Egypt secures $1 billion World Bank reform support
Egypt gains new World Bank funding to boost private sector jobs, strengthen fiscal stability and support greener growth goals nationwide....
Tag : IMF
Bahrain and UK review regional tensions and economic risks
MANAMA: Bahrain and the United Kingdom said after meetings in Manama that they had reviewed regional and international developments, with both sides emphasizing the security and economic fallout from the current crisis and the need to support stability. King Hamad bin Isa Al Khalifa met British Prime Minister Keir Starmer on Friday,......
South Korea FX reserves fall in March on stronger dollar
SEOUL: South Korea’s foreign exchange reserves fell in March as a stronger U.S. dollar reduced the converted value of non-dollar assets and authorities used reserves in operations to ease currency-market strain, central bank data showed on Friday. Official reserves stood at $423.66 billion at the end of March, down $3.97 billion from......
India forex reserves hit record $728.49bn on RBI data
MUMBAI: India’s foreign exchange reserves rose to a record $728.494 billion in the week ended Feb. 27, according to data released by the Reserve Bank of India on Friday. The stockpile increased $4.885 billion from $723.608 billion a week earlier, reversing the prior week’s decline. India’s forex reserves comprise foreign currency assets, gold,......
UAE President meets IMF Managing Director in Abu Dhabi
MENA Newswire, ABU DHABI: UAE President Sheikh Mohamed bin Zayed Al Nahyan received Kristalina Georgieva, Managing Director of the International Monetary Fund, at Qasr Al Shati in Abu Dhabi on Monday, as the two sides discussed areas of cooperation and current global economic developments. The meeting took place during Georgieva’s visit to the......
IMF to cut surcharges for member countries starting November 1
The IMF has reduced member borrowing costs by 36%, cutting annual surcharges by $1.2 billion. Five countries, including Argentina and Egypt, will benefit from the new policy starting November 1....
Pakistan’s economy suffers major setback as IMF denies $6 billion loan
The International Monetary Fund (IMF) has dealt another blow to Pakistan’s economy by rejecting the country’s claim of fulfilling the conditions necessary to secure a $6 billion loan. Pakistan signed an agreement with the IMF in 2019 to provide the loan upon meeting certain conditions. However, the funds have not......
A third of world economies will be in recession by 2023 – IMF chief
The International Monetary Fund (IMF) chief Kristalina Georgieva warns that this year will be tougher on the global economy than last year. In a CBS Sunday interview, she said the US, EU, and China are all slowing down simultaneously. “One third of the world economy will be in recession,” she......
Debt forgiveness by late 2023, IMF staff agreement with Somalia
A team from the International Monetary Fund (IMF) reached an agreement with Somalia that will allow the release of about $10 million to that country once it has been approved by the IMF’s board, according to the head of the mission of the IMF. Somalia’s Extended Credit Facility was reviewed......
Asian central banks have been urged by the IMF to tighten policy further
The International Monetary Fund has stated that most Asian central banks must tighten monetary policy further. This is because rising commodity prices and their currencies’ depreciation, driven by steady U.S. interest rate hikes, contribute to inflation exceeding their targets. China and Japan are exceptions, where the economic recovery has been......