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.
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The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
The fund and local authorities agreed to a USD 1.2 billion loan. The country is expected to grow 2.6% this year.
An International Monetary Fund mission warned that geopolitical tensions and environmental challenges could affect the country’s growth.
A report from the International Monetary Fund points out that the Arab country keeps facing enormous economic challenges, with a collapsed banking sector, inflation in triple digits, and worsening poverty.
Price increases are expected to alleviate in 2023, but global growth is also projected to fall, according to the World Economic Outlook. In most economies, amid the cost-of-living crisis, the priority remains achieving sustained disinflation.
The Egyptian government is entering a new phase of rationalizing expenses, postponing new projects budgeted in dollars, and spending solely on essential needs.
After a mission to the country, International Monetary Fund staff assessed the Lebanese economic situation and pointed out actions that could bring an upturn.
The International Monetary Fund has raised its growth forecast for Brazil to 1.7%. The previous report had been made public last April.
According to the IMF, products such as food have been strongly impacted by inflation in the Middle East and North Africa region.
A 5.9% growth is expected in FY2021/22, and a 5% growth is forecasted in FY2022/23.
The International Monetary Fund reached an agreement with Lebanon for a four-year extended fund facility that will however only get full approval if the Arab country enacts a series of reforms.
Palestine grew 6% in 2021, following a 11.3% recession in 2020. An upturn is expected to come only by the end of next year.
The International Monetary Fund report estimates a 2.2% growth in the United Arab Emirates in 2021 and 3.5% in 2022. The organization defends prompt measures to contain the spread of COVID-19 and economic support leveraged the improvement.
