© 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 Picture
By Maha El Dahan and Federico Maccioni
DUBAI (Reuters) -The managing director of the Worldwide Financial Fund (IMF), Kristalina Georgieva, stated on Sunday she was assured concerning the financial outlook regardless of uncertainties round struggle and geopolitics as the worldwide financial system has remained resilient.
In a speech on the World Governments Summit in Dubai, Georgieva stated the IMF would publish a paper on Monday that exhibits phasing out express power 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 power subsidies “discourages air pollution, and helps enhance social spending,” in a duplicate of the speech printed on the IMF web site.
In its newest regional financial replace printed final month, the IMF revised its GDP development forecast for the Center East and North Africa area downwards to 2.9% this yr, due partially to quick time period oil manufacturing cuts.
“Whereas uncertainties are nonetheless excessive, we could be a bit extra assured concerning the financial outlook, as a result of the worldwide financial system has been surprisingly resilient,” she stated within the speech.
Talking concerning 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 irritate the financial hurt,” she stated.