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IMF urges G20 to jointly build foundations for better global economy
Georgieva’s comments came during the recent G20 summit, which took place virtually on 21-22 November, hosted by Saudi Arabia.
Egyptian President praises government’s performance in pandemic economy
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.
Egypt, IMF reach staff-level agreement on 1st review of 12-month SBA
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.
MENA region performed well in managing COVID-19 crisis: Jihad Azour
COVID-19 crisis is about disruption and acceleration, says IMF regional director
Global economy is facing deep recession due to COVID-19: IMF
The IMF said that these ongoing global forces and the current crisis can offer opportunities to build a better future for everyone
COVID-19 taught MENA region importance of economic, structural transformation’s social pillar: IMF
MENA region governments took homogenous measures to cushion slight drop in economic activities
Despite pandemic,Egypt’s fiscal outcome, primary surplus acceptable: IMF’s Azour
Drop in oil prices beneficial for Egypt, reducing import burden, says IMF’s MCD Region Director
Mahmoud Mohieldin elected to represent Egypt, Arab Group at IMF
Mohieldin nomination came after an agreement between the 11 Arab Group members at the IMF. he will assume the new IMF position by the end of this month
IMF maintains Egypt forecast as only MCD country with positive 2020 growth
Egypt’s reform programme significantly contributed to improving general economic indicators, says Jihad Azour
2021 debt-to-GDP to reach around 65% in emerging markets: IMF
Georgieva mentioned that where debt is unsustainable, it should be restructured without delay. “We should move towards greater debt transparency and enhanced creditor coordination
Emerging, developing countries need estimated $2.5trn to meet needs: IMF
G24 calls for increased debt transparency, focus on growing financing needs of developing economies amid COVID-19
IMF’s 2021 growth projections for MENA worse than global average: Georgieva
More troubling, however, is the fund’s projections for 2021, which will see the region worse off compared to the global average projections.
COVID-19 could cost estimated $28trn in output losses over next 5 years: Georgieva
Faster progress on medical solutions could speed up post-pandemic recovery, potentially adding almost $9trn to global income by 2025, says IMF head
COVID-19 prompts $11.7trn in fiscal actions, or about 12% of global GDP: IMF
The data was released in an IMF report on Wednesday, entitled “Fiscal Monitor: Policies for the Recovery”, during the IMF and World Bank’s annual meetings.
Some global economies face debt distress, financial instability requiring official support: IMF
Most banks will be able to absorb losses, but there is a weak tail, says international organisation
Egypt`s economy to grow 2.8% in FY 2020/21, versus 3.5% growth estimate in 2019/20: IMF
IMF projects global growth of -4.4%, upward revision of 0.8% compared to June update
Global debt-to-GDP to reach 100% in 2020: IMF
IMF provides over $280bn in financing at unprecedented speed and scale to 81 countries, of which more than one third has been approved since March
Egypt’s real GDP to reach 6.4% in FY 2021/22: IMF
IMF downgrades expectations for Egypt’s FY 2020/21 financing needs to $42bn, up from $35.8bn pre-COVID-19 forecast in same period
Egypt’s real GDP growth projected to reach 6.5% in FY 2021/22: IMF
Inflation expected to jump to about 8% on average in FY 2020/2021, from 5.8% y-o-y in FY 2019/20, says IMF
IMF expects global goods, services trade to contract 12% in 2020
The report noted that the global volume of goods trade in the first five months of 2020 was about 20% lower than that reported in 2019. The latest figures reflect a more abrupt contraction than that which was seen in the first five months of the global financial crisis in 2008.
Egypt least pandemic-hit economically in MENA as damage split over two FYs
Egypt undertook supportive measures for private sector and social, health care, to confront crisis
IMF forecasts 5.7% economic contraction across MENA region in 2020
Regional GDP growth to recover to 3.4% in 2021, down from 4.2% in April forecast, says IMF
Massive fiscal response to COVID-19 pandemic pushes global public debt to record level: IMF
Global public debt reaching its highest level in recorded history, at over 100 percent of global GDP, in excess of post-World War II peaks
IMF approves immediate disbursement of $2bn under Egypt’s $5.2bn SBA loan
Remainder of SBA loan will be phased over two reviews
IMF approves 12-month $5.2bn Stand-By Arrangement for Egypt
New IMF arrangement aims to help Egypt cope with the challenges posed by the novel coronavirus
IMF forecasts 4.9% contraction in 2020 global economy due to COVID-19
Fund expects negative growth for all regions for first time in its history
Egypt’s new IMF loan agreement stimulates stock market
The benchmark index EGX30 closed at 11,108 points, while the EGX70 EWI rose 3.09% to 1,259 points, and the EGX100 EWI rose 3.31% to 2,028 points.
New IMF loan slows down US dollar appreciation against Egyptian pound
Egypt’s foreign reserves fall to $36.0037bn in May, from $37.037bn in April, says CBE
Egypt, IMF reach staff-level agreement on 12-Month $5.2bn stand-by arrangement
Financing from Egypt’s international partners will be critical for key reform objectives, ensure reform success
IMF support for sectors most affected by COVID-19: Finance Ministry
In a statement on Thursday, Maait said the emergency support will help the government finance those sectors that have been most impacted, including the health sector, and enhance social protection programmes.