that is an essential weakness of the imf. it is interestin: essential weakness of the imf.the imf. it is interesting to get your thoughts, thank you, komal sri—kumar. president of komal sri—kumar global correct strategies. sometimes at times like this, we read a lot into what the imf, the world bank, doesn't say as much as it does. india's monsoon could be "deficient" this year, according to the private weather forecaster skymet. that outlook is at odds with india's official government agency that has predicted "normal" rainfall for the country. that matters because lower rains could have a huge impact on india's farming—reliant economy, at a time when the country is already facing high food inflation. 0ur india business correspondent nikhil inamdar sent this report. deficient rainfall could hurt india's agricultural productivity because 50% of its farms are not irrigated and that could impact crop yields. also, this comes in the backdrop of unseasonal rains severely damaging winter crop, so india's agrarian economy could, in fact, see a bit of a double—whammy. now, what sk

with the help of the imf to share information.e hope that china -- china has been helping sheila go for a long time. it's the best interest for china and sri lanka to complete this process soon and we can get back to prepaying our obligations, sooner the better for both china and sri lanka. we think china will support sri lanka. we are confident that china will support as they have done in the last 10 months. >> your country is trying to balance the demand from local interests as well as global investors. what response have you gotten so far when it comes to bondholders for the proposed a local debt restructuring? nandalal: if you can remember, about a week ago, two weeks ago, we made an announcement in public, how we intend to make a contribution from local optimization bid we announced that central bank holdings will be considered for payment. there would be voluntary treatment for bonds. this is comparable with other -- so we want to make our contribution from the local side. and also in terms of our contribution, we have alrea

you state what can the imf do?hat we can and we must do is to recognize that the landscape -- the lending landscape has changed dramatically, but the debt resolution mechanism has not. what we have seen over the last few years is the role of nontraditional creditors as increased significantly. [no audio] that obviously is not a healthy way to deal with the growing debt problem. we take it upon us to support a more inclusive and effective debt resolution process. we have as you remember president malpass and myself urged the creation of the common framework. the g20 common framework is helping, but it is not yet a place neither was it created to be a place where principles, policies, processes can be defined. and this is our huge responsibility to our membership. now, we cannot command creditors , but if we create a fair opportunity for discussion as we have done now, then the path to resolution of problem is clearer. and of course refinance. and let me be very clear on this point. imf programs anchor that resolutio

the view from the imf.business correspondent, who's at the imf meetings in washington. we have had a lot of information today giving us a sense of what the imf thinks will happen next. we are just hearing from the us treasury secretary janet yellen talking about the us economy performing exceptionally well and there is a gap between the economy is shaking off the pandemic and inflation and the war in ukraine and those finding it much harder to do so.— it much harder to do so. that's riht, it much harder to do so. that's right. the _ it much harder to do so. that's right. the us _ it much harder to do so. that's right, the us economy - it much harder to do so. that's right, the us economy is - it much harder to do so. that's right, the us economy is set . it much harder to do so. that's| right, the us economy is set to it much harder to do so. that's - right, the us economy is set to grow by 1.6%. that is better than what was originally forecast. and then it is going to grow by another 1.1% next year. and it

this has enabled the imf to move forward with the financial support and economic reform program. it is vitally important that all creditors including china now deliver on their commitments. we will also continue to urge action and other critical cases. this includes the completion of debt treatment for zambia and the rapid establishment of a creditor condition for ghana. there is considerable room for improvement in the international debt restructuring process. this week, ministers across creditor and debtor countries as well as representatives of private creditors will convene for the global sovereign debt roundtable. i look forward to a robust discussion on improvements to the common framework process for low income countries and the debt treatment process more broadly. third, i look forward to additional coordination with our allies to support ukraine as it continues to defend itself against russia. around this time last year, the world learned of the atrocities committed by vladimir putin's military. one year later, russia continues its illegal and unprovoked war against ukra

