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ripping each others off.....

IMF Managing Director Kristalina Georgieva has urged nations not to impose tariffs, following US President Donald Trump’s latest measures

Speaking at a press briefing on Thursday, Georgieva said, “the largest economy in the world has chosen to use tariffs as an instrument in relations with partners.”

The IMF chief urged nations to adhere to “trade on the most favored nation rule,” adding that imposing tariffs “does not work well” unless the nation has a “very large” and “relatively closed”economy. She warned that nations which place tariffs on others will see prices rise domestically.

“If there is a flare-up of trade tensions, that would of course have a negative impact,” Georgieva said, noting that the US and China are engaged in a trade war. “This is why we are saying: Please... do not do that. It is not a healthy action,” she added.

Trump has introduced what he calls ‘reciprocal tariffs’ on dozens of nations he accused of “ripping off” America through unfair trade practices. He recently imposed 50% tariffs on most imports from India and Brazil and has threatened China with an additional 100% starting next month.

The US president has argued that some tariffs are meant to pressure India to halt its purchases of Russian oil and support sanctions on Moscow. On Thursday, however, the Indian Foreign Ministry denied Trump’s claim that Prime Minister Narendra Modi assured him India would stop buying Russian oil.

https://www.rt.com/news/626578-imf-against-trump-tariffs/?ysclid=mgvweqtbq7196053358

 

YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT — SINCE 2005.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.

more debt....

The International Monetary Fund is pressuring Ukraine to devalue its currency, the hryvnia, in order to secure a new loan, Bloomberg reported on Friday, citing sources.

Ukraine spends around 60% of its budget on the conflict with Russia, and depends heavily on Western aid to cover everything from military costs to pensions. It secured a $15.5 billion IMF loan in 2023, but the program runs out in 2027. Last month, Kiev requested a new $8 billion package, but the talks have reportedly stalled over the currency issue.

According to Bloomberg, the IMF believes a controlled devaluation of the hryvnia could ease Ukraine’s financial strain by boosting budget revenues in local-currency terms. However, sources at the National Bank of Ukraine (NBU) reportedly see limited benefit in such a move, given the country’s reliance on foreign aid, fearing a devaluation could spark inflation and thus public unrest.

The issue was reportedly discussed during the IMF’s annual meetings in Washington this week, with further talks expected next month. Both the IMF and the NBU declined to comment on the report.

The IMF earlier warned that Kiev faces a widening funding gap requiring billions more in aid to sustain its war effort. Bloomberg reported that Ukraine has raised its financing needs to about $65 billion, a figure it has shared with the EU, which is currently its main sponsor. Brussels plans to cover much of the gap with the revenues generated by Russia’s frozen central-bank funds.

Western nations froze about $300 billion in Russian assets in 2022, including €200 billion ($209 billion) at the EU-based clearinghouse Euroclear. The G7 later backed using interest from those funds to guarantee $50 billion in loans for Ukraine. This month, EU finance ministers discussed tapping the assets for another €140 billion loan, to be repaid if Kiev receives “reparations” from Moscow. The proposal, which some members warn carries legal and fiscal risks, will be reviewed at next week’s EU summit.

READ MORE: Ukraine concedes it needs more money from IMF – Bloomberg

Moscow has denounced the plan as akin to “theft,” noting it would violate international law and undermine trust in the Western financial system. The Kremlin warned Western military and financial aid to Kiev only prolongs the conflict.

https://www.rt.com/business/626654-ukraine-imf-devalue-hryvnia/

 

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YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT — SINCE 2005.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.