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.
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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.
An IMF staff mission traveled to the Arab country and advised the government not to increase spending on the back of the oil price hike, as well as meet fiscal targets.
The IMF released a preliminary report of a visit to the Arab country and praised the efforts made to go forward with the reform program. The Fund should disburse other USD 2 billion to Egypt as part of their agreement.
The International Monetary Fund released this Wednesday the report Regional Economic Outlook for the Middle East and North Africa, underscoring five main points.
