IMF urges action to face 'big drop' in Mideast growth

News Image

MG News | March 24, 2020 at 02:27 PM GMT+05:00

0:00

Mar 24, 2020: The International Monetary Fund called for urgent action from Middle East governments Tuesday as the coronavirus pandemic threatens a persistent slump in oil revenues and a "big drop" in growth.

The International Monetary Fund said a dozen Middle East and North African countries had already approached it for financial support.

It urged governments across the region to swiftly draw up rescue packages to head off a protracted recession.

"The region is likely to see a big drop in growth this year," the IMF's regional director for the Middle East and Central Asia, Jihad Azour, said in a report.

The IMF had already substantially cut its growth projections for the region over low oil prices, civil unrest and US sanctions against Iran.

The coronavirus pandemic has triggered a 50 percent fall in oil prices that has slashed government revenues across the region.

"The coronavirus pandemic has become the largest near-term challenge to the region," Azour said.

"The pandemic is causing significant economic turmoil in the region through simultaneous shocks -- a drop in domestic and external demand, a reduction in trade, disruption of production, a fall in consumer confidence, and tightening of financial conditions."

The coronavirus shutdown is hurting sectors that are major sources of employment like tourism, hospitality and retail, with rising joblessness and falling wages the likely results, he said.

IMF chief Kristalina Georgieva said Monday that world economic growth will be negative this year and could be worse than the 2008 global financial crisis, further sapping demand for Middle East oil.

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 122,030.00 123,615.00
118,675.00
3500.00
2.95%
BRENT CRUDE 71.30 71.53
70.35
0.94
1.34%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 108.75 0.00
0.00
0.05
0.05%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.42 69.65
68.41
0.97
1.42%
SUGAR #11 WORLD 16.56 16.67
16.49
-0.01
-0.06%

Chart of the Day


Latest News
July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD


July 14, 2025 at 03:55 PM GMT+05:00

CCP cracks down on cartels, deceptive marketing


July 14, 2025 at 03:32 PM GMT+05:00

VIS reaffirms entity ratings of At-Tahur Ltd


July 14, 2025 at 03:11 PM GMT+05:00

China posts record trade surplus as US exports stabilize



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg