"Growth is still projected to increase in 2025 and 2026, but at a considerably slower pace than anticipated last October," the IMF said in its regional report.

Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they welcome efforts towards helping Syria "reintegrate with the international community." The statement, issued with Saudi Arabia's finance minister, came as Syria's central bank governor and finance minister attended the IMF...

Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International Monetary Fund, as Lebanese officials hold meetings with global finance institutions in Washington. A statement from speaker Nabih Berri's office said parliament passed amendments to "the law related to banking...

Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the effect of US President Donald Trump's new tariff policies on the world economy. The IMF's projections, which incorporate some but not all tariff measures introduced this year, see the global...

The IMF's Global Financial Stability Report (GFSR) was published as world financial leaders gather for meetings in Washington under the cloud of policy uncertainty triggered by Trump's tariff announcements. The administration's tariff plans "triggered a bout of policy uncertainty," which was only exacerbated by the retaliatory measures unveiled by China,...

Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after the government announced a reduction in fuel subsidies.

Washington, United States - The International Monetary Fund has approved an additional $1.3 billion assistance program for Egypt under its Resilience and Sustainability Facility (RSF) meant to mitigate the impact of climate change, the organization said Tuesday. The Fund's Executive Board also completed the fourth review of an ongoing aid...

Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years and be replaced by artificial intelligence as the technology becomes more advanced. "Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary/contract...

Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and the next, before slowing to just above 3 percent over the next five years, well below the historical average.IMF Managing Director Kristalina Georgieva said that growth in the Middle East...

Washington, United States -- The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion.The funding access is subject to executive board approval."The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions...

Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms bites, much of the country's middle class has found itself struggling to afford goods once considered basics.The world lender has long backed measures in Egypt including a liberal currency exchange...

In its new World Economic Outlook (WEO) report, the International Monetary Fund also estimates that global inflation will continue to ease, hitting 5.8 percent this year, before falling to 4.3 percent in 2025. "We are seeing inflation moving in the right direction without a major slowdown in economic growth or...

Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation report. Tourism revenues reached $36 billion in 2023.

The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according to its World Economic Outlook update. "Global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia," said the fund....

It means that Georgieva, who was the sole candidate in the running to lead the International Monetary Fund, will continue in office when her current term ends on September 30, 2024. The decision was taken by consensus, the IMF said in a statement confirming the executive board's decision.

The IMF action, repeatedly postponed and eagerly awaited by the Egyptian government, arrives at a time of mounting difficulties for its economy. The IMF said Egypt has achieved all the objectives set out in the first two stages of the aid program, with the exception of the level of its...

The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval," it added. Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked...

Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619 trillion ($431.65 billion) in February 2024, compared to the previous month.On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central...

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...

Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).He affirmed the UAE's robust economic performance in recent years, highlighting its exceptional...

World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook. "When you add variables to what is turning out to be probably the lowest growth of the last 55...

Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasized the...

"The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit in Dubai. "Only a durable peace and political solution will fundamentally change it".

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 upgraded...

The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International Monetary Fund's previous forecast in October. "The global economy continues to display remarkable resilience, with inflation declining steadily and growth holding up," IMF chief economist Pierre-Olivier Gourinchas said.

Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity levels and fuel global growth, the IMF chief told AFP. AI will affect 60 percent of jobs in advanced economies, the International Monetary Fund's managing director, Kristalina Georgieva, said in...

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.

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation, the International Monetary Fund (IMF) has said.A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium-...

The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...

ABU DHABI, UAE - International Monetary Fund (IMF), in collaboration with the UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AMLCTF), held a "Fintech Roundtable" with Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisors from across the globe.The event was attended by participants from 15 countries and...

Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region due to the ongoing Israel-Hamas conflict.The conflict will have wide-ranging consequences for "both people and economies" in the region, although the extent of the impact remains "highly uncertain," the International...

Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from 1.7 percent in September, according to the latest official data.The General Authority for Statistics (GASTAT) reported that this decrease in inflation was primarily due to a 0.8 percent reduction in...

Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October 2023 to reach $67.04 billion, compared to $59.97 billion in October 2022.The figures issued by QCB on Wednesday showed an increase in its official reserves at the end of October...

Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8 billion figure that had been published previously.According to SPA, the updated figure is a result of a new framework methodology for publishing FDI data in the kingdom which was adopted...

Recent developments spark concerns that the conflict, which is spreading across the region, presents a long-term threat to global energy and commercial infrastructure.

"The Gulf country is set to host the WTO's 13th Ministerial Conference in the first quarter of 2024 in Abu Dhabi. This event will position the UAE at the epicenter of discussions shaping global trade's future. Ossa underscored that this conference ranks among the most significant events in the WTO's...

"Factors such as robust fiscal discipline supported by strong oil prices, debt reduction efforts by the Ministry of Finance, and improved macroeconomic indicators due to structural reforms have led to positive sovereign credit ratings for Qatar by international credit rating agencies,” he adds.

Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the challenges they have faced, according to Jassem Mohamed Albudaiwi, the Secretary-General of the Gulf Cooperation Council (GCC).He added that the GCC nations experienced substantial growth in their gross domestic product...

Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing for low-income countries. This aligns with the UAE’s unwavering efforts to realize the United Nations’ Sustainable Development Goal 1 (SDG 1) – no poverty – alongside other challenges that the...

Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication of poverty and enhancing food security, according to the GCC Secretary General Jassem Mohamed Albudaiwi. He made the remarks in connection with the participation of the council member states in...

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy.The global lenders are holding their gathering, which brings together finance ministers and central bankers from...

Dubai, UAE - Qatar has signed two agreements with the International Monetary Fund (IMF) on its contributions towards IMF's poverty reduction and sustainable initiatives.The agreements were signed on the sidelines of the Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the IMF in Morocco.The...

Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as the IMF and World Bank held their annual meetings. Activists testified about how the policies of the international financial institutions impacted their countries, deepening economic inequality.

Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy.In its latest World Economic Outlook, the IMF left its forecast for global...

Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change.Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had already changed...

The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains high and the outlooks for China and Germany were downgraded. The IMF's updated World Economic Outlook still sees growth of 3.0 percent for this year but it cut its forecast...

The EU is to start releasing money to Tunisia under a pact aimed at stemming irregular migration from the country, the European Commission said. EU lawmakers, the bloc's ombudsman and migrant assistance charities have questioned whether the deal with Tunisia meets European rights standards. Tunisia is struggling with high debt...

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet.The Fund will strongly urge Beijing...

Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and plans for an economic corridor from India to Europe.

Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it grapples with a punishing economic crisis. It comes after an unrelenting economic crisis that has seen the currency shed half its value against the US dollar since early last year.