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☆ IMF's Azour: Middle East going through severe developments
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Azour: Middle East going through severe developmentsJihad Azour, director of the Middle East and Central Asia Department at the IMF, speaks to CNBC's Karen Tso.

Persons: Karen Tso Organizations: Central Asia Department, IMF Locations: East

IMF Managing Director Kristalina Georgieva said the organization was closely monitoring the economic impact of the war, especially on oil markets, where prices have fluctuated. The IMF expects economic growth to slow to 2% this year in the Middle East and North Africa, from 5.6% last year, as countries keep interest rates higher and contend with rising oil prices and local challenges. That's below the IMF's forecast for global economic growth of 3% this year but above next year's expected 2.9%. Political Cartoons View All 1207 ImagesWealthy countries in the Persian Gulf and elsewhere will benefit from higher oil prices, while Egypt and Lebanon are still contending with soaring inflation, the IMF said. Egypt secured a $3 billion IMF bailout last year that requires a raft of economic reforms, including a shift to a flexible exchange rate and a higher borrowing costs.

Persons: Kristalina Georgieva, Jihad Azour, ”, “, Azour, ” Azour, Jordan Organizations: United Arab Emirates, International Monetary Fund, IMF, Central Asia Department Locations: DUBAI, United Arab, Ukraine, Israel, Marrakech, Morocco, East, North Africa, That's, Persian, Egypt, Lebanon, Sudan

☆ Lebanon’s top Christian cleric slams failed attempt to elect a president
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, June 18 (Reuters) - Lebanon’s top Christian cleric said on Sunday the constitution and democratic system had been violated in "cold blood" during a failed attempt to elect a new president last week, and warned that divisions in the nation had widened. Patriarch Bechara Boutros al-Rai spoke in his first sermon since the Iran-backed Shi'ite group Hezbollah and its closest allies thwarted an attempt by factions including the main Christian parties to elect an IMF official as president. Wednesday's events marked the 12th time parliament failed to elect someone to the post - reserved for a Maronite Christian in Lebanon's sectarian system and vacant since the term of the Hezbollah-allied Michel Aoun ended in October. The Hezbollah-allied Parliament Speaker Nabih Berri ended the session when Hezbollah and its allies withdrew, denying a quorum for a second round when 65 votes are needed to win. Without naming him, Lebanon's Shi'ite mufti accused him of being backed by Israel.

Persons: Bechara Boutros, Rai, Michel Aoun, Jihad Azour, Amal, Azour, Suleiman Frangieh, Nabih Berri, Elias Audi, Berri, Maya Gebeily, Tom Perry, Hugh Lawson, Frances Kerry Organizations: Hezbollah, Maronite, Israel, Thomson Locations: BEIRUT, Iran, Israel, Lebanon

Neither Azour nor Hezbollah-backed candidate Suleiman Frangieh came close to winning the 86 votes needed to win in a first round vote. Azour, the IMF's Middle East Director and an ex-finance minister, won the support of 59 of 128 lawmakers. Hezbollah and its allies then withdrew from the session, denying the two-thirds quorum required for a second vote in which 65 votes are enough for victory. Azour thanked lawmakers who backed him, saying he hoped the will expressed by "the majority of deputies" would be respected. George Adwan, a Christian lawmaker with the anti-Hezbollah Lebanese Forces party, said the vote was "a major victory" because it showed Azour close to 65 votes.

Persons: Gebran Bassil, Azour, Suleiman Frangieh, Frangieh, Nabih Berri, Michel Aoun, Hussein al, Haj Hassan, Bashar al, Assad, George Adwan, Mohamed Azakir, Matthew Miller, Miller, Mohanad Hage Ali, Riad Salameh, Sheikh Ahmad Qabalan dialled, Issam Abdallah, Simon Lewis, Tom Perry, John Stonestreet, Mark Heinrich, William Maclean Organizations: BEIRUT, Hezbollah, IMF, Maronite, Hezbollah Lebanese Forces, REUTERS, U.S . State Department, Carnegie Middle East Center, West, Thomson Locations: Lebanon, Iran, Muslim, Saudi Arabia, Lebanese, Yemen, Beirut, Washington, U.S, United States, Israel, Damascus

