The International Monetary Fund announced the deliverance of USD 1.6 billion to the country, concluding a USD 5.2 billion agreement. The organization reemphasized the sound prospects for the Egyptian economy, expected to grow 2.8% in the current fiscal year and 5.2% in the next.
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Fund supports the program of reforms and notes that Sudan has made progresses but adds that international financial assistance will be needed through the country’s transition to a well-functioning market-based economy.
Amid the pandemic, the International Monetary Fund expects the Middle East and North Africa to attain an economic growth, revising its previous forecast of 2.2%.
The Iraqi administration wrote in major fiscal reforms into its 2021 budget in an attempt to mitigate the effects of the pandemic and of low oil prices on the population.
After discussions with the Jordanian authorities, the IMF estimates the country’s GDP will decline by 3% in 2020, as a reflection of the pandemic, but increase by 2.5% in 2021.
The International Monetary Fund expects the Brazilian GDP to shrink by 5.8% this year. The former forecast had been 9.1%.
According to forecast made public by an IMF official on Tuesday (30), the region’s GDP will contract more than it had been projected in April, due to the coronavirus impacts on the economy activity and the low prices of hydrocarbons.
International Monetary Fund has warned about the impacts that coronavirus will have on countries that are fragile and in conflict situations, such as Iraq, Djibouti and Somalia. Economy is expected to shrink by 7% in 2020, and internal problems could increase.
The International Monetary Fund’s Executive Board confirmed that it will supply emergency support to help address the economic impact of the pandemic.
African Arab country will receive an emergency financing of USD 43.4 from IMF to reduce the negative effects of the pandemic on the balance of payments. Djibouti posts lower exports of services and investments.
The International Monetary Fund predicts 3% contraction of the world economy, with GDP shrinking 5.3% in Brazil and 2.8% in the Middle East. Next year, economies are expected to bounce back, provided that policies prove effective.
With Saudi Arabia in the group’s presidency, the world’s biggest economies said they will keep close track of the impact of the pandemic on markets.
An IMF report urges Gulf Cooperation Council member countries to tailor their fiscal policies to match the commodity’s prices, which are expected to decline in the next two decades.
MENA accounted for 20% of total portfolio flows to emerging financial markets from 2016-2018.
