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LONDON—The International Monetary Fund raised its growth forecast for the U.K. economy this year, despite lowering its expectations for Germany, France, Italy and the euro zone.

The U.K. upgrade follows similar moves by economists at a number of banks in response to a series of data releases and surveys over recent months that have suggested the economy is in recovery, having grown 0.3% in the first three months of the year.

The U.S. federal budget cuts are an inappropriate measure that will weigh on potential growth, IMF chief Christine Lagarde said on Sunday, urging Washington to present "credible" fiscal plans.

Washington enacted across-the-board federal government spending cuts, known as sequestration, in March because Congress could not agree on an alternative.

It has meant everything from furloughs for air traffic controllers to fewer planes for the U.S. Navy to smaller subsidies for farmers.

Russian President Vladimir Putin will step up demands by emerging powers for a bigger say in the leadership of the International Monetary Fund at a G-20 summit that he’s chairing in September.

The BRICS group of emerging economies, comprising Russia, China, Brazil, India and South Africa, and other rising powers need a greater say in how the Washington-based lender operates so the IMF can meet today’s global challenges, Putin said in an interview with state news service RIA Novosti.

The World Bank on Tuesday lowered its forecast for economic growth in Indonesia this year due to a slower-than-expected recovery in exports, a weaker outlook for foreign investment and softer commodity prices.

In its quarterly economic outlook, the World Bank also forecast a significant pick-up in inflationary pressures in Southeast Asia's largest economy following a fuel price hike in late June.

The World Bank now expects Southeast Asia's largest economy to grow 5.9 percent in 2013, down from its previous forecast of 6.2 percent in March.

There was good news for Mark Carney when he took over as governor of the Bank of England on Monday- some fresh signs of recovery in Britain's economy.

A couple of hours after Carney beat the commuter crowds on London's Underground to start his first day at the central bank, data showed that British manufacturing enjoyed its strongest growth in more than two years in June.

New orders rose even faster, a hopeful sign that momentum in the long-weak factory sector might be sustained.

Pakistan said it will discuss a loan program of as much as $7 billion with the International Monetary Fund, as the nation tries to rebuild currency reserves.

“Certainly, we will talk and negotiate for a program,” Finance Minister Ishaq Dar said in an interview late yesterday in Dubai. “We would be looking for anything pragmatic. It would be anything between $5 billion to $7 billion.”

SAO PAULO, June 26- Brazilian stocks rose on Wednesday, tracking global markets higher as the world's major central banks again reassured investors that monetary conditions will remain favorable.

Mexico's IPC index extended to climb a few days after hitting a near one-year low, while Chile's bourse rose for the second straight session. The Chinese central bank late on Tuesday said that it had aided some banks and would continue to do so as a lender of last resort for those facing short-term cash shortages, which calmed investor concerns over a potential banking crisis.

TOKYO, June 26- Asian shares turned around a four-day losing streak and rose on Wednesday after China's central bank assured it will offer funds to banks if needed, but lingering fears of a credit crunch and slower loan growth continued to drive selling of Shanghai shares.

Recent international recognition of the Federal Government of Somalia has paved the way for the IMF to provide technical assistance and policy advice to the war-torn east African nation.

After a two decade-long interruption in relations with Somalia, the IMF is striving to arrive at a better understanding of the country's current economic and institutional realities.

BRUSSELS, June 25, 2013—The economic costs and social impacts of climate change threaten the prosperity of the Europe and Central Asia region. But well-designed climate action can bring numerous benefits, while also being cost-effective. A set of three World Bank reports launched today in Brussels with the European Commission focus on the ‘here and now’ of policies to fight climate change.