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Tag Archives: IMF

Patriarch Al-Rai wants anti-corruption Lebanese cabinet

Lebanon’s top Christian cleric said on Sunday a new government must deliver urgent economic and other reforms in the national interest, rather than returning to past corrupt ways that have plunged the Middle Eastern nation into an economic crisis. Patriarch Bechara Boutros Al-Rai, leader of the Maronite church, has an …

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Walid Jumbulat says Lebanon needs new PM

Lebanon needs a new prime minister to help it exit a deep economic and financial crisis, one of the country’s leading politicians said in an interview published on Wednesday. Veteran Druze power broker Walid Jumblatt said replacing Hassan Diab “should seriously be considered because he has amnesia,” according to comments …

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Tunis jobless protesters target oil pumps

Tunisian demonstrators shut an oil pumping station that feeds a coastal terminal on Thursday, escalating weeks of protests for jobs in the marginalized southern region of Tatouine, witnesses told Reuters. The move places further pressure on Tunisian leaders already struggling with political deadlock following the resignation on Wednesday of prime …

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Sudan okays alcohol, and bans FMG

Sudan will permit non-Muslims to consume alcohol and strengthen women’s rights, including banning female genital mutilation (FGM), its justice minister said late on Saturday, in a reversal of almost four decades of hardline Islamist policies. About 3% of Sudan’s population is non-Muslim, according to the United Nations. Alcoholic drinks have …

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Top ministers booted out of Sudanese cabinet

Sudan’s prime minister replaced the finance, foreign, energy and health ministers and three other senior cabinet post-holders on Thursday as part of a sweeping reshuffle, the government said. Authorities had said a reshuffle was coming, but few had expected the exit of Ibrahim al-Badawi, who as finance minister led efforts …

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Corona crisis erupts into Tunis protest marches

Hundreds of Tunisians protested on Thursday in at least seven cities to demand jobs, heaping pressure on a government facing the worse economic crisis in more than 60 years due to the coronavirus pandemic. In the southern city of Gafsa, a witnesses said hundreds of university graduates gathered in front …

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Iran wants IMF loan to sit out corona crisis

President Hassan Rouhani pressed harder on Wednesday for a $5 billion emergency IMF loan Iran has sought to fight the Middle East’s worst coronavirus outbreak, saying the Fund would be guilty of discrimination if it withholds the money. Rouhani also said some businesses will remain closed until further notice, after …

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Moody’s declares Lebanon ‘credit positive’

Lebanon’s possible pursuit of assistance from the International Monetary Fund and World Bank is credit positive and reduces the risk of extreme macroeconomic instability, Moody’s said on Monday. “Without technical and financial support from the IMF, World Bank and international donors, a scenario of extreme macroeconomic instability – in which …

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Nationwide strike in Tunis in protest over IMF cuts

About 650,000 public sector workers went on strike and thousands protested across Tunisia on Thursday over the government’s refusal to raise wages amid threats from international lenders to stop financing Tunisia’s tattered economy. Schools, universities, municipalities and ministries were shut and hospitals were on emergency staffing only in the nationwide walkout …

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IMF predicts upward growth path for UAE

The UAE economy is projected to grow at 2.9 percent in 2018 and 3.7 percent in 2019 against and estimated growth of 0.8 percent, reported Gulf News in an article in the paper today, quoting the latest regional economic outlook report of the International Monetary Fund (IMF). “Growth projections are …

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Tunisia to face wage crunch at IMF’s insistence

Tunisia must keep its public sector wage bill under control to avoid severe debt problems, a senior International Monetary Fund official warned after the government agreed to raise wages of about 150,000 employees of state companies. Late last month, Tunisia’s UGTT union canceled a nationwide strike by public sector workers …

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UAE, Saudi Arabia, Kuwait reaffirm commitment to Bahrain

The Ministers of Finance of the UAE, Saudi Arabia and Kuwait on Wednesday reaffirmed their countries’ commitment to support the financial stability in Bahrain. In a meeting held in Manama, the finance ministers reiterated their support to strengthening the stability of public finances and the stimulation of Bahrain’s economic growth. …

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IMF Urges Egypt to Watch Inflation After New Subsidy Cuts

The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries. The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.” At the same …

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IMF boss urges ‘rainy day fund’ for Eurozone

International Monetary Fund (IMF) chief Christine Lagarde said Monday that Eurozone countries should set up a “rainy day fund” that could cushion members when they hit economic hard times. “For a relatively modest cost … a central fiscal capacity could reduce the negative effects on output by more than 50 …

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What 2018 holds for the UAE

The Levant News Exclusive – by Mohamad Hassan -Dubai – The UAE is considered the second-largest economy in the Arab world (after neighboring Saudi Arabia) and a regional business hub with economic growth of 1.4% in 2017 and a positive economic outlook in 2018. Moreover, it ranked 16th in the Global …

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Morocco loosens currency peg to attract investors

Morocco will loosen its currency peg in a long-awaited move aimed at strengthening its economy and avoiding financial imbalances that forced a slew of emerging nations into sharp devaluations. Bank al-Maghrib, as the central bank is known, will allow the dirham to fluctuate 2.5 per cent above or below its …

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Oman’s economy seems to be in correction mode

Jasim Ali, Special to Gulf News The Omani economy is doing fine in the ongoing environment of continuing socioeconomic challenges. What’s more, multinational agencies are projecting improved performances in the medium-term for the sultanate on the assumption of stronger oil prices. Also, the preliminary projections for 2018 budget assume stronger …

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Egypt, IMF reach agreement on $2b loan instalment

Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday. The payment, which is still subject to IMF executive board approval, will bring total disbursements under …

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IMF and World Bank warn of renewed Gaza violence

THE LEVANT – The World Bank and International Monetary Fund warned Tuesday that insufficient funding and political efforts to rebuild Gaza would make economic recovery almost impossible and lead to further violence. The warnings came three weeks after Israel and Hamas signed a ceasefire to end 50 days of conflict, …

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