Latest in Tag: IMF Highlight
Latest in Tag: IMF
IMF upward revises its forecast for Egyptian economy’s growth to 3.3% in FY 2020/21
Vaccinate, calibrate, and accelerate are answer to overcome obstacles to recovery: Kristalina Georgieva
The International Monetary Fund (IMF) announced on Monday that its new allocation of Special Drawing Rights (SDRs) equivalent to $650bn, the largest in the IMF’s history, comes into effect, in an effort to help countries recover from the COVID-19 pandemic. “The allocation is a significant shot in the arm for the world and, if …
Fund maintains forecast for global economy growth at 6% in 2021
The International Monetary Fund (IMF) currently projects Egypt’s external debt to reach 36% of GDP at the end of fiscal year (FY) 2021/22, according to Celine Allard, IMF Mission Chief for Egypt. The projection is relatively moderate compared to other emerging market countries in the world. “In addition, out of this 36% of GDP, about 20% corresponds …
Under the International Monetary Fund’s (IMF) current baseline, the organisation does not forecast Egypt needing any external financing going forward, according to Celine Allard, IMF Mission Chief for Egypt. Her remarks came during a virtual press conference held to mark the IMF’s second review for Egypt’s economic reform programme. The programme was supported by the IMF Stand-By Arrangement (SBA) …
Country’s outlook remains clouded by uncertainty related to COVID-19 pandemic
Egyptian economy expected to see growth of 2.8% in FY 2020/21, rising to 5.2% in FY2 021/22, says fund
The meeting, held via video conference, took place in the presence of Mahmoud Mohieldin, Executive Director of the IMF and the United Nations (UN) Envoy for Financing Sustainable Development, as well as the IMF’s working group.
Rebound will also be driven by the government’s public investment: World Economic Outlook
2021 path to recovery in Middle East and Central Asia is expected to be long and divergent, international fund said
Key ingredients to foster culture of innovation are through people, processes, technology: Egypt’s Al-Mashat
After estimated contraction of -3.3 % in 2020, global economy is projected to grow at 6% in 2021, moderating to 4.4 % in 2022: IMF
Georgieva also said that there is anxiety on returning to normal, particularly given that the previous ‘normal’ was “not great”.
Georgieva said that in January, the IMF projected global growth at 5.5% in 2021, but now expects a further acceleration. This is partly driven by additional policy support, including the new fiscal package in the US, and partly because of the expected recovery, powered by the vaccine rollout for the novel coronavirus (COVID-19) in many advanced economies later this year.
Fund has recognised pressing need to deepen enterprise risk management function, increase role of ORM Director, says Kristalina Georgieva
Road to recovery in Middle East, Central Asia hinges on containment measures, access to and distribution of vaccines, among other aspects
IMF praises Egyptian government’s provision of assistance to individuals, companies most affected by pandemic
Financial organisation maintains forecasts for growth in Middle East, Central Asia at 3% in 2021, raising forecast for 2022 to 4.2%
Combining steadily rising carbon prices with green infrastructure push can boost global GDP over next 15 years by about 0.7%: Kristalina Georgieva
Ensuring sustainable, inclusive recovery post-COVID-19, reversing divergence between rich and poor countries are main 2021 priorities, says Kristalina Georgieva
The Middle East and North Africa (MENA) region will be unable to envisage a strong and sustainable recovery following the novel coronavirus (COVID-19) pandemic, unless there is a strong governance framework.
One minus refers to inequality in access to technology
Egypt’s economy was heavily effected by coronavirus pandemic, which took it’s toll on tourism, and worker remittances, yet it avoided contraction
The 12-month SBA, totalled SDR 3.763bn (about $5.2bn at the time of approval), was approved by the IMF Executive Board on 26 June 2020 to support the authorities’ economic reform programme during the COVID-19 crisis.
Georgieva’s comments came during the recent G20 summit, which took place virtually on 21-22 November, hosted by Saudi Arabia.
Egyptian Presidency Spokesperson Bassam Rady said, on Sunday, that Al-Sisi’s statements came during his meeting with Prime Minister Mostafa Madbouly, Minister of Finance Mohamed Maait, and Deputy Finance Minister for Financial Policies Ahmed Kouchouk.
The meeting was held to discuss recent economic developments and policy priorities of the first review for Egypt’s economic program supported by the IMF’s 12-month SBA.
COVID-19 crisis is about disruption and acceleration, says IMF regional director
The IMF said that these ongoing global forces and the current crisis can offer opportunities to build a better future for everyone