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The IMF has approved a $400 million disbursement for Ukraine as part of the Extended Fund Facility, bringing total funding to $10.1 billion out of a planned $15.6 billion over four years. Despite a resilient economy, challenges persist, with inflation exceeding expectations and a projected growth slowdown into 2025. External financing remains crucial as Ukraine faces ongoing economic pressures from the war.
UBS economists indicate that Argentina is close to securing a positive deal with the IMF, following optimistic discussions between President Javier Milei and IMF Director Kristalina Georgieva. Economy Minister Caputo expects an agreement by April, crucial for repaying debt and enhancing central bank reserves, with potential funding exceeding $12 billion, possibly reaching $20 billion. The deal may also facilitate easing capital controls and transitioning to a more flexible exchange rate.
UBS economists indicate that Argentina is nearing a positive agreement with the IMF, following optimistic discussions between President Javier Milei and IMF Director Kristalina Georgieva. Economy Minister Caputo anticipates an agreement by April, crucial for repaying debt and potentially easing capital controls. The IMF may provide over $12 billion, with discussions ongoing about the program's total, which could reach up to $20 billion, including new funds.
UBS economists indicate that Argentina is nearing a positive agreement with the IMF, following constructive discussions between President Javier Milei and IMF Director Kristalina Georgieva. Economics Minister Caputo anticipates a deal by April, which may include up to $20 billion, crucial for managing debt repayments and enhancing central bank reserves. The agreement is expected to facilitate a shift towards a more flexible exchange rate regime.
The IMF forecasts global growth to remain at 3.3% in 2025, slowing to just above 3% over the next five years, with MENA growth rebounding to 3.6% due to increased oil production and easing conflicts. However, rising global public debt is projected to reach 100% of GDP by 2030, with many MENA countries exceeding 70%, risking a low-growth, high-debt scenario. Key challenges include job creation, social safety nets, and economic diversification, while digital innovation, particularly AI, is expected to significantly boost the UAE’s GDP by 2030.
Xi Jinping has reaffirmed China's commitment to achieving a 5% GDP growth target this year, positioning the country as a key driver of global economic expansion. Following a shift in monetary policy aimed at addressing weak consumption and deflation, Chinese stocks saw initial gains, while bond yields hit record lows. As trade data reveals a decline in imports and modest export growth, investors await further government measures to stimulate domestic demand amid ongoing economic challenges.
A coalition of international organizations has launched guidelines to leverage open finance for enhancing digital financial services and promoting financial inclusion, particularly for the 1.4 billion people without basic transaction accounts. The initiative aims to democratize access to financial products while addressing potential risks related to data security and consumer protection. Key figures emphasize the importance of balancing innovation with adequate regulation to ensure the benefits of open finance are realized for all, especially marginalized groups and small businesses.
IMF chief Kristalina Georgieva will attend the UN climate summit in Baku virtually, marking her first absence in person in four years. Her decision comes as she travels to Peru for an Asia-Pacific Economic Cooperation forum, followed by a Group of 20 leaders summit in Brazil.
Egypt is conducting a comprehensive survey to assess the effects of significant economic reforms on its population, collaborating with the International Monetary Fund to protect the most vulnerable. Discussions during IMF chief Kristalina Georgieva's upcoming visit to Cairo will focus on the readiness of social protection programs and a potential review of the $8 billion loan deal amid regional instability.
President Xi Jinping's recent economic stimulus package has drawn skepticism from global leaders in Washington, who are calling for more comprehensive measures to address China's growth challenges. US Treasury Secretary Janet Yellen criticized the initiative for not addressing overcapacity and weak domestic demand, while IMF director Kristalina Georgieva warned of potential growth dropping below 4% without necessary reforms. Concerns about the clarity and effectiveness of the fiscal package were echoed by other finance officials, highlighting a lack of confidence in the current measures.
Kristalina Georgieva
People
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IMF approves 400 million funding for Ukraine amid ongoing economic challenges
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