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The Latest Breaking News from Fund

War-torn Ukraine needs at least $3 billion a month in 2023, IMF says

Ukraine will need at least $3 billion a month next year to finance its wartime economy, which means allies will have to step up with more support, the head of the International Monetary Fund said.

Tribune News Service

IMF Confirms Saudi Economy’s Growth Forecast in Coming Years

The International Monetary Fund (IMF) confirmed its economic growth forecast for Saudi Arabia for the current year at 7.6 percent, the exact forecasts for July and April. Earlier, the Fund increased its expectations twice for the Saudi economy in 2022, making the Kingdom the only country among the G20 whose…

Asharq Al-Awsat

Brazil's Guedes says IMF overlooked inflation surge, praises Brazil for 'acting early'

Brazilian Economy Minister Paulo Guedes criticized the International Monetary Fund for failing to spot surging inflation, saying it led to "misguided" advice, in contrast to early action in Brazil that he said has put the country ahead of the curve in controlling rising prices.

Reuters

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Saudi Arabia Promotes Investment Environment to Fund Cultural Projects

Saudi Arabia’s Cultural Development Fund launched a partnership with the private sector to bolster the investment environment in the cultural field and provide a crowdfunding opportunity for the first creative projects. The partnership agreement was signed with Beehive company, which provides an inspiring environment for entrepreneurs and artists.

Asharq Al-Awsat

IMF Provides Highest Financing to Arab Countries in Decades

Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), said that the world was going through a delicate stage due to successive shocks and uncertainty in the global economic system. He underlined the need for international cooperation to face challenges, especially with…

Asharq Al-Awsat

Saudi Arabia, Qatar Review Strategy for Joint Business Council

Saudi Minister of Investment Khalid al-Falih held talks at the Federation of Saudi Chambers headquarters with the chairman and members of the Saudi-Qatari Business Council. This comes as Saudi Arabia and Qatar are preparing a joint strategy for business in the private sector in the two countries.

Asharq Al-Awsat

Top UN official praises India for “thoughtful leadership and commitment” to advancing high-impact South South cooperation

India’s Permanent Mission to the UN organised a special event on October 7 Friday to mark the fifth anniversary of the $150 million India-UN Development Fund

The Hindu

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Yemen: Militias Reopen Iranian Hospital That Was Used as Spy Center

The Iranian-backed Houthi militias reopened an Iranian hospital in Sanaa, 13 years after closing it and using it as a center for spying and promoting extremism. The militias changed the hospital's name and allocated more than 3.5 billion riyals to equip it. The move is considered one of the group's…

Asharq Al-Awsat

IMF Expects Yemen to Achieve 2% Economic Growth

The International Monetary Fund (IMF) mission expected that Yemen would achieve a modest economic growth of about two percent this year and 3.2 percent in 2023. However, the Fund called for more reforms, especially with regard to the customs dollar rate, support for the electricity sector, transparency in financial management,…

Asharq Al-Awsat

PIF's Airline to Launch First Flight in 2024

Saudi Crown Prince Mohammad bin Salman has given orders to exploit global economic opportunities following the COVID-19, Public Investment Fund (PIF) Governor Yasir al-Rumayyan revealed. Rumayyan said PIF made a 40 percent profit of about SAR35 billion from investments during the COVID-19 pandemic. He announced that the new airline that…

Asharq Al-Awsat

Saudi Arabia Signs MoU with IMF to Establish Regional Office in Riyadh

Saudi Arabia concluded a memorandum of understanding with the International Monetary Fund (IMF) to establish a regional office in Riyadh, which would boost its presence in the region and provide its economic recommendations to the countries of the Gulf and the region. Saudi Minister of Finance Mohammed al-Jadaan signed the…

Asharq Al-Awsat

The U.K. is staring into an economic abyss

Britain may well pay the price for Prime Minister Truss’s move to take on the ‘economic orthodoxy’ of the Treasury and economists

The Hindu

IMF board approves new food shock financing window to ease war shortages

The International Monetary Fund said its executive board approved a new mechanism for low-condition emergency loans to help vulnerable countries cope with food shortages and rising costs stemming from Russia's war in Ukraine.

Reuters

IMF Says Ukraine War Prompts Worst Global Food Crisis Since at Least 2008

The Ukraine war's disruptions to grain and fertilizer flows have prompted the worst food security crisis since at least the one following the 2007-2008 global financial meltdown, with some 345 million people now facing life-threatening shortages, the International Monetary Fund said on Friday. A new IMF research paper estimates that…

Asharq Al-Awsat

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Reuters

IMF says Ukraine war prompts worst global food crisis since at least 2008

The Conversation

Why IMF comments on the UK economy spooked traders and investors

Everyone from political pundits to people on the street have issued forth on the new UK government’s tax cut-laden growth plan recently. But it was a rare public rebuke from the International Monetary Fund (IMF) that really impacted financial markets.

Reuters

IMF agrees $293 million financing for Barbados, first deal under new trust fund

The International Monetary Fund said on Wednesday that its staff has agreed on some $293 million in new financing for Barbados, including $183 million via a new trust fund created to help vulnerable middle-income and island countries.

The National (Scotland)

Strathclyde Pension Fund told to divest from fossil fuels 'as soon as possible'

SOUTH Lanarkshire Council has passed a motion calling on Scotland’s largest local authority pension fund to divest from fossil fuels.

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Reuters

Ghana negotiations with IMF to be fast-tracked : finance minister

Ghana's negotiations with the International Monetary Fund over a rescue package will be fast-tracked, the country's Finance Minister Ken Ofori-Atta said on Wednesday.

Reuters

IMF urges caution as oil-rich Guyana's economic growth nears 60%

Guyana's economic growth could reach close to 60% this year, the International Monetary Fund said in a statement on Tuesday, urging cautious policies even as the tiny South American nation benefits from surging oil production.

Asharq Al-Awsat

Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

The Saudi Future Investment Initiative Institute (FII) announced it concluded an agreement to boost the tourism sector.

Reuters

World leaders pledge billions to fight AIDS, tuberculosis, malaria on UN sidelines

The Global Fund to fight AIDS, tuberculosis and malaria on Wednesday reached $14.25 billion pledged as world leaders seek to fight the killer diseases after progress was knocked off course by the COVID-19 pandemic.

Reuters

Exclusive-Ukraine calls for bespoke IMF and World Bank programmes

Ukraine will push for unprecedented and bespoke International Monetary Fund and World Bank packages worth tens of billions of dollars in the coming weeks to shore up its war-ravaged finances, the country's top debt management chief told Reuters.

Asharq Al-Awsat

Tunisia Hopes to Reach Deal with IMF By End of October

Tunisia hopes to reach an agreement with the International Monetary Fund by the end of October, the government's spokesperson said on Friday, after a wage deal agreed with unions was seen as a key step towards getting IMF support. "The Tunisian negotiating team was in contact yesterday with (the) IMF…

Al Jazeera

US to move $3.5bn in Afghan assets to Swiss-based trust

Housed in the Bank for International Settlements, new Afghan Fund will be managed by a board of trustees, the US says

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