Saturday September 18, 2021

Action against ME growth drop urged

March 25, 2020

Dubai: The International Monetary Fund called for urgent action from the Middle East governments on 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.