you cannotjust — the sidelines of the imf. you cannotjust ignore _ the sidelines of the imf.lines of the imf. i'm, cannotjust ignore the chinese economy. it is wrong of the main trading partner, it is a very large economy, it is very important player. we have entry interesting and engaging constructively. at this point in time i think we have two top priorities in this regard. first of all to engage and ensure that china engages in a constructive manner to put an end to the war soon as possible. secondly, to avoid a trading and market fragmentation that slows down growth and makes us walk backwards. and lose all the progress we have achieved in the last decade, thanks to international trade.- the last decade, thanks to international trade. how did the frayed _ international trade. how did the frayed relations - international trade. how did | the frayed relations between the frayed relations between the united states and china impact of the countries? we are livin: impact of the countries? we are living through — impact of the countries? we are living through a _ impact of the

it's a gloomy start to the imf. when you look at the cuts, before we get into the financial system and focus on the macro, they say they are tilted to the downside for a number of reasons. the cut is minimal, 2.8% growth. but the reasons behind it they say could be problematic. they cite problems with the banking sector potentially not over financial issues, and you alluded to this -- this puts central banks in a tough situation because on the one hand, the we know they have to deal with inflation and keep an. you have all this turbulence happening in the financial markets. if you look at central banks up until now, they have said we are going to tackle both, but there's a big question reflected in the imf as to whether they can do the two at the same time. kriti: i want to get tom orlik's view here. when we talk about the stability and growth outlook maria referenced, china is a major part of it. we are getting that at the same time china is talking about week inflation. square the two for us. tom: it is interestin

— imf worried about? the imf's fair appears — imf worried about?air appears to _ imf worried about? the imf's fair appears to be _ imf worried about? the imf's fair appears to be that - imf worried about? the imf's fair appears to be that the - fair appears to be that the concentration of investment among friendly countries rather than those that are perhaps geopolitically not aligned might potentially curb world output and growth. it’s output and growth. it's interesting _ output and growth. it's interesting because it highlights in this report china and the us giving it as an example of where there is increased tension, the relationship is actually getting worse and we are seeing that playing out in the last 2a hours with the leader of taiwan in california etc. your thoughts on its concerns about that going forward? i thoughts on its concerns about that going forward?— that going forward? i think the decision by _ that going forward? i think the decision by many _ that going forward? i think the decision by many individual- decision by many indiv

at the imf.e need to talk about the gloom that's taking place behind us over the last couple of days and the fact that it has not been captured by u.s. officials either by the treasury secretary or fed officials. tom: it's a change thursday because we got through 8:30 a.m. yesterday and moved on from the fixation of the inflation report. it's much more in focus this morning with the conversation about debt and china in the shocking cautious view the imf has, five years forward. jonathan: retail sales are coming up tomorrow morning and u.s. jobless claims little bit later. last week, they were starting to rake out a little bit. payrolls were decent but everything before payrolls not so good. lisa: jobless claims today have had more importance to than they have. last week we saw a take up work -- upward. it was a material shift and a changes the tone of perhaps we are seeing the softening we've been waiting for. jonathan: it's awkward at the moment in washington, d.c.. you've got the federal reserv

reporting outside the world bank and imf building. more we can speak now to don lipski, he's a researcher of the national bureau of international research and also in washington for those meetings. the real question is about the persistence of him placing. the pessimist think that central banks and advanced economies are going to have to produce the serious risk of a recession in order to meet their inflation targets. inflation optimists think that it will be more benign and a better outlook, perhaps better even than the imf and world bank are looking for. but if inflation is the key there is little reason to think we are looking towards a boom. what is your sense of how central banks particular us central bank managing inflation? given the upheaval we seen in financial markets with regards to this. certainly that is the second theme along with the outlook for the key economies is the issue of financial stability obviously, that's a key importance to the federal reserve and other central banks. right now we are in a situation which it

