Ministers of Finance and of Economy and Trade convene with an International Monetary Fund delegation to come up with a growth strategy.
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Ministers from the two North Africa countries met with International Monetary Fund technicians in Washington, US to go over cooperation and economic reform implementation.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
An International Monetary Fund report highlights the Gulf Cooperation Council nations’ strategies to increase the digital sector’s share of GDP and make it dominant in government services.
The International Monetary Fund praises the country’s economic policy management and economic resilience but warns about regional instabilities and climate challenges.
After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.
Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
According to the IMF, recovery was ed by the 2022 peace agreement in Ethiopia, which generated a significant expansion in port activities, train traffic, construction, and energy production.
The International Monetary Fund (IMF) said that notwithstanding the pickup in growth, continued efforts to address water scarcity and enhance governance are essential to bolster Morocco’s growth.
The latest report on global prospects published by the International Monetary Fund says that inflation is slowing but its risks remain. Brazil is projected to grow by 2.2 percent.
Director-General Ngozi Okonjo-Iweala said the two countries put in a “hard work” and implemented beneficial but challenging reforms.
This year’s GDP projections are based on the World Economic Outlook review, which also estimated 1.7% growth for Brazil.
The Arab country is projected to grow 1.3% in 2023 and 1.4% this year, ed by favorable oil prices and reforms. Agriculture, construction, and services are driving the Omani economy.
The Arab country’s economy is projected to sustain its 2023 growth rate this year, according to the Fund’s projections. The IMF approved a new disbursement to Jordan’s economic development.
