Washington (Archyde.com)
The frequency and intensity of climate-related disasters in the Middle East and Central Asia are increasing faster than anywhere else in the world, said Kristalina Georgieva, managing director of the International Monetary Fund, which poses a “significant risk” to growth and prosperity. The region infected and displaced an average of seven million people annually, causing more than 2,600 deaths and $2 billion in material damage.
Georgieva said in remarks prepared for the World Government Summit in Dubai: «Drought in North Africa, Somalia and Iran. Epidemics and locust outbreaks in the Horn of Africa. Severe floods in the Caucasus and Central Asia. The list of disasters is growing rapidly.”
An analysis of data covering the past century showed that temperatures in the region rose 1.5 degrees Celsius, twice the global increase of 0.7 degrees Celsius, and already scant rainfall became more variable than any other region, according to the International Monetary Fund report.
It added that this phenomenon caused a permanent loss in the level of GDP by 5.5 percentage points in the Caucasus and sub-regions of Central Asia.
Georgieva called on all countries to adapt their economies to climate challenges. She commended the UAE for its pledge to invest more than $160 billion in renewable energy to reach carbon neutrality and zero emissions by 2050.
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International Monetary Fund
Egypt requests support from the International Monetary Fund
written by Alexandra Hartman Editor-in-Chief
07:31 PM
Wednesday 23 March 2022
I wrote – Yasmine Selim:
A statement from the International Monetary Fund said today, Wednesday, that Egypt has requested support from the Fund to implement its comprehensive economic program.
According to Celine Allard, Egypt’s Chief of Mission for the IMF, “The rapidly changing global environment and the fallout associated with the war in Ukraine pose important challenges for countries around the world, including Egypt.
She explained that a set of macroeconomic measures and structural policies would mitigate the impact of this shock on the Egyptian economy, protect the weak, and maintain Egypt’s resilience and growth prospects in the medium term.
To this end, recent measures taken by the authorities to expand targeted social protection and implement exchange rate flexibility are welcome steps, Allard said.
It added that continued exchange rate flexibility will be essential to absorb external shocks and protect fiscal margins during this turbulent time.
Prudent fiscal and monetary policies will also be needed to maintain macroeconomic stability.
She explained that staff are working closely with the Egyptian authorities to prepare for program discussions with the aim of supporting our shared goals of economic stability and sustainable, job-rich and inclusive growth over the medium term for Egypt.
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