[laughter] tom: it is like at the imf. have you heard anyone at the imf mention china? am waiting for the first imf interview where someone says the word china. it is like -- there are these signaling's of what is not said. today, they are not going to say --\ jonathan: the focus this morning is on financial stability. i will say this about the banking events of the year so far, do you consider it an event? a one-off event or the beginning of a process, the start of something? i think there's a lot of people that are drawing a conclusion, suggesting this is the beginning of a process, this is going to take time. the next stop is the data we get from the officer opinions survey. i imagine we will get a flavor of that from the federal reserve when they meet may 3. lisa: which is probably a reason people are more focused on deposits than anything else. the more they keep going out, the more lending will continue to be constrained. jonathan: next later from the imf, -- of pimco -- eric nelson of unicredit. i am told joining us shortly, bloomberg news and washington, d.c. ve

this has enabled the imf to move forward with the financial support and economic reform program. it is vitally importanthat all creditors including chinaow deliver on their commitments. we will also continue to urg action and other critical cas. this includes the completion of debt treatment for zambia and the rapid establishment of a creditor condition for ghana. there is considerable room for improvement in the international debt restructuring process. is week, ministers aoss creditor and debtor countries as well as representatives of private creditors will convene for the global sovereign debt roundtable. i look forward to a robust discussion on improvements to the common frawork process for low income countries and the debt treatment process more broadly. third, i look forward to additional coordination with our allies to support ukraine as it continues to defend itself against russia. around this time last year, the rld learned of the atrocities committed by vlamir putin's military. one year later, russia continues its illegal anunprovoked war against ukraine. during my trip

if i can move on to the imf, the imf is going to have closed conversations coming up this year. during the last quarter review, there was not much changed and expectations were set when things happen. how do you see that playing out? jay: it is a complicated process. on the one hand, we can say we have seen these two massive shocks i talked about earlier and the imf, there was no sign the imf was not adequately resourced to handle those challenges. they did not ship into the second and third layers, did not go to the bilateral borrowing agreement. just the money it had was sufficient, so it is not obvious you need a huge amount more resources. on the other hand, there's an argument it would be nice to make it a more quota-driven institution and that has replaced some of the other tools with more quota. there's a good argument for that. one of the challenges we face is for well over a decade now, the imf statement has come out and said we need a new formula. the current quota formula does not make sense, it doesn't fit reality and we need a new formula. getting countries to agree

i am proud that the imf is part of the international support.o work with you together to have a robust program under the extended fund facility. as we heard from the prime minister, $15.5 billion from the imf, putting together a framework for four years. what we are achieving is -- around this table making it possible. i remember when the war started, ukraine would be struggling to get the next couple of weeks financed. now we have a framework for four years. second, it is a problem that is very rich on how the country can build the foundation for the future. sustaining economic and financial stability, critical reforms to promote growth, advancing be -- the succession to the european union. third, it is providing the framework for private investments. when i listen to the people in ukraine, it is so uplifting. fourth, we are having to work with the bank, because within macro stability, we can find space for finance and reconstruction and this is what the meeting today is all about. i want to finish with a picture i will carry with me for as lon

sorry, it was slipping back into delicate imf speak. i l back into delicate imf speak.f leaving brexit is the disruption that you have on moving goods and people across the borders. of course commits the fact that a lot of your mortgages are floating rate mortgages. so while interest rates are rising across the developed world committing the us, we are much less exposed to that because all our mortgages are fixed rate mortgages. so that is going to feed through into more economic attraction. thea;r into more economic attraction. they talked about — into more economic attraction. they talked about interest _ into more economic attraction. they talked about interest rates coming back to pre—pandemic levels. didn't give a complete timeline on maps. do you agree with that overall forecast? what do you think the timeline and the forecast is likely to be realistically? i timeline and the forecast is likely to be realistically?— to be realistically? i think is straiaht to be realistically? i think is straight to _ to be realistically? i think is straight to make _ to be realis

to the imf for help.'s discuss this more now with cornelia meyer, an independent economist based in switzerland. the imf is forecasting weak global growth. how are we going to dig ourselves out of this hole over the next year or two? it is very tough because look at many central banks, the us, the uk, the ecb, they are dealing with inflation and trying to keep it at 30% level. in order to get there they have to go pretty aggressively and everything else followed. for the imf inflation is a problem, but so is the debt burden of many of the developing countries and the higher the interest rates the bigger the debt burden, so it is very tough. i thought i'm saying that they would come back to pre—pandemic level shortly, the interest rates, is a courageous statement.- courageous statement. yes, courageous, — courageous statement. yes, courageous, because - courageous statement. yes, courageous, because there i courageous statement. yes, i courageous, because there are courageous statement. yes, courageous, be

