Sunday's move, seen as the boldest economic measure taken by the joint military-civilian government, could provoke a popular backlash as the price of goods and services rise in response to the fall of the pound’s value.
The Modi government takes the politically fraught step of selling its stake in banks, which have been losing money.
The international financial institution said that with the additional approvals of 2020, the active lending portfolio in Turkey rises to $6.7B in support of 21 projects.
Global economy will grow 5.5% this year, but it will continue to face "exceptional uncertainty" due to new waves of infections, IMF says.
Although the novel coronavirus caused a decline in economic activity and employment in the second quarter of 2020, the IMF said the initial policy response to the pandemic led to a sharp rebound in gross domestic product (GDP).
The poor African nation has struggled to convince wealthy banks and investment funds to postpone debt repayments.
The world’s second-largest economy year-on rise in the July to September period is closer to pre-pandemic levels than Q2 growth.
The African country wants to divert resources to take care of its people during the pandemic.
IMF warns that the brunt of the economic impact is being borne by lower income families, predominantly Black and Hispanic, who are least able to weather the downturn.
The international lender expects an overall economic contraction of 7.3 percent in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil.
As angry protesters attack banks across Lebanon, the new government in Beirut and the central bank’s governor remain at odds over tackling the economic crisis.
Novel coronavirus has infected 10 million people and claimed close to half a million lives around the world. Here are the updates for June 27:
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2021 TRT World.