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.
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The Fund expects the country’s economy to grow 1.4% this year. Forecast was revised down in 0.4 percentage point over July’s estimate.
The Fund’s managing director Christine Lagarde said the Arab country is one of the fastest-growing economies in the Middle East.
The credit rating agency changed its outlook on the Arab country’s rating from stable to positive, mainly a result of advances made in reforms.
The Fund believe that the country’s economy will pick up in 2018 and 2019 after a downturn in 2017.
So said IMF managing director Christine Lagarde as she called on G20 leaders to work together for more balanced growth.
The country received USD 431 million in the year’s first six months. The energy sector was the main destination, followed by the industry sector.
The International Monetary Fund issued a report this Monday (16) with a revised 2018 Brazilian economic growth forecast, down from 2.3% to 1.8%.
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’s economy posted a sharper growth last year than in 2016 and should grow even more in 2018. Increasing exports helped boost the performance.
The Arab country’s economy will see 1% to 1.5% growth in 2018 before eventually reaching 3% in the medium term. With a heightened public debt, it needs international aid in welcoming Syrian refugees, the Fund said.
A major hydrocarbon producer, the Arab country is struggling to spur its economy into growth. A four-year-long oil price slump has made an impact on the Algerian budget.
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.
A report from the international organization on the country stresses the need for reforms to enable medium-term growth. The IMF, however, sees Brazil resilient against external shocks.
