Latest news with #TaarekRefaatInternationalMonetaryFund
See - Sada Elbalad
11-05-2025
- Business
- See - Sada Elbalad
IMF: Egypt Committed to Economic Reforms to Enhance Investment Climate
Taarek Refaat International Monetary Fund (IMF) Mission Chief Ivanna Vladkova Hollar affirmed the Egyptian government's commitment to continuing to implement institutional, legislative, and digital reforms to enhance the investment climate and support sustainable economic growth. This came on the sidelines of a meeting between the Ministries of Investment and Foreign Trade and Finance with an IMF mission. The meeting was held as part of the fifth review, follow-up on the economic reform program, and assessment of progress made on fiscal and structural policies in Egypt. Hollar stated that the Egyptian economy has recently witnessed a significant improvement in growth rates and a decline in inflation rates, expressing optimism that these indicators reflect relative stability despite some temporary challenges. In this context, the Egyptian government is currently working to consolidate and simplify administrative fees and burdens imposed on companies and reduce the number of government agencies dealing with investment projects, according to Minister of Investment Hassan Al-Khatib. He added that the government has launched an electronic platform to unify and simplify licensing procedures, while working to develop a more advanced, unified digital platform that represents a "single window" model to facilitate doing business. The Egyptian Minister of Investment revealed the existence of an independent unit responsible for monitoring and coordinating state divestments from economic activity, alongside another unit responsible for modernizing the governance of state-owned companies to ensure their readiness for IPOs. Separately, the Egyptian Minister of Finance Ahmed Kouchouk addressed the government's efforts to unify fees and facilitate licensing procedures, explaining that an appropriate legislative framework is currently being developed to ensure the sustainability of ongoing economic reforms. He emphasized that the Ministry is working closely with relevant authorities to ensure the expedited issuance of these legislations, which will have a direct impact on improving the investment climate and enhancing the confidence of local and international investors. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
See - Sada Elbalad
23-04-2025
- Business
- See - Sada Elbalad
IMF Reviews Countries, including Argentina, Egypt, Pakistan, with Repeated Programmes: Georgieva
Taarek Refaat International Monetary Fund Managing Director Kristalina Georgieva confirmed that the Fund is reviewing its approach to designing loan programs, particularly with countries that frequently resort to it, such as Pakistan, Argentina, and Egypt, according to Reuters. Georgieva explained in statements on Tuesday that the Fund is not only urging countries to "get their houses in order," but is also evaluating its internal mechanisms, including the terms and duration of financing programs provided to countries. She emphasized that the top priority for the global economy currently is addressing trade tensions, while affirming that the IMF seeks to enhance the effectiveness of its programs by focusing on structural reforms that support growth and give a greater role to the private sector. During the press conference on the World Economic Outlook report, the Fund indicated that the Egyptian economy is expected to achieve a growth rate of 3.8% by the end of the current fiscal year 2024-2025, and is expected to rise to 4.3% in the next fiscal year 2025-2026. IMF Pledges to Strengthen Technical Support to African Countries to Address Debt Burdens The Managing Director of the IMF also confirmed that a number of African and other countries have called on the Fund to provide further technical support to help them deal with high debt levels, during a meeting that lasted an hour and a half and was hosted by the Bretton Woods Group. In a joint statement with Hervé Ndoba, Minister of Finance and Budget of the Central African Republic and Chair of the African Group, Georgieva warned that the continent faces the risk of additional shocks that could derail progress made in reducing inflation, stabilizing public debt, and reducing external imbalances. The statement indicated that economic growth in Africa continues to show some resilience despite multiple shocks, but sudden shifts in the global economic environment have weakened momentum, with the continent's growth forecast for 2025 being lowered by 0.3 percentage points to 3.9%. The statement emphasized the consensus between African leaders and the IMF on the importance of achieving economic and financial stability in parallel with achieving development goals, with a focus on domestic reforms that support fiscal sustainability by improving revenues and spending efficiency. The statement affirmed the Fund's commitment to continuing close cooperation with its member countries to help them overcome complex global economic challenges, noting that the creation of the 25th seat on the Executive Board, allocated to Sub-Saharan Africa, strengthens the continent's voice within the Fund. These statements come at a time of increasing pressure on the Fund to review its policies, especially with some countries repeatedly relying on its programs without achieving sustainable