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IMF chief urges countries to strengthen independence of central banks
"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.
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Transport employees in Tunisia stop work citing late salary
TUNIS, TUNISIA - Tram and bus workers in the Tunisian capital staged a strike over delays in salaries and the lack of an end-of-year bonus Monday, creating traffic jams across Tunis. The strike is the latest in a string of similar actions as Tunisia grapples with a grinding economic crisis, with... -
Tunisian bakers strike again over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated shortages of subsidised flour, sugar and other basic goods. Tunisia is in the grip of a grinding economic downturn exacerbated by inflation that hit 9.8 percent year-on-year in December, according... -
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency S&P Global foresees stagnation for the eurozone in 2023. The coronavirus pandemic, meanwhile, remains a wildcard for the global economy. -
Countries wrangle over future climate finance at COP27
Diplomats from developing nations criticised the persistent imbalance in climate financing which, within the UN framework, should be evenly split between reducing emissions (mitigation) and boosting resilience to future impacts (adaptation). -
Lebanese lawmakers fail to pick President for fourth time
Already governed by a caretaker cabinet, crisis-hit Lebanon is hurtling towards an imminent power vacuum, with just days before the current president's term finishes at the end of the month. Aoun was elected in 2016 after a more than two-year vacancy at the presidential palace, as lawmakers made 45 failed... -
Lebanese pound plunges to all time low against dollar
The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected its true market value for years as the currency has been in free fall, with multiple parallel exchange rates coexisting. The crisis has pushed most Lebanese into poverty. -
UAE’s minister is new Chairman of WBG-IMF committee
During his two-year tenure, the minister will work with the committee that include ministers, and the Board of Governors of the WBG and IMF to manage its programs related to sustainable and comprehensive economic development. -
54 poor nations urgently need debt relief: UN
The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action. But UNDP chief Achim Steiner told reporters in Geneva that despite repeated warnings, "little has happened so far, and the risks have... -
IMF to provide Ukraine with $1.3 billion emergency aid
The package will help meet Ukraine's "urgent balance of payment needs... while playing a catalytic role for future financial support from Ukraine's creditors and donors," the IMF said in a statement adding the scale and intensity of Russia's war against Ukraine that started more than seven months ago have caused... -
WTO curtails global trade forecast for 2023 as Ukraine war takes toll
Presenting a revision of their annual trade forecast, WTO economists said they expected the volume of global merchandise trade to grow 3.5 percent this year, which is slightly higher than their expectations in April. But they forecast it would grow by only one percent in 2023 -- dramatically down from... -
Lebanon’s lawmakers fail to elect President
Lebanon's parliament failed to elect a new president after a first round of voting amid deep divisions over a replacement for Michel Aoun whose term expires next month. Majority of lawmakers cast blank ballots, suggesting the election process may drag on, an outcome Lebanon can ill afford as it wrestles... -
WTO chief warns world edging into ‘global recession’
WTO Director-General Ngozi Okonjo-Iweala said Russia's war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath of the Covid-19 pandemic were creating the conditions for a world recession. -
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF. -
Qatar to invest $3bn in beleaguered Pakistan economy
The United Arab Emirates this month said it would invest $1 billion in Pakistan and, according to reports, Saudi Arabia is considering extending an emergency $2 billion loan made last year. The latest boost came in talks between Qatar's emir Sheikh Tamim bin Hamad Al Thani and Pakistan's Prime Minister... -
High energy prices help Russia weather damaging sanctions: IMF
Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia's economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and... -
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. -
G20 finance ministers, top bankers warn of energy crisis
Other issues to be tackled by the ministers include digital financial inclusion –- with more than a billion of the world's population still without access to a bank account -– and the deadline for an international tax rules overhaul. -
Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948. -
IMF authorities in Tunisia to discuss bailout package
An IMF team said in March that the country faced "major structural challenges", with low growth and investment, along with high unemployment and gaping inequality. -
Sri Lanka inflation hit seventh consecutive record high in April
Hammered by a foreign exchange crisis, the country's 22 million people have been enduring acute shortages of essentials. -
IMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month, has vowed to jumpstart the moribund economy -
Somali MPs vote in prez election as famine threat looms
Somali lawmakers gathered in Mogadishu Sunday to vote in the country's long-overdue presidential election, with 35 candidates vying for the top job in the troubled Horn of Africa nation as it battles an Islamist insurgency and the threat of famine. -
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. -
Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began. -
Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited a crippling national debt, galloping inflation and a feeble rupee. -
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. -
Ukraine war to hit MENA’s poor nations, boost oil-producers: IMF
The International Monetary Fund's 2022 growth forecast for the region, which includes Arab countries and Iran, was forecast at 5.0 percent, up from the 4.1 percent prediction for this year made in October. -
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... -
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. -
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances. -
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. -
Tunisia facing major structural challenges, weak growth, social inequity: IMF
Tunisia is facing major structural challenges that result in deep macroeconomic disequilibria, a weak growth in spite of its strong potential, a high unemployment rate, weak investment, and social inequality, International Monetary Fund has said. The impact of the pandemic and the war in Ukraine are now adding to these... -
UAE finance ministry to organize dialogue sessions WGS 2022
UAE’s Ministry of Finance will organize a series of specialized dialogue sessions on the sidelines of the World Government Summit (WGS) 2022 to deliberate on the most prominent global financial trends and exchange global governments’ experiences and expertise. This year’s summit themed ‘Shaping the Future of Governments’ will be held... -
Debt-ridden Evergrande urges investor ‘caution’ as audit result delayed
Evergrande has urged its investors to exercise caution as debt-ridden Chinese giant faces financial challenges. -
Tunisians protest against President on Independence Day
More than 2,000 Tunisians rallied on Sunday, the country's Independence Day, against President Kais Saied and a project he launched to gauge public opinion on proposed constitutional reforms. -
War, inflation threaten world income
The US Federal Reserve chair has said every $10 hike in oil prices would impact growth by 0.1 percentage points and add 0.2 percentage points to inflation. -
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. -
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 official urges ‘deep reforms’ to Tunisian economy
Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product. -
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. -
IACE President warns Tunisia as a state can collapse
The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could collapse. -
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. -
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. -
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. -
Lebanon president calls for end to government boycott
President Michel Aoun has called for national dialogue on matters including a defense strategy. -
Iraq owes no more than $5bn to World Bank and IMF: Official
The economy of Iraq depends upon oil as it constitutes 45 percent of the GDP and affects about 80 percent of the growth of the economy, contributing to 93 percent of the government’s revenues. -
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.