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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    IMF warns of slowing regional economic growth due to Iran ban

    Rocky
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    IMF warns of slowing regional economic growth due to Iran ban Empty IMF warns of slowing regional economic growth due to Iran ban

    Post by Rocky Mon 29 Apr 2019, 2:36 pm


    IMF warns of slowing regional economic growth due to Iran ban

    15:52 - 29/04/2019



    IMF warns of slowing regional economic growth due to Iran ban %D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-696x435
    Information / follow-up ...
    The International Monetary Fund warned of slowing regional growth in the Middle East due to US "sanctions" on Iran , political and military turmoil in the region and simultaneous oil price instability.
    In a report on regional economic prospects in the Middle East, North Africa, Pakistan and Afghanistan, the IMF said that the outlook for countries in the region is highly uncertain, driven by unrest and limited economic growth.
    "This uncertainty may increase investor fears of risks in the region as a whole, which could lead to the flight of funds and the exchange rate under pressure," he said.
    The IMF claimed its expectations that the economy in Iran , OPEC's third-largest producer, would shrink by 6 percent this year from 3.9 percent


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    IMF warns of slowing regional economic growth due to Iran ban Empty The IMF urges Middle East oil exporters to intensify diversification of the economy

    Post by Rocky Mon 29 Apr 2019, 2:57 pm

    [size=36]The IMF urges Middle East oil exporters to intensify diversification of the economy[/size]

    Economy | 12:34 - 29/04/2019

    IMF warns of slowing regional economic growth due to Iran ban 92942019_frg


    Follow - up to the balance of News 
    International Monetary Fund said on Monday that the uncertainty surrounding the outlook of oil prices and weak global economic conditions impose more pressure on oil exporters in the Middle East to deepen reforms and promote job creation. 
    The IMF said in its regional economic forecasts that many countries in the region embarked on financial and economic reforms after the collapse of crude oil prices in 2014, which hurt their finances and hampered growth, but unemployment remains high and overall growth is expected to remain weak this year. 
    Oil exporters in the Middle East, North Africa, Afghanistan and Pakistan should resume financial controls to rebuild shocks and deepen and expand structural reforms to diversify their economies, the report said. 
    "This has become a more urgent requirement given the less effective growth results due to the slow control of financial conditions and unemployment, which remain high, especially among young people," he said.
    The Fund's calculations indicate that the GCC alone will need to create about 1 million new jobs annually for at least five years to absorb the new workforce. 
    The IMF expects growth in exporters in the Middle East, North Africa, Afghanistan and Pakistan to slow 0.4 percent this year from 0.6 percent last year, in part due to a projected 6 percent economic contraction in Iran and oil production constraints agreed between OPEC and its allies. 
    The Gulf countries are expected to see a slight increase in growth to 2.1 percent from 2 percent last year, mainly driven by government spending and the start of work on some infrastructure projects. 
    Algeria's economic growth is expected to accelerate slightly to 2.3 percent from 2.1 percent due to higher oil and gas production, while Iraq's growth will further increase to 2.8 percent from 0.6 percent last year.
    Unrestrained unemployment 
    The International Monetary Fund said rising social tensions in some countries on the back of declining growth and burdens of reforms could threaten macroeconomic stability and possibly fuel conflicts. 
    Algerian President Abdelaziz Bouteflika stepped down after 20 years in power earlier this month after weeks of demonstrations demanding political and economic change in the country. 
    Sudan's long-running ruler, former President Omar al-Bashir, was ousted in a military coup this month after continuing protests over high costs of living and high unemployment. 
    "Economic factors are often a catalyst for protest and other forms of social unrest ... Progress on these issues is still slow," the IMF said.
    For oil-importing countries in the Middle East, North Africa, Afghanistan and Pakistan, public debt remains well above the ceiling of emerging economies, exceeding 80 per cent of GDP in Egypt, Jordan, Lebanon and Sudan, thus narrowing the financial space for infrastructure development and investment in health and education. And building a sustainable safety net. 
    "The efforts to control the financial situation need to be intensified to rebuild the shock absorbers and be appropriately geared towards focusing on fiscal restraint that does not negatively affect growth," the IMF said. 
    In most of the region, economic growth engines are still largely driven by the state, with national firms dominating sectors such as transport, energy and construction. 
    The IMF said state-led growth models tended to compete with private sector credit and did not provide the broad-based and sustainable growth necessary to create jobs.


