DIRS.INFO The most relevant business & tech news

☆ 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

☆ 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 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.

☆ 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.

Search resuls for: "Central Asia Department"

8 mentions found