New Delhi, India-- Appealing to G20 members to lead by example in delivering on the promise of US$100 billion per year for climate finance, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has underscored the need for cohesive effort to prevent grave risks to economic well-being and macro-financial stability from...

The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF and World Bank to play a greater role in financing climate change adaptation and mitigation.

Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, primarily driven by Vision 2030 which has been steadily diversifying the economy since its launch in 2016, according to the International Monetary Fund.  The IMF said in a statement that...

Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education, greater dignity, better governance, and a broader, fairer distribution of economic opportunities and resources. “The status quo of state-dominated economic activity will be hard to sustain, especially for heavily indebted countries...

GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region.

ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has stated the next steps needed to establish a new framework for international climate finance and to drive progress at COP28 and beyond to COP29 and COP30.World-leading economists from the Independent...

Islamabad, Pakistan - Pakistan's Prime Minister Shehbaz Sharif met on Tuesday with visiting Saudi Deputy Foreign Minister Waleed bin Abdulkarim Al Khuraiji, and discussed regional and international development.They also discussed bilateral relations and ways to enhance and develop them in various fields in a way that achieves the aspirations of...

She adds that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation and facilitating the exchange of expertise with partners, thus contributing to establishing a sustainable national anti-money laundering ecosystem.

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.

Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways to enhance the integrity of the financial system in a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) on Wednesday. They also discussed partnership between CBUAE...

The deposit comes a day after Saudi Arabia transferred $2 billion to Islamabad and brings the state's foreign reserves to $7.5 billion -- more than double last week's account balance. The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of...

The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off foreign investment. Inflation has rocketed, the rupee has reached a record low against the dollar, and the country is struggling to afford imports, causing a...

Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion ($66.11 billion) in June, an increase of 14 percent, compared to QR 211.176 billion last year, Qatar News Agency (QNA) reported.The figures issued Thursday by QCB showed an increase in...

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

"Now is the time to face the three uncomfortable truths ... Inflation remains sticky; financial stresses could make price and financial stability a difficult balancing act; and more upside inflation risks will likely come our way," she adds, emphasizing the crucial role that the return to price stability plays in...

Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in November, with the government making last-minute changes to the national budget to meet the deal's requirements. That package expires on Friday, and the new agreement builds on the IMF's efforts...

Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven by higher oil prices and increased production by GCC countries, a report by Emirates NBD said.The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent...

The financial assistance would allow Tunisia to "acquire the necessary equipment and organize useful training, in particular for Tunisian police and border guards", French Interior Minister Gerald Darmanin said. He defended the "European approach to the migration challenge" and said that alongside African authorities, they would "fight against the networks...

France says the two-day summit, which begins on Thursday and will bring together some 50 heads of state and government, was more of a platform for ideas sharing ahead of a cluster of major economic and climate meetings in the coming months. With fewer leaders from wealthier countries attending, Friederike...

Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion ($416 billion). The majority of Saudi Arabia's reserve assets are held in US dollars (about 70 percent)

COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday.The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4 percent...

The EU offered a 900-billion-euro aid package -- contingent on Tunisia reaching an IMF deal. But Tunisian President Kais Saied has repeatedly refused "diktats" from the IMF and the US has led accusations that the birthplace of the Arab Spring is falling to authoritarianism after the dissolution of parliament and...

The EU is ready to offer Tunisia a 900-million-euro package plus 150 million euros in immediate support, European Commission head Ursula von der Leyen said. Aside from trade and investment, it would help Tunisia with border management and to combat human trafficking, with support worth 100 million euros this year,...

Italian Prime Minister Giorgia Meloni said Rome backed efforts to secure an IMF bailout for Tunisia and support to tackle its growing migrant problem. She was speaking after talks in Tunis with President Kais Saied whose country is going through a dire financial crisis, political tensions. Tunisia is also a...

On Sunday, lawmaker Mark Daou read a statement on behalf of a group of 32 legislators, endorsing Azour after weeks of negotiations "as a candidate that is not considered provocative by any political factor in the country". The same MPs had previously backed another presidential candidate, parliamentarian Michel Moawad, who...

Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024, driven by higher oil prices and improved business confidence, according to the Arab Monetary Fund (AMF). The AMF's "Arab Economic Outlook Report" forecasts a 4.2 percent growth rate for the...

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...

Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of 2023, reaching a total of 1.2 million, Saudi Arabia's General Authority for Small and Medium Enterprises (Monsha'at) reported on Wednesday. This growth was driven by the launch of 88,858 new SMEs...

Gita Gopinath said she believes there are grounds to provide subsidies to help stimulate innovation. Gopinath's intervention into the debate on subsidies follows frustration in Europe over US President Joe Biden's major climate plan, which grants generous subsidies to new electric vehicles manufactured in the United States.

The contribution of the non-oil sector to the growth of the economy is the strongest in the Gulf region, which indicates that the diversification that has been followed over the past years is bearing fruit, adds Georgieva during an interview on the sidelines of the Qatar Economic Forum in Doha.

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.

Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3 percent. It said that after very strong growth in 2022 boosted by the World Cup, the...

Amman, Jordan--The International Monetary Fund (IMF) has applauded Jordan for its tight monetary and financial policies that have ensured macroeconomic stability and access to international capital markets.The IMF made the remarks at the end of their visit to Jordan after conducting the sixth performance review of the government's economic reform...

Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour, Director of IMF's Middle East and Central Asia Department.

Tunis, Tunisia -- President Kais Saied has called for the revival of Tunisia's phosphate industry, suggesting he will seek alternative sources of revenue that would allow the country to do without a foreign bailout."Our gold is underground while the country is facing a difficult financial situation," Saied told a meeting Wednesday...

With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for next month, according to official media. The country has for the second time postponed polls, after they were initially scheduled to take place last year. No new date has been...

Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan's forex reserves -- which at their current level of $4.04 billion can barely pay for four weeks of imports. China on Friday released $300 million to Pakistan -- the last tranche of a $1.3...

Dr Al Jaber noted that climate finance is essential for each workstream of the Paris Agreement, from mitigation to adaptation, and that these resources are particularly needed in the Global South, which has historically received an insufficient share of available resources.

Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold War," the International Monetary Fund's managing director said. "I know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva...

Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking economy but the bailout still needs approval by the IMF board, which is pressing for reforms, primarily on the economy. Tunisia is heavily indebted and facing high inflation and unemployment.

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday.The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development lender...

Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International Monetary Fund warned. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF's Fiscal...

Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP on Tuesday.Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia's invasion of Ukraine last year,...

The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its previous forecasts in January. The American economy is expected to grow by 1.6 percent in 2023, up 0.2 percentage point on IMP's previous forecast.

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability."Growth remains historically weak -— now and in the medium term," IMF managing...

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank's spring meetings in the coming week. A key topic of discussion will be the World Bank's evolution, amid a push for lenders...

A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this year, the International Monetary Fund's managing director warned. "With rising geopolitical tensions and high inflation, a robust recovery remains elusive," Kristalina Georgieva said in remarks ahead of the IMF and...

Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in March.The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity."At 46.7, the headline PMI...

Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under the Flexible Credit Line (FCL).Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about $3 billion.The first PLL was approved on August 3, 2012,...

Several shipwrecks have left dozens of migrants dead in the country that serves as a key conduit for migrants seeking to reach nearby European shores. It comes after President Kais Saied made an incendiary speech last month, accusing sub-Saharan Africans of representing a demographic threat and causing a crime wave...