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    IMF warns of slowing regional economic growth due to Iran ban Empty The IMF urges Middle East oil exporters to intensify diversification of the economy

    Post by Rocky Mon 29 Apr 2019, 3:15 pm

      The IMF urges Middle East oil exporters to intensify diversification of the economy

    IMF warns of slowing regional economic growth due to Iran ban 14863

    LONDON (Reuters) - The uncertainty over oil prices and weak global economic conditions are putting more pressure on oil exporters in the Middle East to deepen reforms and boost job creation, the International Monetary Fund said on Monday.
    In its regional economic outlook, the IMF said many countries in the region embarked on fiscal and economic reforms after the collapse of crude prices in 2014, which hurt their finances and hampered growth, but unemployment remains high and overall growth is expected to remain weak this year.
    Oil exporters in the Middle East, North Africa, Afghanistan and Pakistan should resume financial controls to rebuild shocks and deepen and expand structural reforms to diversify their economies, the report said.
    "This has become a more urgent requirement given the less effective growth results due to the slow control of financial conditions and unemployment, which remain high, especially among young people," he said.
    The Fund's calculations indicate that the GCC alone will need to create about 1 million new jobs annually for at least five years to absorb the new workforce.
    The IMF expects growth in exporters in the Middle East, North Africa, Afghanistan and Pakistan to slow 0.4 percent this year from 0.6 percent last year, in part due to a projected 6 percent economic contraction in Iran and oil production constraints agreed between OPEC and its allies.
    The Gulf countries are expected to see a slight increase in growth to 2.1 percent from 2 percent last year, mainly driven by government spending and the start of work on some infrastructure projects.
    Algeria's economic growth is expected to accelerate slightly to 2.3 percent from 2.1 percent due to higher oil and gas production, while Iraq's growth will further increase to 2.8 percent from 0.6 percent last year.

    Unemployment does not budge

    The increasing social tensions in some countries on the back of declining growth and burdens of reforms could threaten macroeconomic stability and may fuel conflicts, the IMF said.
    Algerian President Abdelaziz Bouteflika stepped down after 20 years in power earlier this month after weeks of demonstrations demanding political and economic change in the country.
    Sudan's long-running ruler, former President Omar al-Bashir, was ousted in a military coup this month after continuing protests over high costs of living and high unemployment.
    "Economic factors are often a catalyst for protest and other forms of social unrest ... Progress on these issues is still slow," the IMF said.
    For oil-importing countries in the Middle East, North Africa, Afghanistan and Pakistan, public debt remains well above the ceiling of emerging economies, exceeding 80 per cent of GDP in Egypt, Jordan, Lebanon and Sudan, thus narrowing the financial space for infrastructure development and investment in health and education. And building a sustainable safety net.
    "The efforts to control the financial situation need to be intensified to rebuild the shock absorbers and be appropriately geared towards focusing on fiscal restraint that does not negatively affect growth," the IMF said.
    In most of the region, economic growth engines are still largely driven by the state, with national firms dominating sectors such as transport, energy and construction.
    The IMF said state-led growth models tended to compete with private sector credit and did not provide the broad-based, sustainable growth necessary to create jobs.