development outcomes. Georgieva said that the Fund will review its role and how it cooperates with other elements of the global financial safety net. The IMF Managing Director added, "The new global policy agenda will place greater emphasis on pro-growth structural reforms and put the private sector in the driver's seat." She stressed the need for the IMF to be "more effective and forthright in debt restructuring." She said, "There is still a lot of unfinished work on debt transparency." Georgieva warned that vulnerable low- and middle-income countries have limited policy space amid the turmoil facing the global economy. The IMF Managing Director promised that the Fund "will do more to help countries by providing technical assistance on debt issues." Commenting on digital money, Georgieva said, "Digital money is here, the question is: How can we mitigate the risks?" The IMF pledges to enhance technical support for African countries to address their debt burdens. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
See - Sada Elbalad
18-04-2025
- Business
- See - Sada Elbalad
IMF Sees Significant Cuts in Global Economic Forecasts, but No Recession
Taarek Refaat International Monetary Fund Managing Director Kristalina Georgieva predicted a downward revision of the Fund's forecasts amid escalating trade tensions and radical shifts in the global trading system, but she does not expect a global recession. Georgieva added that economies are facing a difficult test due to the reboot of the global trading system in recent months as a result of US tariffs and retaliation from China and the European Union, which has unleashed "unprecedented" trade policy uncertainty and extreme volatility in financial markets. She continued, "Disruption carries costs. Our new growth forecasts will include significant price reductions, but not a recession," adding that the forecasts will also include expectations of rising inflation in some countries. Georgieva stated that increased uncertainty has also increased the risk of financial market stress, noting that recent movements in US Treasury yield curves should be considered a warning. 'Everyone suffers if financial conditions worsen,' she said. Speaking at the IMF headquarters in Washington ahead of the IMF and World Bank spring meetings next week, Georgieva did not provide details on the expected adjustments, but warned that continued uncertainty would be costly. US President Donald Trump has upended the global trading system by imposing a wave of new tariffs, including a 10% US tariff on goods from all countries, and higher tariffs on some, suspended for 90 days to allow for negotiations. China, the European Union, and other countries have announced retaliatory measures. In January, the IMF projected global growth of 3.3% in 2025 and 3.3% in 2026. The fund will release an updated World Economic Outlook report next Tuesday. Regarding the International Monetary Fund's forecasts for the global economy—due to be released Tuesday in its World Economic Outlook report—Georgieva revealed that the updated growth forecasts will see "significant reductions, but not to the point of recession," and that inflation is expected to accelerate due to trade tariffs. The World Trade Organization (WTO) also lowered its forecast for this year's merchandise trade volume due to escalating US tariffs, predicting a 0.2% contraction in global merchandise trade in 2025. She added that higher tariffs directly harm growth, noting that past evidence has shown that importers pay higher tariff rates with lower profits, while consumers pay with higher costs. In large economies, these tariffs can also create incentives for new domestic investment, which creates new jobs, but this takes time, according to the IMF chief. 'Protectionism weakens productivity in the long run, especially in small economies,' the director said, warning that moves to shield industry from competition also undermine entrepreneurship and harm innovation. Georgieva urged countries to respond wisely to the sudden and sweeping shifts in tariffs, which have pushed the effective tariff rate in the United States to levels not seen in centuries, prompting a reaction from other countries. 'While giant countries face off, smaller ones find themselves caught in crosscurrents,' Georgieva said. She added that China, the European Union, and the United States are the world's three largest importers, which has significant implications for smaller countries that are more vulnerable to tighter financial conditions. She emphasized that countries must continue working on economic and financial reforms while maintaining flexible and credible monetary policy, as well as strong financial market regulation and oversight. She also emphasized that emerging market economies should maintain flexible exchange rates, and that donor countries should better protect aid flows to vulnerable low-income countries. Georgieva also called for cooperation among countries, urging the largest economies to reach a trade settlement that maintains openness and relaunches a global trend toward lowering tariff rates and reducing non-tariff barriers. Georgieva said, "We need a more resilient global economy, not a slide toward fragmentation. All countries, large and small, can and should play their part in strengthening the global economy in an era of more frequent and severe shocks." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
