#IMF

IMF, Egypt sees progress on loan program

Egypt will have access to about $820m subject to IMF Board approval, fund says

The IMF said its Executive Board would consider the staff agreement and disbursement in the coming weeks

UAE-PAKISTAN

UAE announces $10bn investment package for Pakistan

Pakistan needs foreign investment to boost its economy and shore up its currency reserves to meet rising external repayment obligations

UAE economy grew 4.3% in Q4 2023

UAE economy grew 4.3% in fourth quarter of 2023

Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors

IMF sees UAE’s GDP expanding by 4% in 2024

UAE economy to grow by 4% in 2024, says IMF

The fund had projected in April that the country’s economy would grow by 3.5 per cent this year

EGYPT

Egypt: Foreign debt up $3.5bn in Q4 2023; inflation slows to 32.5% in April

Egypt promised the IMF in the March agreement it would resume tightening if necessary to prevent further weakening of its economy

EGYPT

Egypt’s outlook upgraded to positive on reduced external financing risks: Fitch

Fitch said Egypt’s initial steps to contain off-budget spending should help to reduce public debt sustainability risks

Pakistan

IMF approves $1.1bn funding tranche to help Pakistan’s economy

The $350bn economy faces a chronic balance of payments crisis, with nearly $24bn to repay in debt and interest over the next fiscal year

EGYPT

IMF says Egypt to address central bank overdrafts, off-budget activity

Egypt is expected to implement more financial reforms amid the country’s IMF bailout

IMF cuts Middle East growth outlook on geopolitical tensions

IMF cuts MENA growth outlook on geopolitical tensions, trade disruptions

Gulf economies are seen growing 2.4 per cent this year, a downward revision of 1.3 percentage points from October

World leaders need to avoid protectionism, said International Monetary Fund chief Kristalina Georgieva Image courtesy IMF

IMF chief urges global policymakers to avoid protectionism

Addressing the Atlantic Council, Georgieva highlighted the pandemic’s lingering effects, including a staggering $3.3tn in global output losses since 2020, with vulnerable nations disproportionately impacted

EGYPT

UAE deal bolsters Egypt’s foreign reserves in March

Egypt received the initial $5bn payment from the UAE in its $24bn deal at Ras El Hekma peninsula west of Alexandria

Egypt raises $800m from hotels in divestment drive

IMF ties Egypt loan disbursements to currency flexibility

The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%

EGYPT

Egypt’s credit outlook upgraded to positive by S&P amidst foreign investments

Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence

Egypt raises minimum wage by 50% as part of ‘urgent’ package

How big are Egypt’s economic challenges?

As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line

Egypt signs expanded $8bn loan deal with IMF

Egypt secures IMF deal after pound plunge, bumper rate hike

The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent

IMF

IMF forecasts 2.9% growth for MENA in 2024

IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9 per cent this year

Egypt raises $800m from hotels in divestment drive

Egypt raises $800m from hotels in divestment drive

The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria

EGYPT-Cairo-City-GettyImages-83589386.jpg

How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

IMF

IMF chief demands end to ‘business as usual’ ahead of COP28

The IMF was working with seven countries on debt restructurings, while a couple more would need help to reduce their debt burden

Qatar growth ‘normalising’ after World Cup boom — IMF

Economic expansion in Qatar is starting to normalise after the 2022 World Cup, according to a team from the International Monetary Fund.

IMF

Israel-Hamas conflict is ‘new cloud’ darkening economic outlook: IMF chief

The IMF and the World Bank, which are holding their annual annual meet in Morocco said the ongoing violence in Israel threatened to darken the already tepid global economic outlook

IMF on Saudi Arabia economy

IMF cuts Saudi Arabia’s growth forecast for 2023

It has gradually lowered its overall growth forecasts for Saudi Arabia, the world’s biggest oil exporter, over the course of this year

IMF on Saudi Arabia economy

Saudi economy enters trillion dollar club: report

According to the IMF, the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022

arab monetary fund extends loan to Egypt

Egypt gets $616m loan from Arab Monetary Fund

The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt

Saudi Arabia economic outlook

Saudi Arabia’s oil production cuts to slowdown growth, says IMF outlook

The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia

Investment perspective

Global investment perspective 2023: The way ahead

The IMF sees the global GDP slipping to the 2.8 per cent range for this year, below the 2022 advance estimates of 3.4 per cent

UAE economy

UAE economy primed for stronger growth in H2 2023

The World Bank has forecasted a 2.8 per cent growth in the UAE’s real GDP for this year

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

israel gaza crisis global financial markets

Global growth to fall from last year: IMF

The latest IMF World Economic Outlook update found that recession concerns have gained prominence, while worries about stubbornly high inflation persist

Emirates NBD arranges Egypt sukuk

Emirates NBD arranges Egypt’s $1.5bn sukuk

Emirates NBD said that the sukuk received strong appetite from regional and global emerging market investors