IMF hopes Lebanon parliament will approve budget ASAP-finance ministry

Updated 25 June 2019

IMF hopes Lebanon parliament will approve budget ASAP-finance ministry

BEIRUT: An International Monetary Fund (IMF) mission to Lebanon said it hoped its parliament would approve the draft 2019 state budget as soon as possible, the Lebanese finance ministry said in a statement.
The head of the IMF mission, Chris Jarvis, hoped “parliament would as soon as possible approve the budget in which work happened to reduce the deficit to 7.6% (of GDP), which will help release funds that Lebanon needs from the Cedre conference,” said the finance ministry statement, which was issued in Arabic.
Donor states and institutions pledged some $11 billion in financing to Lebanon at the Cedre conference in Paris last year, conditional on the country undertaking long-delayed reforms. 


IMF warns of Asia’s darkening growth outlook as trade war bites

Updated 18 October 2019

IMF warns of Asia’s darkening growth outlook as trade war bites

  • The IMF cut its economic growth forecast for the Asia-Pacific region to 5.0 percent for this year and 5.1 percent for 2020
  • It also slashed China’s growth forecast to 6.1 percent for this year and 5.8 percent for 2020
WASHINGTON: Asian nations face heightening risks to their economic outlooks as the US-China trade war and slumping Chinese demand hurt the world’s fastest-growing region, the International Monetary Fund said on Friday.
In its World Economic Outlook report on Tuesday, the IMF cut its economic growth forecast for the Asia-Pacific region to 5.0 percent for this year and 5.1 percent for 2020 — the slowest pace of expansion since the global financial crisis more than a decade ago.
“Headwinds from global policy uncertainty and growth deceleration in major trading partners are taking a toll on manufacturing, investment, trade, and growth,” Changyong Rhee, director of the IMF’s Asia and Pacific department, said during a news conference at the IMF and World Bank fall meetings.
“Risks are skewed to the downside,” he said, calling on policymakers in the region to focus on near-term fiscal and monetary policy steps to spur growth.
“The intensification in trade tensions between the US and China could further weigh on confidence and financial markets, thereby weakening trade, investment and growth,” he said.
A faster-than-expected slowdown in China’s economic growth could also generate negative spillovers in the region, as many Asian countries have supply chains closely tied to China, he added.
The IMF slashed China’s growth forecast to 6.1 percent for this year and 5.8 percent for 2020, pointing to the impact from the trade conflict and tighter regulation to address excess debt.