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...
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.
IMF praises UAE for the handling of economy during pandemic
The UAE government has been praised by no less than the International Monetary Fund for the handling of its economy during the pandemic.
IMF says more work needed for Lebanon aid deal
After two weeks of talks, the IMF said Friday it has advanced efforts to secure an aid program to help Lebanon overcome its "unprecedented and complex" economic crisis, but more work is needed. The country will need fiscal reforms that ensure it can manage its debt load as well as...IMF will only support a ‘comprehensive program’ for Lebanon
Lebanese officials began talks with the IMF last month to pull the country out of the worst economic crisis in its history. Despite the economic collapse, Lebanon’s ruling class has blocked reforms that foreign donors say must happen before aid is dispensed.
Oil prices help GCC economies script revival story
GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies making significant progress.
IMF and World Bank delay annual meet again
The annual meetings set to take place in Morocco will be held in Washington.Transformation will propel MENA economy: IMF
Major economies in the MENA region have already got the ball rolling when it comes to diversifying their economies.Tunisia, Algeria, Morocco must support their local agriculture: OTE
The rise in international raw material prices has increased subsidy spending in Tunisia, Algeria, and Morocco.China’s property stress could shake global markets: IMF
A funding crisis battering China's big property developers could start to shake the wider economy and global markets, the IMF warned on Friday, saying deeper reforms were needed to fully curb the threat. It warned there were "concerns of negative spillovers to the broader economy and global markets".
Lebanon and IMF begin talks on rescue package
Lebanese officials began much-delayed talks with the International Monetary Fund Monday on support measures aimed at lifting the country out of its worst-ever economic crisis. "We hope the negotiations will be concluded as soon as possible, but given the complexity of the issues it is possible that other rounds will...
Bitcoin crash tears through investor confidence
The cryptocurrency has lost more than 40 percent of its value since its $67,582.60 peak on November 8 last year.
IMF official urges ‘deep reforms’ to Tunisian economy
Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product.
GCC must heed IMF take on emerging economies
The IMF's warning that developing nations are about to face what it called “economic turbulence” is bad news for the GCC as it may hamper the revival of regional economies.IMF warns developing countries of ‘economic turbulence’
Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said...
Slow progress as Lebanon awaits IMF economic deal
Negotiations with the IMF opened in May 2020, but after two months they stalled amid arguments over the size of financial losses.
Cash-strapped Tunisia to borrow $7 billion more in 2022
Debt-ridden Tunisia unveiled a 2022 budget on Tuesday that will see it borrow almost $7 billion more, as it seeks to stimulate an economy battered by the coronavirus pandemic. The 2022 finance law boosts spending by over three percent year on year to 57.3 billion dinars ($19.8 billion, 17.6 billion...IMF extends Covid emergency funding by 18 months
The emergency funding was set up to help nations that have been severely impacted by the Covid-19 pandemic.IMF examines Lebanon’s financial losses before aid program
Disagreements over the size of the losses between Lebanon's government, central bank, and banking sector contributed to the collapse last year of negotiations with the fund over a new loan program, which is seen as essential to the country's efforts to emerge from a severe economic slump.
Morocco’s economy to grow 6.3% in 2021, says IMF
Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent. The economic recovery is expected to continue, although the pandemic may leave some scars.
Morocco Employers’ Association, IMF discuss economic recovery
The president of the CGEM, Chakib Alj, highlighted 15.2 percent growth in the Moroccan economy in the second quarter of 2021.IMF says chief economist taking top leadership role
Gopinath will succeed Geoffrey Okamoto as first deputy managing director, serving under IMF chief Kristalina Georgieva.Algeria’s poor fret over plan to slash subsidies on basic goods
During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that had been in place since independence from France in 1962. Algeria's subsidy system has been financed by energy exports that account for about 95 percent of foreign revenues and 60...
Energy prices may come down early next year
Consumption of natural gas rebounded fast — driven by industrial production — boosting demand at a time when supplies were relatively low. Energy supply, however, apparently reacted slowly to price signals due to factors like labor shortages, maintenance backlogs, longer lead times for new projects, and lackluster interest from investors...Economic growth of Arab countries this year
This week’s TRENDS Explainer Video highlights how economic growth looks like in the Arab countries this year as per the latest IMF report.
Jordan, IMF reach staff-level pact on 3rd review under EFF
The agreement was concluded with an IMF team led by S. Ali Abbas, during a virtual discussion on the third review of the economic reform programme.