so the imf has seen it has been _ today. so the imf has seen it has been a — today.the imf has seen it has been a perilous - today. so the imf has seen it i has been a perilous combination of vulnerabilities and they are calling on central banks around the world to keep monetary policy tight and that means high interest rates in order to stave off dental economic crisis or a decrease in economic growth. so the fund has revised their forecast for this year and next, lowering both from what was predicted in january by one tenth of a percentage point, they are predicting a 2023 will see economic growth in the order of 2.8% and next year 3%. they are saying this is because of weaker economic growth and some of the world's largest economies, the likes of germany, brazil, india, japan, as as potential crises or vulnerabilities when it comes to the banking sector. one of the bright sparks was they were saying the us and indeed the uk economy are doing better than expected, but this will all depend on what was he going forward when it comes to the attempts to control inflati

can you tell us, well, look at the standard imf program , in fact, each imf program repeats the previous one. when the signing takes place, there will most likely be active hostilities and the main story there is don't break anything, please, the imf says that let's not break previous reforms and destroy macro-fi stability. i think that the most important instruction here is please do not do anything with the budget hinted at those tax reform initiatives where it is proposed to cancel almost all taxes, to reduce radical taxes and so on, but the state has now agreed with the imf not to do this in the first month and you will not break anything, and the second part of the program will already be more active after the conditional end of the expected end of hostilities, when we return to the reforms that are needed for society, work with the imf and for european integration , it will be the rule of law, it will be the fight against corruption, well, it will be all the other standard sets that pass from one to another in our country imf program, is there any condition that is difficult to ful

of the imf spring meetini. ., i. ., the sidelines of the imf spring meetini. ., ., , i, meeting.e chinese * meeting. you cannotjust ignore the chinese economy. _ meeting. you cannotjust ignore the chinese economy. it - meeting. you cannotjust ignore the chinese economy. it is - meeting. you cannotjust ignore the chinese economy. it is one. the chinese economy. it is one of our main if not our main trading partner. it is a very large economy. it is a very important player. we have entry interest in engaged conversation, at this point in time we have democrat priorities. first of all to ensure that china engages in a constructive manner to put an end to the war as soon as possible and, secondly, to avoid trading, a market fragmentation that slows down growth and makes us walk backwards, you know, and lose all the progress we have achieved in the last decade thanks to international trade. how do the frayed relations between the united states and china impact other countries? we are living through a massive tectonic shift in the international world order and it is clear that there ar

i want to mention, yesterday was a busy day at the world bank and imf spring meeting -- at the imf spring meeting. i cochaired meetings on the evolution, on the global roundtable on that where we looked -- debt where we looked at ways to reduce debt. let me mention several things that came out of that. one is the importance of timeliness. investors really need some kind of confidence in how the process will proceed. there needs to be early information sharing. imf and world bank will be sharing the debt sustainability analysis early in the process. we are working on a note for rules on that. there was a call for disclosure of contracts, transparency is very important within the process. also, a discussion and agreement that there needed to be equal burden sharing as part of the restructuring process. there will be a workshop on that that will start in may to discuss the techniques of that yesterday. in addition to debt, there was the ukraine discussions, as the war continues. there was the g20 meetings that went into the evening last night. g7 meetings. also, the developmental committee o

coming up, we take you to the world bank imf meeting in d.c.. we have an interview with paschal donohoe so stay tuned for that. this is bloomberg. ♪ >> i believe we can get inflation under control. i am personally challenged because just as in the united states, and the eu, core inflation underlying inflation is 4%-6%. there is still a lot of work to do. alix: that was jeremy hunt speaking yesterday. from the imf meeting. and maria joins us live from the meeting. maria: yes good morning from the imf meeting. it is good to see you mr. donohoe you are always busy every time we see each other. we are only here 48 hours, but the imf paints a gloomy picture for the global economy when you look at europe. data changes dependent on the country. they say the risks are tilted to the downside. are you feeling gloomy yourself? >> i am not feeling optimistic. i believe in the ability to make progress despite the challenges and the imf are correct to identify that. your question is that the imf have made a number of modifications with the growth of the europ

