dollars. they could still avert a default if they pay

the imf says it's latest addictions may be too optimistic. with spring meetings, oxfam released a study predicting the pandemic and the war in ukraine could push more than 260 3 million people into extreme poverty in 2022. -- is calling on the imf to stop increasing -- due to its insistence on continuing loans to the developing world while implementing austerity policies while it warns rich nations to avoid cutting spending to preserve whatever recovery there is. >> [indiscernible] >> oxfam says there is a dix -- disconnect between the imf's research which has -- more hunger because of the pandemic and the war, and the imf actual policy prescriptions for the most needy nations which involve the slashing of the social safety net, ending subsidies on cooking gas, increasing taxes on food and freezing public-sector pay. >> one of the world's youngest countries is about to choose its next president. voters in east timor are deciding between a nobel prize winner and a former guerrilla fighter who blamed each other for years of political paralysis

over time more than 190 , countries have joined the imf because of the proposition that the imf was built around helping , a sense of shared prosperity. in order for the imf and other institutions to remain notable, we have to make sure we are addressing the crises that we face from covid-19 to climate change and doing it in a way that is equitable. where we are helping those people who need help the most. that is a big focus of president biden's agenda. the leaders of the international financial institutions support. to your the goal for us is that point, the international financial architecture needs to adapt and change as the world changes. >> thank you. going back to something you said a moment ago which i know is consistent in your departments work about trying to design sanctions that are targeted and minimizing unfortunate spillovers on other countries including our allies. we are very aware that germany and italy and austria and a couple other countries are heavily dependent on russian oil and particularly natural gas due to long-term commitments and pipelines and such, and theref

john lipsky, the former imf managing director.ught up with bill earlier this morning, the former new york fed president. the headlines on that piece are available on the bloomberg terminal. lisa: we have heard him come out and say that the fed is long behind the curve. matthew hornbach seemed to echo what stanley was saying. that still may not be enough. when you take a look at where inflation is and how slowly it will get lower from 8%. jonathan: abramo, you teed up this morning. lagarde -- simply this is a wide-open, wide open for them to address what needs to be addressed. lisa: how did they shape the policy response to inflation at a time of slowing growth? it is what central banks do not want to have to do and yet both central banks find themselves in a similar place with the ecb facing slower growth than the u.s.. jonathan: are you watching the easter egg role at the white house? lisa: he has participating. tom: the easter egg role yesterday for me was swiss chocolate. jonathan: can you explain what an easter egg role is? to

that is not your mandate as imf.ut i would like you to comment on how you perceive the shock of the western world and their tentativeness, insisting not only ukraine but all of eastern europe -- kristalina: the reality of this war is it is about ukraine and it is beyond ukraine. it is about ukraine because its existence is being threatened. but also, the post war border is being threatened, and in this sense the war threatens all of us. if we are to allow a 21st century military takeover of a country in europe, that is detrimental to europe. it is detrimental to the world. what we have two recognize is that the war is having consequences reaching far and fast. it affects millions of people through three main channels. one, commodity prices, especially energy, but also metals. and food prices are up at a time they were pushed already up. tom: i want to talk about the food in a minute. we see challenges. but i want you to comment on the scope and sale we see. another expert, janet yellen, who has a little bit of experi

there growth was actually upgraded a bit by the imf.to what he said about central banks. >> we will have to watch exactly what other countries do, particularly the u.s. we do not want to be behind the eight ball here. if they raise interest rates, people in the philippines will of course want to follow those rates. so we have to make sure that we violence the need to grow, -- that we balance the need to grow, and the need to preserve capital. kathleen: specifically for the philippines, what do you think this means more broadly, what is the story for nations like his? anne-marie: the story here is clearly one of an appropriate policy mix and the policy mix that prevents excessive capital outflows. as we said before, each country may have to have a slightly adjusted policy mix but in a number of countries, it will require more aggressive tightening than would otherwise be needed. and it certainly requires a very good communication by central banks on what their policy aims are. shery: we have seen the bank of korea raise rates last week.

