#International Monetary Fund

Egypt’s central bank keeps key interest rates unchanged

Egypt’s central bank keeps key interest rates unchanged

The monetary policy committee left the lending rate unchanged at 28.25 per cent and the deposit rate at 27.25 per cent

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’s central bank committed to a flexible exchange rate

Egypt committed to flexible exchange rate, central bank deputy says

Egypt allowed its currency to weaken sharply on March 6 after keeping it fixed to the dollar for nearly a year

Egypt’s finance minister says cutting inflation is priority

Egypt’s finance minister says cutting inflation is priority

Inflation dipped to 33.3 per cent in March from a record 38.0 per cent in September

Egypt gets EUR7.4bn aid package from the EU

Egypt secures EUR7.4bn aid package from the EU

The funding program will prioritise economic stability, investments and trade as well as migration and security

IMF, Egypt sees progress on loan program

IMF sees progress on Egypt loan program amid Gaza pressures

IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes

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

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

The Egyptian pound, fixed at EGP30.85 to the dollar since March, traded on the black market earlier this month as low as EGP71 to the dollar

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.

Fitch Ratings cuts Egypt’s credit score one step to B-

Fitch downgrades Egypt one notch deeper into junk territory

The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation

UAE to allocate $200m to support low-income countries Image courtesy WAM

UAE allocates $200m to support low-income countries, reduce poverty

The announcement was made during the International Monetary and Financial Committee Meeting, organised on the sidelines of the WBG-IMF Annual Meetings In Morocco

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

China'es economy enters a delation period

China slides into deflation as consumer, producer prices decline

A prolonged property market slump, plunging demand for exports and subdued consumer spending are weighing on the economy’s recovery

stocks

Saudi stocks are performing well helping EM fund managers beat peers

Saudi Arabia’s Vision 2030 programme to transform the kingdom is a key support to the Saudi stock market

UAE traffic fine

UAE government revenue at $31bn in Q1 2023

The World Bank projects the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023 driven by robust domestic demand

Saudi Arabia Tunisia loan deal 3-SPA

Tunisia gets surprise $500m from Saudi Arabia amid IMF delay

The money comes at a sensitive time for Tunisia, which risks defaulting on its debt unless it wins a bailout from the IMF

COP28 president designate

Dr Sultan Al Jaber calls for solidarity before COP28 conference

The two-day Paris gathering aimed to overhaul the climate finance system that is targeted at countries most vulnerable to global warming

UAE’s GDP to grow more than 6% in 2022, says IMF

The fund expects the country’s non-hydrocarbon growth to be around 4 per cent in 2023

IMF cuts World GDP outlook a third time as inflation, rates jump

Global economic expansion will likely slow to 3.2 per cent this year, less than the 3.6 per cent forecast by the fund in April

IMF Sri Lanka

Sri Lanka talks to move quickly when new leaders set: IMF

The IMF signalled just days ago that higher authorities needed to be in place in Sri Lanka in order for restructuring talks to resume

Oman posts $927m quarterly surplus after oil prices rose

The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions

UAE economy forecasted to grow 4.2% in 2022

The growth in the oil sector’s gross domestic product is set to be at 5 per cent this year

Oman’s first quarter deficit rises to $2bn

Public revenue was OMR1.82bn at the end of March

Bahrain puts economic recovery ahead of boosting budget revenue

Bahrain’s public finances have been under strain from the twin shock of the pandemic and lower oil prices

Kuwait parliament national assembly

Kuwaiti voters replace more than half of sitting parliament

The incoming legislature will have 31 new members

Oman seeks to raise billions by leveraging biggest oil block

The sultanate plans to transfer its 60 per cent stake in Block 6 from Petroleum Development Oman to a new company

How diversification can ensure sustainable growth in the GCC

Credit downgrades and double-digit deficits poses challenges for regional countries that are not diversifying their economies

Bahrain offers dollar bond, sukuk to plug growing budget gap

Bahrain is on course to rack up a deficit that the International Monetary Fund projects will be at 15.7 per cent of gross domestic product

Bahrain plans return to debt market with mix of bonds, sukuk

Bahrain is under fiscal strain despite a $10bn bailout package pledged by its wealthier neighbours in 2018