you said there are two narratives to the imf. >> i don't think you can start with the imf of 20 or 30. right now, it has little to do with the imf and more to do with the world. there is not one overwhelming crisis if you go back to the greek or euro crisis and covid, those were dominant themes that squeezed everyone else out of the room. the fact that we have multiple different narratives is probably better than being overwhelmed by a single one but it doesn't mean any single one of those is easy to resolve. they won't come out with anything concrete but it's better than one thing because it's existential. tom: i've been searching for this for three years, what is the right phrase for the attitude we have for the great financial crisis? it's been nailed, calling it the rescue culture. is that what we are trapped in where every institution says there can be no pain and no one can go out of business in every deposit has to be covered? do we have an international rescue culture? >> yes, whether it's called rescue culture or entitlement culture, everybody assumes there is some form ofput

well, you know here on the sidelines to apartment of the imf, i spoke with the minister of finance.st said that last year there were certain such fire situations. financial assistance well, at the end of his visit, prime minister mygal shared with us that the plan is not even for this year, but for the next four steps. well , let's listen, it is very important that ukraine today has assurances from j7 countries from the imf in stable support during for the next four years, the total package of support amounts to 115 billion dollars, which was approved among the g7 countries, it is also the imf, the imf program , including these funds, amounts to 15.6 billion dollars. 14 billion dollars is another separate need, we already have a part of this money, we have agreed with the finance ministers of ukraine, javen, we have positive news, uh, the general agreements add up to another 5 billion dollars, and i am convinced that by the summer we will collect all the necessary funds for a quick recovery, which is already the second topic is happening in ukraine, which was very actively discussed

. >> world bank president david malpass talks about low income countries as the imf -- at the imf 2023 spring meeting. >> good morning, good to see you all at this hour. thank you for joining this 2020 three spring meetings press conference with david malpass. mr. malpass will give opening remarks, and we will turn to your questions. if i could ask on the record, to keep to one question and identify yourself. >> thank you, david. goodmorning at this early hour. the meetings have been going well this week, there've been a lot of engagements. it's in the context of a global economy that is slowing in 2023. this is owed to the persistence of inflation, oil prices are high, credit disruptions have occurred. and the world is in this long period of normalizing interest rates after a long period of artificially low interest rates. it's going to take time for asset prices to adjust, and also for capital flows to move to more productive uses. the best way out of this, for the world, would be to have policies that generate more growth, more production, better living standards for people, and of

we speaking to the deputy managing director of the imf.— director of the imf.nu director of the imf. we are seeing multiple _ director of the imf. we are seeing multiple kinds - director of the imf. we are seeing multiple kinds of i seeing multiple kinds of stresses. we are in an environment where inflation is still too high. it is well above central—bank targets which is why they are raising interest rates to bring it down. we saw in march the banking sector turmoil we had in the us and in switzerland. that's come down for now but we know that after a decade of low interest rates lots of vulnerabilities have built up. we could see it much more stress going forward. that's a risk, it's not our baseline. but that is a risk. the other as we worry about is what might happen with energy prices. the war is definitely not over. climate risks are abundant. these are many of the concerns we have. . , ., ., we have. the latest inflation numbers _ we have. the latest inflation numbers in _ we have. the latest inflation numbers in the _ we have. the latest inflation numbe

we hear from the imf korea mission chief as inflation eases. the fed is divided over its next policy move. one official says a rate hike may be regional, another calls for prudence and patience. take a look at breaking news when it comes to the jobless rate in south korea at the moment. we are seeing tick up to 2.7% when it comes to the seasonally adjusted on a plummet rate, lower than expectations of 2.8% heard just higher to the 2.6% that was on for bear. we have seen the job market in south korea seeing unexpected resilience when it comes to the face of broaden her -- weakening demand. we saw that slump in exports and overall trade conditions in the first 10 days, trade numbers out yesterday, all of this has been threats to the job market beard we have seen resilience there. the on implement rate -- unemployment rate better than expectations. lower than the 3% that we were at back in january. this is the key parameter when it comes to korea's economic performance, a year and a half of tightening measures by the be ok. let's take a look at ho

