The International Monetary Fund’s Executive Board confirmed that it will supply emergency support to help address the economic impact of the pandemic.
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The country acted fast to keep the virus in check as well as support affected people and businesses, said Kristalina Georgieva. Still, Egypt’s administration called on the International Monetary Fund for support in dealing with the economic impact.
IMF published economic outlook report for the Arab country as part of its fourth review of an arrangement between both. The body approved more USD 22.8 million for Mauritania.
IMF expects the Arab country’s economy to accelerate 6.7% this year after a 3.6% growth in 2018.
IMF released its economic outlooks of the Middle East, North Africa, Afghanistan, and Pakistan. The fund asks for reforms that lead to growth so that it may be possible to create jobs amid a slowing global economy, volatile oil prices, and uncertainty around trade tensions.
The country has a USD 160 million loan agreement in place with the International Monetary Fund to support a reforms program.
The IMF advises Middle East and Central Asia countries to take urgent action to reduce debt as they face tightening global conditions.
In the fourth review of the country’s economic reform program, concluded this Wednesday, the staff of the International Monetary Fund that visited the Arab country recommended the disbursement of a new portion of the arranged USD 12 billion loan.
The data was shown by an IMF executive this Thursday in Beirut in the first day of the Arab Economic Forum. He talked about the need for the region to promote inclusive growth and suggested policies for the countries to be able to reach it.
The Arab country in Africa has progressed economically, stated the IMF. The Fund disbursed USD 23.5 million to Mauritania as part of an agreement.
The IMF released a preliminary report of a visit to the Arab country and praised the efforts made to go forward with the reform program. The Fund should disburse other USD 2 billion to Egypt as part of their agreement.
The International Monetary Fund released this Wednesday the report Regional Economic Outlook for the Middle East and North Africa, underscoring five main points.
Annual meetings are held in the USA two years back-to-back and then in a different country every third year. Indonesia will be the host in October 2018.
The aim is to discuss actions to promote higher economic growth and job creation in the Arab country. Global best practices will be analyzed within the local context.
