Lebanon parliament approves changes to banking secrecy law
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...
IMF, GCC agree Middle East reforms dialogue must continue: Georgieva
At the end of her two-day visit to Saudi Arabia, she hailed the kingdom's strong “economic performance and impressive progress in implementing their Vision 2030 reform agenda, notably the doubling of the share of women in the labor force in just four years”.UAE takes part in G20 Finance Track in Indonesia
UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for 2022.
IMF likely to open regional office in Saudi Arabia
IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy production.Lebanon to devalue currency first time in two decades: Official
The exchange rate has been officially pegged at 1,507 Lebanese pounds to the dollar since 1997, but will drop to 15,000 to the greenback at the end of October. The pound, however, traded at more than double that value on the black market on Wednesday, selling for more than 38,400...Lebanon approves budget, a key condition for IMF bailout
Prodded by the IMF to implement reforms, Lebanon's parliament has approved the 2022 budget setting expenditures at $1.2 billion. The crisis-stricken country and the IMF had reached a conditional agreement on a $3 billion loan in April to help the country tackle its economic crisis.
Anger rife as Lebanese banks reopen after weeklong closure
Depositors scuffled and long lines formed at Lebanese banks Monday as they partially re-opened after a week-long closure following a slew of heists by customers desperate to access their money. But most banks remained shuttered and there was anger from those seeking to withdraw frozen funds desperately need to weather...Europe throws billions at energy crisis
Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in late February. Governments have gone all out: from capping gas and electricity prices to rescuing struggling energy companies and providing direct aid to household to fill up their cars.IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic crisis, which the World Bank has branded one of the planet's worst in modern times. But Lebanon has yet to enact the reforms needed to unlock the funds.Lebanese currency slides to record low amid bank closures
With four out of five Lebanese now considered poor according to the United Nations, the country has been desperately seeking a bailout from the International Monetary Fund.
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of the "guest countries" to the G-20 summit in New Delhi on September 9-10 next year.Business reforms enhance Saudi growth prospects
Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the world’s fastest-growing economies this year, says expert.
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda all weigh on the medium-term outlook, said the team in a statement. The fiscal challenges are largely structural.
Egypt curtails domestic use of energy to boost forex
An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to free up energy for export and bolster hard currency reserves.
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's director for MENA. Most of the oil-rich countries in the region have established large SWFs and use them to invest oil revenues in various sectors both within the countries and...High oil prices may push Saudi growth to 7.6 percent in 2022: IMF
The government's Vision 2030 reform programme, designed to reduce the kingdom's dependence on oil, has also given the economy a boost as more Saudis join the workforce, particularly women, the IMF said.
UAE inflation low but businesses burdened by rising costs: Report
IMF estimates inflation in the UAE is expected to be at 3.7 per cent in 2022, falling to 2.8 percent in 2023. While these are among the lowest levels globally, businesses operating in the UAE are feeling the pressure of increasing costs, according to Grant Thornton's International Business Report. The...
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6 percent growth rate this year. This would be the highest growth rate among advanced, emerging market and developing economies.
Don’t let inflation ‘genie’ out of the bottle: IMF economist
With price surges in major economies approaching 10 percent, central banks must stay the course and continue to raise interest rates until inflation retreats, the IMF's chief economist said.Global economic growth slows amid gloomy, uncertain outlook: IMF forecast
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions.
IMF cuts global growth outlook amid US, China slowdowns
In its latest World Economic Outlook, the International Monetary Fund cut the 2022 global GDP estimate to 3.2 percent, four-tenths of a point lower than the April forecast, and about half the rate seen last year.
IMF says talks continue on aid program for Tunisia
The North African country has seen its economy crippled by a crisis exacerbated by the coronavirus pandemic and the war in Ukraine, which has sent public debt soaring.Sri Lanka president takes refuge in Maldives, expected to resign
Sri Lanka's embattled president flew out of his country to the Maldives early Wednesday, in a probable prelude to his resignation after months of widespread protests against his island nation's worst-ever economic crisis.Tunisia seeks aid package as IMF team set to arrive
The International Monetary Fund is sending a team to Tunisia next week to begin formal talks on a new financial aid package, an IMF official said Friday.Tunisia trade unions chief rejects IMF conditions for bailout loan
The head of Tunisia's powerful UGTT trade union confederation on Thursday rejected conditions set by the International Monetary Fund for a new loan to bail out the country's struggling economy. "We reject the conditions set by the IMF, given Tunisians' low salaries, lack of means, rising poverty and unemployment," Noureddine...