oleksandr, the imf allocates, but there will be a quarterly review of this program.t is why it will be reviewed so often and whether any new conditions will arise from quarter to quarter. we do not yet know that certain conditions will arise apparently, it will depend on ukraine's success at the front. if we move forward to liberate the territories, the imf will want us to introduce a more stringent fiscal tax policy, and why is this so often? well, because these funds all have a specific purpose, they will be issued for specific things, specific programs, and only then the imf will verify their use and carry out their purpose and, accordingly, further er , further assistance to us will be approved by whether or not we used that money. well, i think when no one here has any doubts that ukraine will to be used as intended, as it has been done since the beginning of the full-scale invasion of russia, because we know that, for example, the combination of flashlights has already carried out more than 20 inspections of aid to ukraine. several dozen more aids are planned a

they say that spain continues to grow but maybe decelerate those of his the imf being -- is the imf beinghe imf is trying to incorporate the increase of interest rates and financial volatility. most importantly, structural challenges derived from climate change. there is a need to undertake climate action to accelerate the transition to integrate the new technologies into our productive systems. i think this is a global challenge that we need to undertake if we want to continue to have strong growth going forward. maria: the imf mentions the turbulence in the banking sector, and we know the ecb -- this is not news to anyone -- it will continue to hike rates. do you worry about the tensions that could manifest as this curve continues to go up in terms of rates? dep. pm calviÑo: the discussion we have had in the g20 is reassuring. supervisory and regulatory authorities have acted in a very fast, effective, and decisive manner. maria: are they better than the american regulator? dep. pm calviÑo: i think the three of them have done a good job in acting very fast, and after coordinated relativ

dani: buzzing over at the imf.lix, coming up we will talk about boeing, more problems for the 737 max but it is on the production side. we will talk to equity research analyst sheila kahyaoglu jeffries llc next. this is bloomberg. ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. introducing the sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms, and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. alix: boeing stock getting hit

the imf issued some rather. so. gloomy forecast just this week for the economy to contract by 0.3%, worse than the government's official forecast of 0.2%. if we can get inflation back down to was that key 0.2% target, that will give much more money to all of us in terms of our affordability, more money to all of us in terms of ouraffordability, meaning more money to all of us in terms of our affordability, meaning that will help businesses to have lower costs, they will be able to hire more staff. it means that government will be then be able to receive more in terms of tax receipts. it really depends on the price pressures that have been weighing on our economy since the pandemic, and then exacerbated of course by the war in ukraine. ,., _ ., ukraine. the next policy meeting for the government _ ukraine. the next policy meeting for the government of— ukraine. the next policy meeting for the government of the _ ukraine. the next policy meeting for the government of the bank- ukraine. the next policy meeting for the

anthony points 6% this year, outpacing the imf forecast.iven by demand.- says part of the optimism is driven by demand. indeed, we are optimistic _ driven by demand. indeed, we are optimistic of _ driven by demand. indeed, we are optimistic of the _ driven by demand. indeed, we are optimistic of the growth i are optimistic of the growth outlook for asia. for asean plus three in particular. i can give you some of the driving factors. number one, we do see that the robust growth in the region will be anchored by robust domestic demand benefiting from fuller economic reopening. private consumption is expected to remain resilient. mainly driven by pent—up demand and this notion of revenge spending. the resumption of delayed investment activity supported ijy investment activity supported by private investment.- by private investment. which countries _ by private investment. which countries do _ by private investment. which countries do you _ by private investment. which countries do you see - by private investment. which countries do you see as

we look to what the imf say about the level of debt - imf say about the level of debt distress in thesecould be anywhere between not in debt distress to low, moderate, high, oractually in debt distress to low, moderate, high, or actually in debt crisis. being an moderate risk of debt distress is quite an alarming state to be in, and we found that 93% of the countries, the top 3rd of the honourable countries to the climate crisis are in a debt crisis, or at significant risk of debt crisis. that is significant, if you're in an external debt crisis, the thing you most urgently have to do is to earn foreign currency, particularly dollars. in order to do that, the only way to quickly earn those dollars is to invest in things like fossil fuels, dollars is to invest in things like fossilfuels, industrial industries, industrial agriculture like soyabeans, industrial agriculture like soyabea ns, and industrial agriculture like soyabeans, and these things are accelerators of the debt crisis. —— the climate crisis. the fact that the climate crisis. the fact that the country is in debt contributes