Kuwaitis complain about rising prices, high inflation
Growing costs and a drop in purchasing power are seen as deterioration of the standard of living Kuwaitis have been accustomed to for years.IMF head urges COP26 to ramp up climate action
The world is at a turning point on climate change. IMF chief Kristalina Georgieva has urged world leaders at the COP26 summit in Glasgow to make strong policies and to cut global emissions to keep global warming to 1.5 to 2 degree Celsius.
Lebanon central bank audit demanded by creditors to resume
A New York-based firm contracted by the Lebanese government is to resume its audit of the central bank Thursday in line with creditors' demands, the Lebanese presidency and a top official said.Tunisia in bailout talks with Saudi Arabia, UAE: Central banker
The birthplace of the Arab Spring uprisings, Tunisia has faced years of economic woes exacerbated by the coronavirus pandemic, with 18 percent unemployment and debt verging on 100 percent of gross domestic product.No fear of inflation becoming a ‘runaway train,’ says IMF chief
Global finance officials are worried about rising inflation pressures but there it is little fear that it will become a “runaway train,” IMF chief Kristalina Georgieva said on Sunday.
IMF, G20 fret over supply chain bottlenecks, inflation fears
As demand has spiked, suppliers have not been able to keep up: Ships are lined up outside American ports waiting to offload goods, US consumer inflation remained elevated in September, global oil prices have jumped over $80 a barrel, the highest in years, and British families may do without turkeys...Look beyond subsidies to fight high energy prices: IMF
Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, said Paulo Medas from the IMF's Fiscal Affairs Department. Broad subsidies are expensive, so policymakers instead should use targeted aid to help low-income families, he added.
IMF pegs 2021 global growth at 5.9%
The IMF noted that emerging variants of the novel coronavirus have made policy choices more difficult, with limited room to maneuver.
IMF reaffirms ‘full confidence’ in head Georgieva
The IMF board said it "considered that the information presented in the course of its review did not conclusively demonstrate that the Managing Director played an improper role regarding the Doing Business 2018 Report when she was CEO of the World Bank."Still no decision on Georgieva keeping her job: IMF
An investigation by a law firm has concluded that Georgieva manipulated data in favor of China while in a senior role at the World Bank.Have Pandora papers jeopardized Lebanon aid?
The country is already reeling under the impact of its worst-ever economic crisis, shutting down of power stations due to fuel shortages, Covid-19 pandemic and the explosion last year at Beirut's port. The Pandora papers further highlight the state of corruption among the political class.
Didn’t reject 2016 IMF report: Lebanon central bank chief
A Swiss newspaper claimed Riad Salameh struck out 14 pages of a 2016 IMF report that warned of economic crisis in Lebanon.
Rise in oil prices gives strength to Gulf markets
The Muscat Stock Exchange closed on Wednesday, up 0.17%, or 6.9 points, from the previous trading session, which amounted to 3,947 points, after Cyclone Shaheen forced its closure.IMF: Global inflation nearing peak, stabilizing next year
The full report will be published next Tuesday and updates the estimates the IMF made in July, when it predicted inflation would return to pre-pandemic levels at some point next year. Prices worldwide have crept up throughout this year as economies bounce back from the sharp contraction the Covid-19 pandemic...
Cash-strapped Lebanon names team for International Monetary Fund talks
The team -- Deputy Prime Minister Saade Chami, Finance Minister Youssef Khalil, Economy Minister Amin Salam and central bank governor Riad Salameh -- would be backed by experts. Lebanon hopes the talks with the IMF will help unlock billions of dollars in financial aid.
Tunisia’s new PM faces economy battered by political turmoil
Heavily in debt, with spiraling inflation and widespread unemployment worsened by the coronavirus pandemic, Tunisia is hoping for a bailout package from the IMF. But talks have been suspended since President Kais Saied on July 25 sacked the government.Infrastructure push spurs job growth in GCC
The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022 respectively and initiating infra projects worth billions of dollars.IMF chief: ‘Did not pressure anyone’ while at World Bank
An independent investigation found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China's benefit
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government hiked the price of gasoline, cutting a subsidy that Prime Minister has said the country cannot afford.
Mikati seeks global support to revive Lebanon
The country no longer has the money needed to support its economy, says the new Prime Minister Najib Mikati said in a TV interview.IMF’s SDR allocation to benefit rich MENA nations
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.Saudi non-oil revenues jump 206%
The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2 2020.
Vaccine inequality alarming: UN
The UN leaders released a joint statement in which they condemned what they called the ‘crisis of vaccine inequity,’ among countries.Egypt’s economy capable of facing challenges: Sisi
The Egyptian president also said the country’s economy was better equipped to meet the aspirations of the Egyptian people.