Tunisia appeals to IMF to be aware of social impact of reforms
Tunisian President Kais Saied on Tuesday urged the International Monetary Fund to take into account the social impact of any economic reforms it may demand as part of a bailout package.
Tunisia union demands salary hike on nationwide strike
Up to three million workers could observe the strike, shuttering 159 state agencies and public companies and bringing public transport, the postal service, and utility firms to a halt.Pakistan unveils $47bn budget, 40% of it to service debt
Pakistan's new government, grappling with soaring inflation and political unrest, unveiled a 9.5 trillion rupee ($47 billion) budget Friday, earmarking more than 40 percent to service the country's massive foreign and domestic debt.
Central Bank of Iraq increases its capital to $3.42 billion
The Central Bank of Iraq has announced an increase in its capital to 5 trillion dinars ($3.42 billion) Iraqi media reports said recently that the bank decided to its capital from 3 trillion dinars to 5 trillion dinars. "This increase comes to enhance the results of its balanced policies with...How will Lebanon vote impact the crisis-hit economy?
Here’s a look at the challenges that await incoming lawmakers in a country where there is little consensus on a roadmap for financial recovery.
Lebanon: small, multi-religious Mideast country
Lebanon is going through a severe economic crisis, described by the World Bank as one of the world's worst since the 1850s.Outside help conditional on implementing reforms: Lebanon Deputy PM
Lebanese deputy prime minister Saadeh Al-Shami has said that during his meetings last week with World Bank and IMF officials, he gathered that any help to pull the country out of its difficult economic situation is conditional on implementing agreed upon reforms. A statement by his media office, local media...Tunisia must address democracy concerns for aid, says US
“At the very least,’ Tunisia needs to go ahead with parliamentary elections promised by the end of the year, a top US diplomat has said.
Asia facing ‘stagflationary outlook’ amid Ukraine war: IMF
The Asian region faces a "stagflationary" outlook with economic growth being lower than previously expected and inflation being higher, a senior International Monetary Fund (IMF) official said on Tuesday (Apr 26). "Monetary tightening will be needed in most countries, with the speed of tightening depending on domestic inflation developments and...
Losing Russian energy would weigh on Europe’s economy: IMF official
Europe can get by without Russian gas for six months, but beyond that, the economic impact would be severe, a senior IMF official told AFP. The region relies on Russia for the vast majority of its energy needs, especially natural gas, and IMF economists looked at the economic cost of...Temporary aid can offset inflation hit to families: IMF official
Faced with surging inflation that is hitting poor families especially hard, which has sparked unrest in some countries, policymakers should take immediate steps to offset the pain with targeted and temporary relief, IMF chief economist Pierre-Olivier Gourinchas said Tuesday. "We've seen already in some countries people protesting when they see...
Oil stabilizes after big drop on IMF growth cut
Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January...
As major economies meet, US looks to increase pressure on Russia
Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia.
Policy eyed as Mideast bears brunt of climate change
Disasters caused by climate change since 2000 have killed approximately 2,600 people, affected seven million others, and caused $2 billion in direct material damage. It may have also reduced annual economic growth by 1-2 percentage points on a per-capita basis, it adds.IMF says Ukraine war slowing economic growth worldwide
The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF Managing Director Kristalina Georgieva said Thursday. Families already were struggling with higher energy and food prices and "the war has made this much worse."IMF unveils new trust to help ‘vulnerable’ countries
The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.Agencies urge urgent food insecurity action
Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.World Bank warns of bleak economic outlook for Ukraine, region
The conflict also has caused prices of grains and energy to soar.
IMF, Lebanon strike conditional deal on $3 bn aid
The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from a severe economic crisis, following months of negotiations. The deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global...
IMF reaches agreement on $3 billion deal for Lebanon
The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020 debt default, and officials in Beirut applauded the announcement as it will open the door to additional financial support.
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The claims seemed to be in line with exclusive reporting from TRENDS in December that said around $7 billion was missing from BDL’s books.IMF expects to cut global growth forecast due to Ukraine war
The IMF in January cut the global growth forecast for 2022 to 4.4 percent due to the Omicron variant of Covid-19, after worldwide GDP rose 5.9 percent last year.Russia threatens Ukraine ‘statehood’ as sanctions tighten
Since Russia's invasion 10 days ago, the economic and humanitarian toll of the war has spiraled, sending more than one million people fleeing Ukraine. Officials have reported hundreds of civilians killed.
World Bank preparing $3 bn emergency aid package for Ukraine
The IMF and the World Bank have promised to provide financial support to Ukraine, saying that they are saddened by the devastating human and economic toll brought on by the Russian invasion.IMF, World Bank warn of global impacts as Russia invades Ukraine
The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic recovery.