thank you for joining the imf . oksana, what do they expect from ukraine now when we talk about implementing new reforms, and the ukrainian government has entered into active negotiations with international donors and consultations here in washington and the international monetary fund have agreed on a large-scale program for ukraine, which is 115 billion dollars for four years, of which 15.6 billion will come directly from the imf. the fund hopes that this program will not only set the pace for the transfer of donor funds in ukraine to support for the economy, but it will also become a road map for ukrainian reforms. i spoke with a senior official of the foundation, alfred kemmer, and he noted the priority programs that are enshrined in the memorandum, among them, for example, the reform of corporate governance by state-owned enterprises, this means that, for example, such large companies as naftogaz, because ukrzaliznytsia should no longer be a burden on the budget or anti-corruption reforms , let's listen to what

given we are in full swing on imf spring discussions.nd really it has been that focus on what is happening in the debt picture in developing economies and we have seen vulnerability really spreading. interesting that we have data showing that the imf is calling on the u.s. and china, that they will be adding and fueling the debt increase in the next five years. the ratio of jet to gdp declined by 2028. so a key point of discussion at the talks today, i was at the imf headquarters earlier and really the talks -- top stars of the financial world all gathered in one place. we heard china might potentially scale back a little bit and really smooth out its sands when it comes to those debt relief negotiations. haidi: we are hearing that there are signs of a softening trip that has been a deadlock on how to treat these loans from multilateral lenders. we know sustainability when it comes to these poorer nations debt is really the crux of the discussion here and how surging inflation at a stronger dollar in that backdrop has really made their d

believes many more countries will be looking to the imf for help. for more we can speak now to don lipski, he's a share of the national bureau of international research and also in washington for those meetings. great to get you on the programme. in the first instance, we've heard from my colleague about the imx projections for this year and over the next few years —— i that's even suctioning dues factoring in china's foot that you agree with that?— factoring in china's foot that you agree with that? yes, broadly. the real question _ agree with that? yes, broadly. the real question is _ agree with that? yes, broadly. the real question is about _ agree with that? yes, broadly. the real question is about the - real question is about the persistence of him placing. the pessimist think that central banks and advanced economies are going to have to produce the serious risk of a recession in order to meet their inflation targets. inflation optimists think that it will be more benign and a better outlook, perhaps better even than the imf and world bank are

dani: the imf with a stark warning about the outlook for the global economic growth picture.ur guest joins us from royal london asset management. have you dusted off your recession playbook? [laughter] >> absolutely. we've had more than 12 months the thing about what could happen. dani: what does that look like this time around? >> we've got to look back and know it will be dramatically different. everyone is sort of replaying the credit crisis this time around some things rhyme but some things are quite different. this isn't about residential real estate at the moment, it's about commercial real estate. it's not about wall street, it's about mainstreet. manus: good to see you. we've got hartnett and hedges this morning, michael hartnett at bank of america says commercial real estate is the boa constrictor around the u.s. economy and will suffocate growth for the next two years. does that mean the commercial real estate bond and associated risk is toxic? azhar: well, there are some differences from i think 2008 in terms of residential mortgages and those bonds. one is the siz

the imf for help. earlier, i spoke tojohn lipski, chair of the national bureau of economic research, also in washington for those meetings. he told the cost of living is expected told the cost of living is expected to feature heavily throughout this week. pessimists think they'll have to produce recession to meet their inflation targets. inflation optimists think it will be more benign, and be a better outlook — perhaps better than the imf and world bank are looking for. inflation is the key. there's little reason to think that we're looking towards a boom.— reason to think that we're looking towards a boom. what is your sense of how central _ towards a boom. what is your sense of how central banks, _ towards a boom. what is your sense of how central banks, in _ towards a boom. what is your sense of how central banks, in particular. of how central banks, in particular the us central bank, is managing inflation, given the upheaval we've seenin inflation, given the upheaval we've seen in financial market

