US imposes fresh sanctions targeting Iran oil trade, Hezbollah
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IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice
The massive US tax and spending bill slated for a final vote in Congress runs counter to the International Monetary Fund's recommendations that Washington reduce fiscal deficits over the medium term, IMF spokesperson Julie Kozack said on Thursday. Kozack told a regular news briefing that there was a broad consensus that the Republican bill will add to US fiscal deficits, while the US needs to start a fiscal consolidation. "From the IMF side, we have been consistent in saying that the US will need to reduce its fiscal deficit over time to put public debt-to-GDP on a decisive downward path," Kozack said. "Of course, the sooner that process starts to reduce the deficit, the more gradual the deficit reduction can be over time." Kozack said that there were many policy options for the US to reduce deficits and debt, adding: "It is, of course, important to build consensus within the United States about how it will address its these chronic fiscal deficits." In recent years, the IMF has recommended that the US raise taxes, including on middle income earners, to close fiscal deficits. The Republican tax bill extends 2017 tax cuts and adds new tax breaks for many Americans. The IMF advice is at odds with the views of US Treasury Secretary Scott Bessent, who has consistently said that he disagrees with traditional budget forecasts and believes that the so-called "One Big Beautiful Bill Act" will spur additional US economic growth that will boost revenues. The United States is the biggest shareholder of the IMF. Bessent, who manages the US stake, has criticized the Fund for straying too far from its core economic stability and surveillance missions. Kozack said that the IMF was examining details of the US legislation and the likely impact on the economy, and will incorporate its analysis into the late July update of its World Economic Outlook global growth forecasts. The forecasts also will assess the state of play on US tariffs, after President Donald Trump's July 9 deadline to subject many countries to sharply higher duties unless they agree trade deals.
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Saudi Crown Prince, Germany's Merz Discuss Regional Developments
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Asharq Al-Awsat
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Hamas Seeks Ceasefire Guarantees as Scores More Are Killed in Gaza
Hamas is seeking guarantees that a new US-backed ceasefire proposal for Gaza would lead to the war's end, a source close to the group said on Thursday, as medics said Israeli strikes across the territory had killed scores more people. Israeli officials said prospects for reaching a ceasefire and hostage deal appeared high, nearly 21 months since the war between Israel and Hamas began. Efforts for a Gaza truce gathered steam after the US secured a ceasefire to end a 12-day aerial conflict between Israel and Iran, but on the ground in Gaza intensified Israeli strikes continued unabated, killing at least 59 people on Thursday, according to health authorities in the territory. On Tuesday, US President Donald Trump said that Israel had accepted the conditions needed to finalize a 60-day ceasefire with Hamas, during which the parties will work to end the war. Hamas is seeking clear guarantees that the ceasefire will eventually lead to the war's end, the source close to the group said. Two Israeli officials said those details were still being worked out. In a statement early on Friday, Hamas said it was discussing the ceasefire proposal with other Palestinian factions and would submit its response to mediators once those talks conclude. Egyptian and Qatari mediators have been working to secure US and international guarantees that talks on ending the war would continue as a way of convincing Hamas to accept a two-month truce proposal, Egyptian security sources said. A senior Israeli official close to Prime Minister Benjamin Netanyahu said preparations were in place to approve a ceasefire deal. A separate source familiar with the matter said that Israel was expecting Hamas' response by Friday and that if it was positive, an Israeli delegation would join indirect talks to cement the deal. The proposal includes the staggered release of 10 living Israeli hostages and the return of the bodies of 18 more in exchange for Palestinian prisoners held in Israeli jails, an official familiar with the negotiations said on Thursday. Of the 50 remaining hostages in Gaza, 20 are believed to still be alive. Aid would enter Gaza immediately, and the Israeli military would carry out a phased withdrawal from parts of the enclave, according to the proposal. Negotiations would immediately start on a permanent ceasefire. "We sure hope it's a done deal, but I think it's all going to be what Hamas is willing to accept," US ambassador to Israel Mike Huckabee told Israel's Channel 12 on Thursday. "One thing is clear: The president wants it to be over. The prime minister wants it to be over. The American people, the Israeli people, want it to be over." Huckabee added that he would be taking part in talks next week at the White House, when Netanyahu is due to meet with Trump. 'WHAT CAN WE DO?' In Gaza, there was no sign of immediate relief on Thursday. According to medics at Nasser Hospital, at least 20 people were killed by Israeli fire en route to an aid distribution site. Further north, at least 17 people were killed in an Israeli strike at a school in Gaza City, according to medics. The Israeli military said it targeted a key Hamas gunman operating there and that it took precautions to reduce risk to civilians. "Suddenly, we found the tent collapsing over us and a fire burning. We don't know what happened," one witness, Wafaa Al-Arqan, who was among the people sheltering there, told Reuters. "What can we do? Is it fair that all these children burned?" The war began when Hamas fighters stormed into Israel on October 7, 2023, killing 1,200 people and taking 251 hostages back to Gaza, according to Israeli tallies. Israel's subsequent military assault has killed more than 57,000 Palestinians, according to the Gaza health ministry, while displacing most of the population of more than 2 million, triggering widespread hunger and leaving much of the territory in ruins. Israel says it won't end the war while Hamas is still armed and ruling Gaza. Hamas, severely weakened, says it won't lay down its weapons but is willing to release all the hostages still in Gaza if Israel ends the war.
