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.
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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.
Country implements reforms but requires bold and comprehensive reforms to face fiscal deficit and other issues. A team from the International Monetary Fund visited Khartoum and recommended actions to protect the vulnerable sectors.
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.
Country has made progress to maintain economic stability, but challenges remain, such as fiscal imbalances unemployment for youth and women, IMF report reads.
On the back of Expo 2020, the Arab country could see its fastest non-oil growth since 2016. Sustaining it after the expo is a key priority, says IMF.
IMF projects a growth at 6% for the Arab country in Africa this year, up from 5.5% in 2018. Strategies of positioning it as a trade and logistics hub has helped improve local economy.
Fund stressed the huge number of Syrian refugees hosted in the country. However, GDP undergoes a period of weak growth.
Fund predicts that global GDP will grow by 3% this year and 3.4% in 2020. Brazil and Saudi Arabia may see a recovery next year.
IMF report shows that trade uncertainty may affect global growth in 2019, but in some regions, like the Middle East, it remains moderately low.
The foreign ministers of the bloc composed of Brazil, Russia, India, China and South Africa convened in Rio de Janeiro. They called out for increased representation of emerging countries with international organizations.
