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The Latest Breaking News from International Monetary Fund

Gap Shrinks between Egypt's Official, Black Market Dollar Prices

The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy. On Thursday, Cairo announced a $3 billion International Monetary Fund deal with a commitment to a “durably flexible exchange rate regime.” The central bank…

Asharq Al-Awsat

Explainer-What happens now that Lebanon is without a president?

Lebanon entered an unprecedented government crisis on Tuesday, with no president, a caretaker cabinet with limited powers and a deeply fragmented parliament.

Reuters

Egypt's Pound Sinks Further Against Dollar After Flexibility Pledge

Egypt's pound fell about 3% to 23.8 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal. The pound slid about 14.5% to 23.1 against the dollar on Thursday after they pledged a "durably…

Asharq Al-Awsat

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IMF says Mideast, North Africa economies resilient in 2022

The International Monetary Fund says the economies of Middle Eastern and North African countries were resilient in 2022, but double-digit inflation is expected to slow growth in the region next year

The Independent UK

Ghana president says IMF talks will not lead to a debt haircut

Ghana's President Nana Akufo-Addo on Sunday said talks with the International Monetary Fund were going well and sought to reassure investors that the negotiations would not lead to a reduction in the face value of government bonds.

Reuters

IMF mission to visit Moldova from Oct 31 to Nov 11

A mission of the International Monetary Fund will visit Moldova from Oct. 31 to Nov. 11 to discuss the country's 2023 budget, its implementation of existing pledges, and the economic risks it faces, the fund said on Friday.

Reuters

Egypt's Pound Slides as IMF Deal Triggers New Exchange Rate

Egypt's pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 billion International Monetary Fund deal with a commitment to a "durably flexible exchange rate regime". The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting, saying…

Asharq Al-Awsat

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Jordan's PM Reshuffles Cabinet

Jordan’s Prime Minister Bisher al Khasawneh announced a cabinet reshuffle on Thursday to improve his administration's performance under IMF-guided economic reforms. The finance, foreign and interior ministers were kept in place in the reshuffle, which changed nearly a third of cabinet ministers overall. Of 11 new ministers, three are women.…

Asharq Al-Awsat

Ghana MPs suspend demand to oust finance minister until after IMF deal

A coalition of Ghana's ruling party members of parliament have called off demands that finance minister Ken Ofori-Atta be removed from office until a support package is negotiated with the International Monetary Fund (IMF).

Reuters

Egypt, IMF reach preliminary agreement for $3 billion loan

The International Monetary Fund has reached a deal with the Egyptian government, paving the way for the country to access a $3 billion loan

The Independent UK

Russian bombings of civilian infrastructure raise cost of Ukraine's recovery: IMF

Russia's latest strikes on civilian infrastructure have raised the cost of Ukraine's recovery and could see it needing close to $4 billion a month just to keep power and water supplies going, the head of the International Monetary Fund said on Wednesday.

Reuters

Egypt Keeps Fuel Prices Unchanged until Year End

Egypt fixed gasoline prices on Saturday, for a period of 3 months until the end of this year, as a result of global economic conditions and their repercussions on the oil markets. The decision comes after three consecutive price increases, and the devaluation of the local currency against the dollar,…

Asharq Al-Awsat

Poor nations face peril over elusive G-20 debt relief push

A failure to secure meaningful progress on a debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated.

Reuters

IMF, Malawi reach staff deal on $88 million emergency financing

The International Monetary Fund said on Friday that it had reached a staff-level agreement with Malawi for up to $88.3 million in emergency financing, as the southern African country struggles with acute forex shortages.

Reuters

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Reuters

IMF concludes mission on Ukraine, urges authorities to avoid eroding tax revenues

An IMF team held productive discussions with Ukrainian authorities this week and will work in coming weeks on their request for enhanced program monitoring in the wake of Russia's invasion, IMF mission chief Gavin Gray said on Friday.

The Independent UK

How the Liz Truss leadership crisis could end in a general election

Conservative government again in turmoil after new PM’s disastrous start

The Independent UK

How the Liz Truss leadership crisis could end in a general election

Conservative government again in turmoil after new PM’s disastrous start

Reuters

UN wants India to mobilise G20 to help debt-stressed countries

U.N. chief Antonio Guterres on Wednesday sought India's support in mobilising G20 nations to help out developing countries saddled with debt, with three of India's neighbours already seeking IMF loans as their economies struggle.

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The Independent UK

Lebanon approves some banking law changes demanded by IMF

Lebanon's parliament has approved amendments to a banking secrecy law, a key demand of the International Monetary Fund before agreeing to a bailout program

Reuters

Malawi close to sealing $54 million IMF emergency funding for economic shock

International Monetary Fund approval of up to $54 million of emergency funding for Malawi is likely in the next couple of days, sources said on Tuesday, as the southern African country struggles with acute forex shortages.

Asharq Al-Awsat

Lebanon MPs Pass Second Attempt at New Banking Secrecy Law

Lebanon's parliament on Thursday passed another round of amendments to a banking secrecy law after the International Monetary Fund said a previous draft retained key deficiencies. The IMF has laid out a list of reforms, including amending its banking secrecy law, that Lebanon must implement before it can gain access…

Asharq Al-Awsat

OECD Expects Saudi Arabia to Top G20 Economies for 2 Years

The real GDP growth projections of the Saudi economy are expected to reach 9.9 percent this year, and six percent in 2023, recording the highest growth rate among the G20 countries, according to a report by the Organization for Economic Cooperation and Development (OECD). The report "OECD Economic Outlook Interim…

Reuters

IMF reaches staff agreement with Somalia, eyes debt forgiveness in late 2023

International Monetary Fund staff on Monday reached a staff-level agreement with Somalia that will allow the release of about $10 million to the East African country, once approved by the board, the head of the IMF mission told Reuters.

Bangkok Post

Ministry eyes steps to spur spending

The Finance Ministry is considering new measures to encourage spending in a bid to maintain the Thai economic recovery, according to Pornchai Thiraveja, director-general of the Fiscal Policy Office (FPO).

Bangkok Post

Tourism, consumption lead GDP growth

The economy is on course for continuous recovery driven by increasing tourism activities and active private consumption, with the growth rate expected to return to pre-Covid level by the end of this year or beginning of 2023, according to Anucha Burapachaisri, the government spokesman.

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