finance chairs with respectively and i'm also pleased to have those here today with the world bank and imf to be actively responding global impacts of the war in ukraine. i wish we were meeting under different circumstances and with rising global food insecurity and those spending disproportionate amounts and before 800 million people were suffering from chronic food insecurity and 10 percent of the global population of those home countries combined. and with the food insecurity as serious h implications with political stability. and then to make a dire situation worse price and supply shocks are already materializing with those inflationaryat pressures with external balances and undermining from the pandemic russia's actions are responsible for this. the united states urgently working with our partners and allies to help litigate the effects on the world's most vulnerable. let there be no doubt even as we continue escalating sanctions and economic measures against russia, we reiterate our commitment and to benefit people around the world to ensure the availability with those agricultural

in the case of the imf, to give an example, the imf was intended to help individual countries facing shocks or internal macro problems they had, balance of payment crises, to lend to enable individual countries to continue to meet their needs for external financing while undertaking structural reforms. it wasn't designed to address the global challenge, like the pandemic that created broad problems for the largest number of countries, especially all low-income countries, participating in the global economy. where the challenges that the global economy faced after the global financial crisis in 2008 work today, where we have russia-induced crisis that is causing, especially coupled with the pandemic, a host of low income countries with already high debt now facing really unmanageable debt in many countries. and not due to any feelings of their own macroeconomic policies, but really due to huge external shocks. i can't tell you what the answer is, what the appropriate reforms are, but we do look to the imf to be a global lender of last resort, and i think that is an important function

on that specific issue, here are the imf you will have seen the | are the imf you will have seen thebottom, the pin that on the squeeze on consumers in the uk. to which we have contributed with the rise in national insurance. what is your response to that? what were you going to do to help people as they face massive energy bills? the imf are very clear— face massive energy bills? the imf are very clear these _ face massive energy bills? the imf are very clear these are _ face massive energy bills? the imf are very clear these are global- are very clear these are global challenges and that is very much in the discussions we've been having. all countries are facing similar challenges with rising prices, that is the first thing to six people, have the context. it is wrong to focus on one year, we were the fastest growing economy last year, second fastest... second—fastest this year. and after next year when growth slows down, beyond that, we are the second—fastest year of that than the fastest again for the two years subsequent. i think it's wrong to focus on one year, a performance ov

the imf will be busy. not every country once the imf to be there. either the imf or restructuring.hina today is not china in 2015 should china has its own preoccupations. we have seen the overseas lending has clearly shrunk. this country should not be expecting a generous china to come and hand in some money and avoid a problem for a few months or years. we need to restructure debt or and restructure to the imf for some money to restructure the debt to help restructuring the debt. that is where we are for both haidi:. always great to have you with us. you can get a roundup of the stories you need to know to get your monday going. terminal subscribers can get that at dayb . this is bloomberg. ♪ haidi: we are tracking the fallout of the global supply chain crunch. political and financial instability are driving for prices higher but the former head of the un's fao is urging calm. saying the world is in a much better position on food inventories than in 2008. in russia, oil refinery shutdowns are accelerating. 1.6 million barrels of the daily capacity is idle according to energy a

did the imf release those rules? >> the imf has given countries guidelines about appropriate use of sdr's and there is a disclosure framework so that we can monitor how they are being used. i don't quite know or you can access those but i know that they have been produced. >> i think it would be useful for the committee to have that access to those guidelines. do you know if any sdr's were exchanged since they were issued for payment in any form of debt? >> so i can't give you detailed rundown but i can tell you that the united states -- >> i know the united states isn't doing this. this is in your capacity of overseeing our role as a largest shareholders in the imf. i know the u.s. is in good standing but one of the concerns was you couldn't obtain that commitment from anybody and we did ask anybody to commit to it in advance of it being issued. so we have not seen that guide the spirit we don't know what those transactions have taken place if any over the past year so i think that would be very helpful. >> we will