☆ Podcast: Trump in court, Lebanon’s power vacuum and UAE sex trafficking
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

Former President Donald Trump is headed to federal court in Miami, with thousands of supporters expected to protest. Why Lebanon’s powerful Hezbollah movement are set to reject a senior IMF official as president. Plus, how deception and inaction underpin the UAE’s thriving sex trafficking industry. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further ReadingTrump faces difficult odds in classified-documents caseAnalysis: Lebanon's Hezbollah mobilises to block IMF's Azour for presidencyHow torture, deception and inaction underpin UAE's thriving sex trafficking industryOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Azour Organizations: Apple, Google, Reuters, IMF, Thomson, Reading Trump Locations: Miami

☆ Lebanese Christian and opposition coalition nominate IMF's Azour for president
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, June 4 (Reuters) - Lebanon's disparate opposition, independent and main Christian parties said on Sunday they had nominated IMF official Jihad Azour for the presidency in a challenge to Hezbollah-backed candidate Suleiman Franjieh. A meeting of the parties endorsed the nomination of Azour, currently director of the Middle East and Central Asia Department at the International Monetary Fund and also a former Lebanese finance minister. Pro-Iranian Hezbollah, the country's main armed political force, and its Shi'ite ally Amal, had backed Franjieh, 56, heir of an old Lebanese Christian political dynasty and an ally of Syrian President Bashar al-Assad with strong ties to the ruling political establishment in Damascus. "This new candidate that was announced is for us a candidate for confrontation," Hezbollah deputy Hassan Fadlallah said on Sunday, without naming Azour. Washington has warned that the administration was considering sanctions on Lebanese officials for their continued obstruction of the election of a new president and warned the paralysis could only worsen the country's crisis.

Persons: Azour, Suleiman Franjieh, Michel Aoun's, Amal, Bashar al, Assad, Michel Mouawad, Lebanon's, Beshara al, Rai, “, Hassan Fadlallah, Suleiman Al, Khalidi, Maya Geibeily, David Holmes Organizations: Central Asia Department, International Monetary Fund, Hezbollah, Lebanese Christian, Maronite, Thomson Locations: BEIRUT, East, Lebanese, Lebanon, Damascus, Azour, Syria, Iran, Arab, Washington

☆ Saudi economy edging closer to reducing dependence on oil –IMF official
▼ + stars: | 2023-05-03 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

The Saudi economy grew 8.7% last year, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years. The IMF projects that Saudi GDP growth will more than halve, to 3.1%, this year, in line with the forecast for Middle East oil exporters. "Clearly, the strategy over the last five to six years has helped the Saudi economy, and also the public finances, to be less dependent on the cycle of oil." Saudi Arabia has embarked on an ambitious economic transformation plan known as Vision 2030, investing billions to diversify into sectors such as tourism, launch massive infrastructure projects, and develop the financial and private sectors. "The size of the non-oil economy is growing and it's mainly driven by the private sector," Azour said.

WASHINGTON, April 17 (Reuters) - Just a month after the biggest banking crisis in more than a decade, the world's top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability - at least publicly. Some officials conveyed a sense that banking system safety was further down the priority list of global economic problems. "But it's still something where we need to stay vigilant and address potential risks which may emerge in our financial system," Dombrovskis told reporters. He added that the European Union's banking system was stable, well capitalized with ample liquidity. But during the IMFC's closed meeting, the possible spillovers from financial stability risks were a main topic, Ukrainian Finance Minister Serhiy Marchenko told Reuters.