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    IMF warns of slowing regional economic growth due to Iran ban Empty IMF: Non-Oil Growth to Increase to 5.4%

    Post by Rocky Wed 08 May 2019, 3:15 am

    IMF warns of slowing regional economic growth due to Iran ban Safe_image.php?d=AQDjlzz5tiMhHHcf&w=540&h=282&url=http%3A%2F%2Fwww.iraq-businessnews.com%2Fwp-content%2Fuploads%2F2017%2F08%2FIMF-Executive-Board

    IMF: Non-Oil Growth to Increase to 5.4%

    An International Monetary Fund (IMF) team led by Gavin Gray visited Amman from April 26 to May 2, to hold discussions with the Iraqi authorities in the context of the 2019 Article IV Consultation.

    At the end of the visit, Mr. Gray made the following statement:

    “The end of the war with ISIS and a rebound in oil prices provide an opportunity to rebuild the country and address long-standing socio-economic needs. However, the challenges to achieving these objectives are formidable. The economic recovery has been sluggish, post-war reconstruction is limited, and large current spending increases risk placing the public finances and central bank reserves on an unsustainable path. Moreover, combatting corruption is critical to promote the effectiveness of public institutions and to support private-sector investment and job creation.

    “Near-term vulnerabilities subsided in 2018, with the budget in surplus and a build-up in central bank reserves. Non-oil growth is expected to increase to 5.4 percent in 2019 on the back of higher investment spending. However, fiscal deficits are projected to rise over the medium term, requiring financing that may crowd out the private sector or erode central bank reserves. In these circumstances, it would be hard to sustain capital spending, and growth would slow markedly.

    “Policy changes and structural reforms—including to improve governance—are therefore essential to maintain medium-term sustainability and lay the foundations for inclusive growth.

    “Fiscal policy should aim to scale up public investment gradually while building fiscal buffers. To make space for this, staff recommends budgetary savings of around 9 percent of GDP over the medium term through tight control of current spending, particularly public-sector wages, and phased measures to boost non-oil revenue. Setting ceilings on current expenditure in the 2020 budget onwards would strengthen the fiscal framework’s capacity to support higher capital spending and to adapt to oil price shocks. Key reforms should include:

    Containing public-sector wages. Spending pressures could be dampened in the short run through compensation measures such as capping allowances, bonuses and other non‑base wage payments, and by not fully replacing retirees. Structural measures will be required over the medium term, based on a functional workforce review as well as deeper civil service reform once new HR management and information systems are in place.
    Electricity reforms are key to addressing the weak quality of service and reducing the high budgetary costs, due to modest tariff rates, chronic non-payment of electricity bills, poor maintenance and over-reliance on expensive generation sources, coupled with losses throughout the generation, transmission, and distribution process. It would be important to ensure that the poor and most vulnerable are protected throughout this reform.
    Bolstering public financial management. Enhancing the legal framework and improving commitment and other control systems are key to minimizing misuse of public resources and restoring budgetary discipline.
    “In the financial sector, a robust plan to restructure the large public banks coupled with enhanced supervision is essential to secure financial stability and will help promote financial development and inclusion. Strengthening anti-money laundering and countering financing terrorism (AML/CFT) controls and oversight will help prevent Iraq’s financial sector from being misused for the laundering of criminal proceeds and terrorist financing.

    “Addressing governance weaknesses and corruption vulnerabilities is critical to achieving the described policy objectives. As a first step, the authorities need to develop a comprehensive understanding of the corruption risks present in Iraq and then implement policies to tackle these risks in a coherent and coordinated manner. The legislative framework needs to be strengthened to effectively prevent officials from abusing their position or misusing state resources. To this end, laws strengthening the asset declaration regime and criminalizing illicit gains should be rapidly adopted. Furthermore, the independence and integrity of bodies involved in combatting corruption should be ensured and the AML/CFT regime should be mobilized to support anti-corruption efforts.

    “The team will prepare a report that, subject to management approval, is tentatively scheduled to be considered by the IMF’s Executive Board in July 2019.

     https://www.iraq-businessnews.com/

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