The IMF chief also highlighted the Israeli war on Gaza’s influence on Egypt, Lebanon, and Jordan’s economies through dwindling tourism and increased energy costs.
“We are concerned first and foremost about the epicenter of the war, the tragic loss of lives, but also the destruction and the reduction of economic activity,” the IMF chief pointed out
Regarding the recent issuance of Panda Bonds, the deputy minister stated that expected proceeds will be directed to green investments
The finance minister explained that the impact of the pandemic and geopolitical tensions led to hiking prices of commodities and services. This, in addition to the disruption of global supply chains, has caused a strong inflationary wave that has raised living costs significantly
The IMF also expects government spending to increase to 28.9% of GDP in 2024, up from an estimated 22.8% last year.
