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Sunday, Mar 03, 2024

IMF Director Highlights Increasing Influence of Arab Region

IMF Director Highlights Increasing Influence of Arab Region

IMF Managing Director Kristalina Georgieva noted the expanding impact of the Arab region on the global economy amidst significant changes worldwide.
At Dubai's 8th annual Arab Fiscal Forum, Georgieva emphasized the crucial leadership roles of regional figures in guiding major financial institutions.

She recognized the influence of Saudi Finance Minister Mohammed Al-Jadaan and others in governing bodies like the World Bank and IMF. The Economic Committee is headed by Minister Al-Hussaini, while Al-Jadaan chairs the IMFC.

Georgieva projected the Middle East and North Africa's GDP growth at 2.9% for the year and is cautiously optimistic about the global economic outlook, despite persistent uncertainties from conflicts and geopolitical tensions.

The IMF chief observed that although the global economy has shown resilience with better-than-expected growth in 2023 and predicted inflation decline in 2024, medium-term growth is muted at around 3%, below the historical 3.8% average.

She cited the recent conflict in Gaza as a potential risk to the economy, especially if it expands.

Georgieva emphasized the Arab world's vital role during these challenges and its potential to foster a more stable future. Since the pandemic onset, the IMF has distributed $64 billion to the MENA region, with $8 billion allocated in 2023 alone.

On February 12, the IMF will release a report detailing how removing energy subsidies could save the Middle East $336 billion, urging subsidy reform to reduce pollution and boost social spending.
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