to ukraine glory to the heroes ukraine received a tranche of 2 billion 700 million dollars from the imfit is the first within the framework of the support program for more than 15.5 billion , the head of the national bank said andriy pishnyi , we talk in more detail about imf assistance with the executive director of the independent association of banks of ukraine, olena korbokovo ms. olena, i welcome you to the broadcast of the marathon. good evening. tell me anything please, in what way do you think this tranche and , in general, this aid package will affect the financial stability of ukraine , let's say briefly about the main thing. thank you, in fact, since last year, ukraine has been largely financed by international partners of the usa and european countries - these are our main donors the imf program is an important addition . why because when the program is approved, we will receive money, it is such a call that it is possible to trust ukraine, everything is stable in ukraine, and this opens the door right away for other e-e institutions, what is possible to provide assistance,

and finance overcoming certain crises today the meeting was opened by the managing director of the imfnakh georgievna she announced the main points and the main challenges for the world economy among them, for example, the fact that poor countries lose access to finance due to the crisis due to the increase inflation is also possible to affect ukraine, observers say . another issue is the fragmentation, the economy is now divided into blocs, one of the democratic countries, led by the usa, as they say in the imf from the country of autocracy, for example in china , and above all this, the question is the question of a destructive war and russia against ukraine , as georgiev said, as david malpansom pointed out, this is the president of the world bank, this challenge is terrible and, unfortunately, this meeting will not solve it, but it will be solved will make it much easier to solve other economic issues wiki note finish with discometric shocks it is impossible to finish this discussion without saying that one of these shocks the senseless war in ukraine can disappear just if one coun

the other main headline is the imf.y and the world bank are kicking off spring meetings this week in washington, d.c.. joining us from the--is tom keene along with imf managing director. tom: good morning to all of you on television and radio worldwide and the pacific rim and china. a timely conversation with and managing director of the international monetary fund. joining us, what is so wonderful, she has the plague like all of us have had in the -- in the last number of weeks. you are struggling with what we have all got right now. so much to talk about. we were going to do a two conversation and we have get squeezed down to 10 or 12 minutes. i was thunderstruck in your speech and what your world economic outlook says about a five year vision of the international monetary fund of growth from 3.8% down to 3%, a 21% decline in the five year vision. are you modeling global recession and global recession for five years? >> we are modeling a period of slow growth that is being held back by a number of factors. one is not

they work for the imf.we talk to you about the fact that the imf is managing our process today, we perfectly understand that the departure of currency control is a departure, but from the ruble exchange rate, that we are not managing the ruble exchange rate today - this is all e not for our mill when the central bank. i know the function. which is control, we talked about this control over the ruble exchange rate says that there will be no fixed ruble, but a floating rate. so, who would believe? what kind of businessman will invest in the economy today if he does not understand what will happen to it in the coming years, but the answer is obvious. no, we again hear no, no, there will be here is a fixed rate, because it is excuse the floating rate, because it is he who will provide. uh, the security or sovereignty of the financial system. no, not so, and we are ready to argue with that. but before arguing, one must still move on to an analysis of what the government has to offer. and in my opinion. here is t

quite often, the imf nets change quickly. quite often, the imf gets buffered _ change quickly.f gets buffered and _ change quickly. quite often, the imf gets buffered and and _ change quickly. quite often, the imf gets buffered and and it's _ change quickly. quite often, the imf gets buffered and and it's a - gets buffered and and it's a forecast that they're often wrong. do you think they are brought in the right territory and major analysis here. i right territory and ma'or analysis here. ~' ., w, , right territory and ma'or analysis here. ~' ., , , ., here. i think the forecasts are alwa s here. i think the forecasts are always wrong _ here. i think the forecasts are always wrong and _ here. i think the forecasts are always wrong and that's - here. i think the forecasts are always wrong and that's the l here. i think the forecasts are - always wrong and that's the nature of the business. in the concentrate the mind and they do a good job of laying out assumptions in terms of banking, the all market and you have to update your view on the global economy at least on a weekly b