"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates for fear of causing a financial meltdown," she added.

Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation. Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a...

Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and friends -- by stocking up on large amounts of food. But this year things are different, with purchasing power greatly diminished because of soaring prices, a recession and rising unemployment.

The agreement, announced by Egyptian Prime Minister Mostafa Madbouly and the IMF's mission chief for Egypt, Ivanna Vladkova Hollar, came hours after the country's central bank hiked interest rates and said it was floating the pound. By the time the markets closed on Wednesday, the Egyptian pound was trading at a...

Yemen's government also said earlier Saturday that the ship which was departed UAE and was bound for the Bulgarian port of Varna, had sunk. Since November, the Houthis have been carrying out attacks on ships linked to Israel in the Red Sea and the Gulf of Aden, saying they are...

Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course for a soft landing, despite ongoing weaknesses in activity and growth prospects. "The cyclical position of G20 countries has proven stronger than previously anticipated as disinflation has so far proceeded...

With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market, where the dollar currently goes for around 1,200 Sudanese pounds. To make matters worse, a communications blackout since early February has hampered online transactions -- which Sudanese relied on to...

Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a more optimistic outlook. The latest forecast anticipates a 5.5% growth rate for the Kingdom in 2025, representing an increase from the initial projection of 4.5% made in October 2023. The...

BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging productivity and a rapidly aging population, the International Monetary Fund (IMF) said on Friday. The world's second-largest economy last year saw some of its slowest growth in decades, as a...

"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia department, adding that "the drop in trade accelerated in the beginning of this year."

Last week, the national guard announced the disappearance at sea of about 40 Tunisians who left from Sfax province, on Tunisia's central coast, who were trying to reach Italy, whose island of Lampedusa lies around 150 kilometers (90 miles) away. In 2023, more than 155,000 irregular migrants arrived in Italy,...

The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," she said.

Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part of a program to support the cash-strapped South Asian country through an economic crisis. The funds were unlocked after the International Monetary Fund board approved the first review of a...

Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and recent policy measures announced by Beijing. After a tough year for the world's number-two economy, there have been flickers of life in recent weeks, with third-quarter expansion coming in more...

MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20 million loan agreement with Central African Republic (CAR) Prime Minister Félix Moloua. The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund (IMF) Annual...

MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by 3.4 percent in 2023 and 4 percent in 2024. The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago. The...

Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said on Tuesday. The fractures have led to a doubling in new trade restrictions on commodities...

WASHINGTON, US - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco of about US$1.3 billion. The arrangement will support Morocco’s transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, the Washington-based institution...

The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. Banga's comments in New York come shortly before global leaders are due to gather for the...

The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote came during Turkey's worst economic crisis in decades -- one that analysts universally blamed on Erdogan's unorthodox conviction that high interest rates contribute to inflation.

The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for releasing billions of dollars in emergency bailout loans. “Lebanon has not undertaken the urgently needed reforms,” said the IMF's Ernesto Ramirez Rigo in a statement at the end of a...

The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration.

The leaders of the International Monetary Fund and World Bank announced that the two institutions will collaborate more closely to tackle the "existential threat" posed by climate change. "Climate change is a threat to global peace, security, economic stability," IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga...

BUENOS AIRES, ARGENTINA- The Argentine government said it will use a loan from Qatar amounting to $775 million to make a payment to the International Monetary Fund as it awaits approval of a disbursement from the IMF for $7.5 billion. The credit operation would allow Qatar to lend Argentina Special Drawing...

A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023 has been attributed to a steeper-than-expected growth slowdown in the Kingdom from 8.7 percent in 2022 to 1.9 percent in 2023, a negative revision of 1.2 percentage points.

The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent this year, down 0.2 percentage points from the previous forecast in April.

The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country. The latest figures, a rise of almost 37 percent from June last year, also showed a...

The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the crisis-hit country and risks jeopardizing economic and social stability. Lebanon has been mired since 2019 in an economic collapse that has seen the local currency lose around 98 percent of...

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...

The new bill earmarked 12.7 percent of the budget to the oil-rich autonomous Kurdistan region of northern Iraq. It follows long-standing tensions with Kurdish leaders who had previously denounced amendments relating to oil in the budget, resulting in repeated delays to the vote.

Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF have stalled for months over demands to restructure public bodies and lift subsidies on basic goods. Saied said during a meeting with Prime Minister Najla Bouden that the current subsidy...

International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits with an early June deadline looming. Some Republicans have questioned whether a quick agreement with the US administration is necessary to avert a painful default.

The IMF said the 2023 upgrade reflected "higher-than-expected resilience" in both demand and supply, alongside improved confidence in reduced post-Brexit uncertainty as well as lower energy costs.

The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its borrowing limit. Republicans and Democrats remain sharply divided over the debt ceiling. Republicans in Congress insist that President Joe Biden's administration agree...

Washington, United States - Improving trade relations between African countries could provide a major boost to economic output (GDP) across the continent and help tackle challenges like climate change, the International Monetary Fund said Friday. The new IMF report found that reforming the "fragmented" trade policy landscape and better implementating existing...

Former president Michel Aoun's term expired in October, with no successor lined up. Countries including France, the United States and Saudi Arabia hold regular consultations on Lebanon. Their representatives met in February in Paris to discuss the crisis, without achieving any tangible progress.

TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on a loan to bail out the North African country as it slides deeper into debt. Tunisia is seeking a bailout package worth nearly $2 billion from the IMF, which conditions...

The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs that surged after Russia invaded Ukraine. But there is debate about whether the ECB will opt for a 50-basis point hike -- as it did at its previous three meetings...

A split between Hamas and the PA, which administers the Israeli-occupied West Bank, often leads to disputes over taxation and Hilu said the new fees are harming Gaza's "already ailing economy". The territory has been under a crippling Israeli-led blockade since Hamas -- designated a "terrorist" entity by the United States, the...

Cyrus de la Rubia, chief economist at Hamburg Commercial Bank (HCOB), said the indices for the eurozone showed "a very friendly overall picture of an economy that continues to recover" but warned "a closer look reveals that growth is very unevenly distributed". Inflation fell to 6.9 percent on an annual...

The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent base erosion and profit shifting (BEPS) to advance the international taxation agenda.

Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources are steadily depleting as climate change intensifies. With some Tunisian water reservoirs almost completely dry, authorities imposed emergency measures last month, rationing household supplies and banning water use for washing...

The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian budget, which has since passed, and a law to stop banks charging excessive interest.

European Union foreign policy chief Josep Borrell had warned Monday that if crisis-torn Tunisia "collapses economically or socially then we will be in a situation where new flows of migrants will come to Europe". An EU delegation arrived in Tunisia on Tuesday to examine "the political and socio-economic situation" and...

Western nations gave out more than $185 billion in grants and cheap loans in 2021, according to the OECD. Official development assistance is one of the pillars of the international financial system. But the 46 Least Developed Nations holding their own UN-organized summit in Doha this week feel short-changed.

A senior US official said last week that the United States and its G7 allies planned to unveil "a big new package of sanctions" around the February 24 anniversary, including measures to crack down on the evasion of existing sanctions.

Earlier in Saturday, Esther Lynch, Europe's top trade union official took part in a demonstration organized by the UGTT trade union federation and made comments that constituted blatant interference in Tunisia's internal affairs, head of the European Trade Union Confederation, the presidency said in a statement. It added that she...

Experts say the deals could be a win-win for all sides, but unlike old Gulf largesse of unconditional aid, the new deals will require reforms. Cairo hopes the cash injection will plug what the IMF warns is "a financing gap of about $17 billion over the next four years".

The world's second-largest economy is roaring back to life after Beijing's decision last month to abruptly drop its strict zero-Covid policy, which mandated strict lockdowns, sparking protests and hammering businesses. The official manufacturing purchasing managers' index (PMI) - a key gauge of Chinese factory output - rose to 50.1 this...

Egypt's economy was hit hard after Russia's invasion of Ukraine last February unsettled global investors and led them to pull billions out of the North African country. The war sent wheat prices spiralling - heavily affecting Egypt, one of the world's largest grain importers, and piling pressure on its foreign...