© Reuters. FILE PHOTO: Worldwide Financial Fund (IMF) Managing Director Kristalina Georgieva attends the 54th annual assembly of the World Financial Discussion board, in Davos, Switzerland, January 17, 2024. REUTERS/Denis Balibouse/File Photograph
By Maha El Dahan and Federico Maccioni
DUBAI (Reuters) -The managing director of the Worldwide Financial Fund (IMF), Kristalina Georgieva, mentioned on Sunday she was assured in regards to the financial outlook regardless of uncertainties round battle and geopolitics as the worldwide economic system has remained resilient.
In a speech on the World Governments Summit in Dubai, Georgieva mentioned the IMF would publish a paper on Monday that reveals phasing out express vitality subsidies may save $336 billion within the Center East, equal to the economies of Iraq and Libya mixed.
She added that along with financial savings, eliminating regressive vitality subsidies “discourages air pollution, and helps enhance social spending,” in a duplicate of the speech revealed on the IMF web site.
In its newest regional financial replace revealed final month, the IMF revised its GDP development forecast for the Center East and North Africa area downwards to 2.9% this 12 months, due partially to brief time period oil manufacturing cuts.
“Whereas uncertainties are nonetheless excessive, we generally is a bit extra assured in regards to the financial outlook, as a result of the worldwide economic system has been surprisingly resilient,” she mentioned within the speech.
Talking in regards to the battle in Gaza, Georgieva warned of widening penalties.
“This exceptionally unsure second compounds the challenges of economies which are nonetheless recovering from earlier shocks. And additional widening of the battle would worsen the financial hurt,” she mentioned.
