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The International Monetary Fund rules out a global economic recession Time: 05/23/2022 13:01:53 Reading: 845 times {Economic: Al Furat News} The International Monetary Fund ruled out the possibility of a global recession, despite the worsening financial conditions and the slowdown in China's economy. International Monetary Fund Managing Director Kristalina Georgieva said on Monday that the financial crisis, the dollar's rise and the slowdown in China's economy are all factors affecting the global economy, but the IMF does not expect a global recession. "All these factors make rating downgrades a possibility, and for some countries there is an increased risk of recession, but we do not expect a global recession," Georgieva said in a televised interview. "As policymakers and business owners head to Davos, the global economy is likely to face its biggest test since World War II," the Managing Director of the IMF wrote in a blog shared with IMF officials. After a two-year hiatus due to the COVID-19 pandemic, the world's political and economic elites are returning to personally attend the World Economic Forum as attention is focused on the repercussions of the war in Ukraine. International Monetary Fund officials stressed the "growing risk of geo-economic fragmentation," stressing in turn the benefits of globalization. In their blog, IMF officials noted the change in the flow of capital, goods and services over the past three decades, driven by the spread of modern technology, adding: "These forces of integration have boosted living standards and productivity, tripled the size of the global economy and lifted 1.3 billion people out of extreme poverty." . However, this progress is threatened today by the war in Ukraine and the accompanying sanctions and restrictions, as restrictions were imposed on the trade of food, energy and other raw materials in about 30 countries, according to the fund. Reducing trade barriers would help ease supply shortages and lower prices for food and other products. The International Monetary Fund advised countries and companies to diversify their imports to ensure the flow of supplies and "take advantage of the benefits of global integration of companies."
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The World Bank: The public debt of the countries of the Middle East and North Africa is ballooning as a result of Corona Arab and international Economy News _ Baghdad The World Bank warned, on Saturday, that the public debt of the countries of the Middle East and North Africa will inflate and represent 54% of their GDP this year, compared to 46% in 2019, due to the repercussions of the Corona virus. In a report, the World Bank pointed out that the reason for the "significant increase in debt" that the countries of the Middle East and North Africa have witnessed is "borrowing heavily to finance basic health care costs and social protection measures," noting that "the size of the debt of oil importing countries in the region It will constitute a percentage that could reach 93% of its GDP in 2021. ” The World Bank confirmed its recommendations for spending to address the health crisis (the Corona pandemic), considering that "continuing spending and continuing to borrow, will remain an urgent necessity at the present time." "Countries in the MENA region will have no choice but to continue spending on health care and social protection as long as the pandemic continues," he said. On the other hand, the World Bank warned that “in the post-Corona pandemic world, it is expected that most countries in the MENA region will end up with debt service bills that will require resources that could have been used for economic development.” This international financial institution considered that “it is necessary to consider how to reduce the costs of excessive indebtedness in the medium term,” calling on countries to “be transparent in their spending and borrowing in relation to the Coronavirus.” It should be noted that this region, which includes about 20 countries, witnessed a contraction in its economy by 3.8% last year. There should be a fair distribution of Coronavirus vaccines. Number of observations 53 Date added 04/03/2021
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International Monetary warns of economic collapse Time: 03/12/2021 10:17:41 Reading: 1,638 times {Economic: Al Furat News} International Monetary Fund Director Kristalina Georgieva warned Thursday that poor countries may face economic collapse unless the world's richest countries agree to intensify efforts to relieve debt burdens. About 60 percent of low-income countries are already debt-burdened or at high risk, compared to less than half in 2015. Georgieva and Bazar Bashioglu warned that "challenges are escalating for many of these countries," and said, "We may witness an economic collapse in some countries unless the G20 creditors agree to accelerate debt restructuring and suspend debt service while negotiating the restructuring." The Group of 20 major economies launched the Debt Service Suspension Initiative in Spring 2020, which aims to temporarily freeze payments for low-income countries, many of which already faced heavy debt burdens prior to the outbreak of the COVID-19 pandemic. However, this initiative will expire by the end of the year. Very slow progress has been marred by another G-20 plan, the Common Debt Management Framework, which aims to reduce the overall debt burden of poor countries. “Recent experiences of Chad, Ethiopia and Zambia show that the joint framework for debt management must be improved beyond the debt service suspension initiative,” Georgieva and Bazar Bashioglu wrote, acknowledging that the joint framework has yet to deliver on its promises. The reasons for this were many, as coordination between the Paris Club and other creditors as well as various government institutions and agencies within the creditor countries slowed down the decision-making process. "It is also critical that private creditors implement debt relief on similar terms," Georgieva and Pazar Bashioglu wrote. "There is no doubt that 2022 will be more difficult as monetary tightening looms globally," they added.
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