IMF report shows positive shows positive figures on the Arab country, such as a 2.6% GDP growth projection this year, against 2018 2.2%. Qatar achieved fiscal consolidation, despite lower oil prices, according to the fund.
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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.
Recovery of the international prices of the commodity last year have strengthened the confidence in the country, but there are still some challenges, particularly the fiscal consolidation, according to IMF report.
The draft budget for the 2019/2020 financial year provides for stronger GDP growth and public debt reduction.
Global expansion is weakening amid risks, says International Monetary Fund economic counsellor and director of Research Gita Gopinath.
Managing director of the IMF said the country needs financial assistance more than ever in order to deal with the great number of refugees while doing the tax adjustment.
The country has a USD 160 million loan agreement in place with the International Monetary Fund to support a reforms program.
The institution announced a new loan program. The primary focus will be on promoting small businesses, which account for most of the jobs in the country.
December 4 will see the termination of the mechanism guaranteeing that foreign investors could pull out their money in dollars after selling their investments in Egyptian securities. The move could allow more volatility for the Egyptian pound.
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 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.
