Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.
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The IMF expects a GDP growth rate lower than in 2022 but still at a “strong” pace. Inflation is slowing down and international reserves are “comfortable.”
According to the Fund, the North African country is expected to close the year with 9.2% inflation, pressured mainly by food prices.
The institutions announced a USD 4.5 billion debt relief for the North African country in a t statement. The IMF approved another disbursement of USD 9.3 million and is considering a three-year credit arrangement worth USD 100 million.
The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
The fund and local authorities agreed to a USD 1.2 billion loan. The country is expected to grow 2.6% this year.
An International Monetary Fund mission warned that geopolitical tensions and environmental challenges could affect the country’s growth.
A report from the International Monetary Fund points out that the Arab country keeps facing enormous economic challenges, with a collapsed banking sector, inflation in triple digits, and worsening poverty.
Price increases are expected to alleviate in 2023, but global growth is also projected to fall, according to the World Economic Outlook. In most economies, amid the cost-of-living crisis, the priority remains achieving sustained disinflation.
The International Monetary Fund has raised its growth forecast for Brazil to 1.7%. The previous report had been made public last April.
Palestine grew 6% in 2021, following a 11.3% recession in 2020. An upturn is expected to come only by the end of next year.
The International Monetary Fund announced the deliverance of USD 1.6 billion to the country, concluding a USD 5.2 billion agreement. The organization reemphasized the sound prospects for the Egyptian economy, expected to grow 2.8% in the current fiscal year and 5.2% in the next.
Amid the pandemic, the International Monetary Fund expects the Middle East and North Africa to attain an economic growth, revising its previous forecast of 2.2%.
The International Monetary Fund’s Executive Board confirmed that it will supply emergency to help address the economic impact of the pandemic.