more than a hundred 19 -- hundred 90 countries have joined -- because the imf -- in order for the imf and other institutions to remain notable, we have to make sure we are addressing the crises from covid 19 to climate change and doing it in a way that is equitable -- equitable. that is a big focus of president biden's agenda. your point, the goal for us is that the international financial article -- architecture needs to adapt and change as the world changes. >> going back to what you said a moment ago and what is consistent tear departments work -- new york department's work -- to your department's work -- we are very aware -- aware that germany and austria and a couple other countries are heavily dependent on russian oil and natural gas due to long-term commitments and pipelines and therefore, there has been an unwillingness from the part of germany and other economies who are writing on germany to say we will not go there on sanctions. there is a big push back, including from kyiv and in germany and italy domestically on stopping sanctions at that point. how do you see this? you s

imf, world bank, and others. that is not a place for a country that is trying to kill the life of a neighborly nation. number three, russia and any other aggressor must pay for destroying global stability. such tax must be applied to all, without exception, trade operations with the russian federation, or with russian companies come up for all export and import operations, for all financial operations that are not blocked yet. the costs from the war tax must be used to help ukraine to renew everything that russia has destroyed. and if this tax is applied to another aggressor, then those costs must be directed to the victims of that war. the world needs working effective instrument to destructive action by all those who doesn't want to support collective security. i'm sure that such a war tax can be proof of that kind. number four, every country in the world must be prepared to break up all relations with russia. no one should be dependent on the political winds -- political whims of the leaders of that country. i

kriti: we are listening to the imf spring seminar.e have jay powell, christine lagarde, and other world leaders. now, let's do -- tune into the spacex launch. romans from now, the spacex falcon 9 rocket is scheduled to launch. its mission -- to carry 53 satellites into orbit. joining us from san francisco, ed ludlow. 53 into orbit. what does that mean? >> it takes the orbital consolation above 2200 breed we are really close to countdown, so what we have a listen in and make sure the sequence goes is an. -- as planned. >> 10, 9, 8, 7, 6, 5, 4, 3, 2, 1. ignition. lift off. chamber pressure will be nominal. >> as you can see on your screen and you heard by the cheers of folks with me here at mission control, falcon 9 has suspects fully -- successfully lifted off varying are 53 -- carrying our 53 satellites. ed: that falcon 9 booster with a payload on top of it which is satellites will hit the max cu e. you can hear it now. >> i'm curious. >> that is what we call a gravity charge. ed: what just happened, i'm sorry to jump back in, that is

you have to bring in massive -- the imf is the agency that can do it.e is the ambition they can provide this minimal funding for the huge climate allenges that we face globally and, you can't be nationalist about this. climate do not respect passports and visas. it is not something that stops at the border. if we don't do something now, it will affect everyone. the imf has been remarkably ambitious, sluggish, not doing the minimum it is supposed to do. it was created just after the second world war in very, very different world with a structure that is completely ridiculous now with the u.s. being about a block everything, u.s. and europe controlling 60% of the voting rights and all that. but as a result, it really has not moved to do the basic things that a multilateral organization that is in charge of global finance has to do. prevent -- juan: you are talking about climate change. you mentioned climate change. how has the eruption of this war affected efforts in various countries,ven in t united states we are seeing president biden backtracking on so

here's the imf�*s managing director again.al reserve had already moved toward tightening monetary policy. war related disruptions and provide those pushes. let's get more on those predictions for the uk economy now. i want to show you this clip of another economist — who doesn't share the imf�*s predictions. it seems strange that the uk is so much weaker than other advanced economies. and a mention here the uk and there is a mid atlantic position and it's very unusual for economic performance to be very different from the average of europe and the us and i can't really make much sense of the 2023 forecast and i think it's pessimistic relative to the forecast for the us and the rest of europe. to dicuss all this i'm joined by vicky pryce, a formerjoint head of the uk's government economic service and now the chief economic adviser at the centre for economic and business research in london. what is your view of the projection the imf has made for the uk? the uk had done really _ the imf has made for the uk? the uk had done reall

yvonne: we've heard from the ios death the imf. -- the imf.hat should be the first of it should take prettier thoughts on that? martin: it is yield curve control, so you really have to look at it together with the entire movement in the economy. what the bank of japan will have to show is that guys, this is not a one-way street. we saw it a little bit today. that is quite helpful. the other is usually, the bank has the yen rate balancing out when it gets too week because it is having a field day. 50 years low, the moment the supply chains are being a little bit unblocked will be a field day. income from overseas will come and which will help in the minister of finance is pushing for more fiscal to meals, so the yen will be strong and the question is at what point. the bank of japan says we have more flexibly to go up at the longer end. perhaps something closer to five years. i do not know what they're planning on that. that would be really helpful. yvonne: what are you feeling on the ground in terms of inflation? there seems to be this growing

but this imf forecast raises the question about whether it's affecting the uk even more so.xes and interest rates that's driving this. back in the house of commons, energy company bosses said these big economic numbers were going to have a very real impact. never seen anything like it in my 30 years in the industry. so we are expecting a severe impact on customers' ability to pay. there is no doubt that the government's intervention, the £200 that will be paid in october and the rebate on council tax will help, but it isn't nearly enough. the treasury said it recognised concern for households from these forecasts and that £22 billion of support was being offered this year. but it is these squeezes on household incomes from energy, fuel, food and tax that risk weighing down the entire economy. it is worth remembering these are forecasts, there is no magic crystal ball. but it is pretty clear that there is something going on in the world economy and there seems to be a bigger effect, certainly in 2023 for the uk. it raises dilemmas for the policymakers arriving in washington.

shery: will it help top with the imf?ention of accessing financing from the imf which is critical to pakistan accessing hard currency. there was a positive market reaction. he said it was a sign of stability but it's only one part of the story. central bank had to take a very aggressive step last week. i think the initial is probably phase one and imf will be looking for detail on how he plans on restructuring the country's debt [indiscernible] shery: we continue to see the crisis in sri lanka economical and political. an advisory panel is going to help resolve the growing debt crisis and engage with lenders. a professor at georgetown university joins us from washington. great to have you with us. in your view, what are the most urgent steps sri lanka needs to step to avoid a hard default? >> there are three urgent steps sri lanka needs to take. the first is to initiate a debt restructuring so that over time they can actually meet with creditors and agree on a reduction because they cannot sustain the current level of deb

pierre-olivier gourinchas, imf chief economist speaking to us on global growth.t that more shortly this is bloomberg. ♪ >> a look at some of the biggest business stories now. blackstone is increasing the student housing. there is relatively little new construction going on. and new u.s. home construction rose unexpectedly last month to the highest level since 2006 under residential stocks were up .3 in march to an annualized rate they wouldn't number was boosted by multi-family construction. and a new study finds that bosses are anxious to get their step back into the office, the rules don't apply to themselves. non-executive employees are in the office five days a week but only 19% of executives can say the same. and that is your latest business flash. >> thank you. you are looking shortly at a live shot at the house of commons where boris johnson is expected to speak in the next hour. patel is speaking. it's the first time that he will be making his appearance before parliament since he re-signed. joining us is david mayor ran. >> it is unprecedented to have a

the world economy had been on a mending road, according to the imf, but now that's suffered the severea's invasion of ukraine, sending growth down across the world and inflation and prices rising even more. about six out of seven of the world's economies have faced downgrades in this new world economic outlook, that comes out today at the imf, ahead of important meetings of the world's financial ministers and central bank governors. it is notjust the world's advanced economies that are facing lower growth, and those economies most exposed to russia's invasion of ukraine, namely russia and ukraine and the neighbouring countries, but in particular emerging economies, dependent on this region for theirfood. also those dependent on low energy prices are also seeing their price inflation forecast going up and therefore forecast for growth going down too. so a troubling set of forecasts for the world's economic outlook but also concerns that this twin shock of pandemic and then war, that has its own set of difficult dilemmas and consequences that we're just beginning to unpick. hundreds of t

why does the imf need from china to help asia better in the pandemic? gita: the pandemic has evolved has you know compared to the last two years. we have much more be real and making it harder -- virilant strains making it harder. our advice to china would also be some recalibration would be held for. tom: do they need american vaccines to fix this? do they need mrna to get china vaccinated? gita: firstly they need to get more coverage of their 70 plus population while they have high vaccination coverage. you look at the tail end in terms of age distribution and you certainly need greater coverage. you would need booster shots for the older population and effective booster shots would be important. lisa: you have an amazing birdseye view of how well prepared we are to combat an additional strain that possibly the vaccines do not cover or additional pandemic with the additional rollout of vaccines similar to what we saw. are we much better prepared to tackle it more quickly than we did this last time around? gita: we certainly have the signs and knowledg

an imf program. overview of the policy is very similar, very much targeted around fiscal discipline, fiscal consolidation. we are among the lowest in the world in terms of tax collection, so we got to get these fundamental things sorted out, and i think that should be included. it also should include state-owned enterprise, especially on underutilized assets, how the government is going to use that in order to get some potential non-debt funding in. and also to remember that this is not a very short-term bond yield issuance. this is something that will take quite a long time for sri lanka to see its recovery take place. david: this might seem a bit insensitive, given that you are seeing essentially protest on the ground over very simple things like food inflation, for example, but are we inevitably going to get a default in your view? is that a haircut that is about to come in the next few weeks? >> yes, i mean, look, i think we got to face reality right now. even on the economic side of things, thin

you borrow, you spend, — imf were wrong. you borrow, you spend, even— imf were wrong.ie put the burrowing back when it begins to have a good effect. some thins begins to have a good effect. some thin . s will begins to have a good effect. some things will be _ begins to have a good effect. some things will be throwing _ begins to have a good effect. fine things will be throwing things at the television as you say that. what has been catching your eyes? it is the television as you say that. what has been catching your eyes?- has been catching your eyes? it is a liuhter has been catching your eyes? it is a lighter story — has been catching your eyes? it is a lighter story and — has been catching your eyes? it is a lighter story and being _ has been catching your eyes? it is a lighter story and being a _ has been catching your eyes? it 3 — lighter story and being a foreign correspondent in the uk, you have to cover the royal family.— cover the royal family. whether you like it or not- _ cover the royal family. whether you like it or not. people _ cover the royal family. wh

a warning from the imf. just one of the issues at this week's imf world bank meeting in washington. joining us now is nadia calvino, who has the imf international committee. we look forward to speaking with you on the international front and on the european front. if we start with the international front, a lot of time has been spent at these meetings talking about debt load for emerging markets. how concerned are you about the distress we will see emerging markets with high debt loads facing? nadia: good morning. a pleasure to be with you. the meetings this week have been marked by russia's more against ukraine, has not been business as usual. we had discussed the different financial impacts of this aggression. one of the key issues we've been discussing is how we have financial support for the vulnerable countries, in particular those that have already a high debt burden before the war broke and this new wave of downward growth revisions have started. kailey: no more in ukraine dominated the conversation,

the imf needs the mystic policy adjustments to overcome difficulties.t wasn't designed to deal with the novelty and grit of the last two global crises. as a consequence, the economic and financial response to the global financial crisis is 2008-2009 wastoo tmid -- timid and short-lived. in response to the pandemic, the imf, those countries with the resources to do so responded forcefully, protecting incomes and profits, preventing debilitating bankruptcy, and actively reversing the decline. we were less successful in supporting poor countries, which is led to a divergence in noble prospects. to ensure that it reflects both a current global economy and also members' commitments to the underlying principles and objectives. fourth, let's revisit our strategies come policies, and institutions to better mobilize people in developing countries. efforts to provide funding to support human development, to create needed infrastructure, and more recently, payments of climate objectives. multilateral developments, bilateral official donors, and growing private sec

he did not mention the imf at all in those remarks.tan is hoping to draw down 3 billion worth of the loan from the imf. even though the rupee rallied yesterday, it is still near lows. . family have foreign exchanges to cover a couple months of foreign imports. second-fastest inflation in asia. that is why the central bank raised interest rates by 250 basis points. while the arrival of a new prime minister suggests some stability and he is talking of healing with the international committee to there still a lot of work that will need to be done to meet the criteria the imf will demand. haslinda: bloomberg's chief asia economics correspondent. still to come, all that drama. we will look at elon musk's surprising move to decline a board seat for twitter. this is a bloomberg. ♪ haslinda: out of the latest on the quickly changing developments between elon musk in the board of twitter. su keenan joins us with more. it has been a heck of a week for twitter and musk. su: a lot of drama but over the weekend we learned musk is not joining the bo

