After completing a World Bank program, the African Development Bank Group announced an additional cancellation of the country’s financial obligations and a grant of USD 19.7 million to help improve living conditions for internally displaced persons.
Browsing: debt
After meeting with officials from the Arab country, the International Monetary Fund praised fiscal efforts but called for “ambitious” reforms to restore growth.
A World Bank analysis points out that the 26 poorest nations in the world are deeper in debt than at any time since 2006 and have struggled to attract low-cost financing.
The institutions announced a USD 4.5 billion debt relief for the North African country in a joint statement. The IMF approved another disbursement of USD 9.3 million and is considering a three-year credit arrangement worth USD 100 million.
The prediction went from 2% last April to 3.5%. However, performance is still under the impact of the pandemic, which has led to job losses in fields including retail and wholesale, manufacturing, tourism, transportation and construction.
Fund stressed the huge number of Syrian refugees hosted in the country. However, GDP undergoes a period of weak growth.
Fund allowed Egypt to draw USD 2 billion, the fifth part of the USD 12 billion agreement signed in 2016. IMF acting managing director praised the reforms made by the country.
The country ran a BRL 13 billion deficit last month, up from a BRL 8 billion one in May 2018.
The draft budget for the 2019/2020 financial year provides for stronger GDP growth and public debt reduction.
Brazil’s combined internal and external debt slid from BRl 3.779 trillion in September to BRL 3.763 trillion last month.
The IMF advises Middle East and Central Asia countries to take urgent action to reduce debt as they face tightening global conditions.
Only 5% of households had debt in arrears for over 90 days last August in Brazil, the Brazilian Central Bank reported.