☆ Saudi stocks gain on rising oil prices; Qatar falls
▼ + stars: | 2023-04-16 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%. Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement. In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%. Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ IMF sees high rates, oil prices and inflation worries in Middle East
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 15 (Reuters) - Banks in the Middle East and Central Asia have very limited exposure to last month's banking turmoil in the United States and Europe, but financial pressures are adding to strains caused by high interest rates, volatile oil prices and years of double-digit inflation, a top IMF official said on Saturday. Jihad Azour, director of the International Monetary Fund's Middle East and Central Asia department, said the banking sector strains came on top of tighter monetary policies that raised rates and reduced accessibility to finance. "We are worried because the matrix of risks keeps growing: high interest rates, volatility in oil prices, geopolitical tensions, and it's the third year in the row where you have double-digit inflation," he said. "And they have a window of opportunity with governments now willing to do more, and not to put money in the central bank coffers." The IMF on Thursday forecast that GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago.

☆ IMF says has not received request from Tunisia to re-examine reforms
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

"The Fund did not impose any diktats," Azour said, according to the TAP state news agency. The IMF postponed in December its board meeting on a loan program for Tunisia that was scheduled to give the authorities more time to finalize it. "This program has been designed, proudly by the Tunisian authorities," Azour said during the briefing. Without a loan, Tunisia faces a full-blown balance of payments crisis. Most debt is internal but there are foreign loan repayments due later this year, and credit ratings agencies have said Tunisia may default.

☆ IMF says yet to agree date with Egypt for programme review
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

Disbursements under the 46-month programme are subject to eight reviews, the first of which was dated March 15, 2023, in an IMF staff report published in December. "Egypt really needs to show some meaningful measures to rebuild confidence and show that the process has started," said Monica Malik of ADCB. "It's better to start the review once there is tangible signs of process with reforms, including on a flexible currency." In its December accord with the IMF, Egypt also promised to sell state assets worth billions of dollars over the next four years. "Egypt has done important reforms over the last few years, and the fund has been very supportive..," Azouri said.

KARACHI, Pakistan, April 13 (Reuters) - Pakistan's debt continues to be sustainable, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday, after the government reiterated it had completed all requirements to receive a critical bailout from the IMF. Pakistan's finance ministry on Thursday said IMF deputy managing director Antoinette Moniso Sayeh was confident of signing the staff level agreement very soon. Pakistan's government reiterated on Thursday it has completed all requirements to receive the critical bailout money from the fund following a meeting with Sayeh. "The finance minister also shared that all the international obligations have been addressed in time," the finance ministry said in a news release. On Wednesday, Pakistan's finance ministry release a statement following talks with the IMF's Middle East and Central Asia Director Jihad Azour.

☆ MENA, Central Asia economies show resilience but global headwinds loom -IMF
▼ + stars: | 2022-10-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

DUBAI, Oct 31 (Reuters) - Economic activity in the Middle East and Central Asia was resilient with recovery continuing in 2022 but the region must guard against growing global headwinds and push ahead with reforms, the International Monetary Fund said on Monday. Countries should be on alert as "headwinds are growing, vulnerabilities are growing" with a global economic slowdown, volatile food and energy prices and tightening financial conditions, IMF Middle East and Central Asia Director Jihad Azour told Reuters ahead of the October report's release. An urgent policy challenge was tackling the cost-of-living crisis by restoring price stability, protecting vulnerable groups through targeted support and ensuring food security. Economic growth in 2023 was forecast by the IMF at 4% percent and likely narrow to 3.5% in the medium term. "Spillovers from the war could put the CCA's progress toward reducing poverty and inequality at risk," the report said.

☆ Egypt interest rate hike step in right direction, IMF official says
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohamed Abd El GhanyDUBAI, Oct 31 (Reuters) - Egypt's move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund official said. Egyptian authorities pledged a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting. "The measures that the central bank took last week in hiking interest rates. He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states' deposits in Egypt's central bank.

☆ Energy exporting countries should be 'less dependent' on the oil cycle, says IMF
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy exporting countries should be 'less dependent' on the oil cycle, says IMFJihad Azour, the International Monetary Fund’s Middle East and Central Asia director, told CNBC that energy exporting countries should be “less dependent” on the oil cycle.

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