at 10:30 a.m., there is an imf announcement. it highlights the dilemma quite well and tank of england governor andrew bailey will be there as well as the managing director. i want to highlight the chart i mention. inflation expectations over the next 5-10 years are surging as we talk about three consecutive 50 basis points rate hikes which is the fastest pace of fed tightening going back to 1982 in january. if that doesn't curtail inflation, what is the market looking for? 11:45 a.m., treasury secretary janet yellen will join us and i want to hear what she has to say about oil. she talked about the concern of the economic blow to the euro region if they were to ban oil from russia immediately. she will perhaps talk about how russia can take the rejuvenation of ukraine and i'm curious what she says. on sunday, the final round of voting for france and emmanuel macron is leading in a poll. we were talking about this is a tale risk dragging the euro down. he is clearly leading le pen. jonathan: cable is down 1.2%. that is a weaker p

the imf projects the global economy will sustain 3.6%.hat's lower than the january outlook, 1.3 percent lower than projection six month ago. economies closer to the conflict will suffer more and the near collapse of ukraine's economy, 35 percent contraction, this year and 8.5% drop in russian gdp. it russia's invasion of ukraine has caused supply chain issues and an energy crunch, which is being felt around the world. marc: beyond its immediate and tragic humanitarian impact, the work will slow economic growth and increase inflation. >> overall economic lists have risen sharply and policy trade also become more challenging. like seismic waves, it's affect will propagate far and wide. kate: inflation remains one of the major challenges for governments around the world and while the imf sees it remaining elevated for longer than perspective -- expected, it predicts prices will rise five .7% in advanced economies this year, 1.8 percent higher than the january outlook. emerging market and developing economies are more exposed to the disruptio

stay with us from washington, the headquarters of the imf. this is bloomberg.announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. tom: good morning, everyone. bloomberg surveillance from washington and new york. lisa abramovitz and tom keene at the international monetary fund. chris taylor neri georgie ava will join us here in the 10:00 hour. right now on the american economy, the backbone of the american consumer, and this time of inflation, michael mckee with the retail report. mike: some good news and bad news. retail sales on a month over month basis coming in half a percentage point higher. when you look a

in order for this state to survive, that is, the imf never gives money for prosperity., it means that now, of course, a loan, of course, a loan. here we are talking about only one statement that a special imf account is being opened to which approximately 5 billion dollars, five million euros will be supplied, probably, yes, no, emf. no big deal, right?

agreed to provide one billion canadian dollars to the special administrative account created by the imf. thank you for this. we hope other partners will follow this example. the world bank also created a drastic -- -- drastic call for dollars. we call on partners to support us through the world bank account. we are grateful for loans, guarantees, and grants provided to the government of ukraine. we believe this financing will continue. while i am talking to you, russia is attacking my country to undermine the resilience of the ukrainian nation. the ukrainian people have proven that they are ready to fight as much we will fight bravely and wisely to defend our nation. to defend the war, we need your support. that is why i appeal to all of you on behalf of those who fight for ukraine. those who work for our survival of the mckinney -- ukrainian nation. i appeal to you with my request. help us protect freedom. you have all the resources needed for this. we need decision. glory and thank you to you all. thank you so much. [applause] >> thank you very much, mr. prime minister. we have been h

pakistan has appointed a new finance minister before key talks with the imf. he confirmed his appointment after 37 cabinet members were sworn in. economic aid to the premier, he will be among officials responsible for inflation, dwindling reserves, and ongoing situations. prime minister boris johnson has apologized to parliament for breaking lockdown rules, while insisting he did not think he had done anything wrong. he has paid a fine party for attending the event on his birthday, and may pay further finds was the investigation is complete. >> let me also say, not by way of -- or excuse, but purely, purely because it explains my previous words in this house. that it did not occur to me then or subsequently that a gathering in the cabinet room just before of vital meeting on covid strategy could amount to a breach. i repeat, that was my mistake and i apologize for it unreservedly. >> global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> still ahead, we speak exclusively t