CAIRO / WAM In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Uma Ramakrishnan held virtual meetings with the Egyptian authorities to discuss IMF financial support for the authorities’ policy plans to ensure macroeconomic stability and a strong economic recovery. At the end of the virtual discussions, Ramakrishnan issued the following statement. ...

RIYADH / WAM The Yemeni government has called on the World Bank to increase its support to the country amid the “huge challenges” its facing as a result of the war fueled by Iranian-backed Houthis, the Covid-19 pandemic, and climate change, reported the Saudi Press Agency (SPA). Yemeni PM Maeen Abdulmalik urged the World Bank to reconsider restructuring the support being ...

Bloomberg The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% to $2.84 billion this year, the nation’s budget office said last month. A protracted loss of income could leave most of Nigeria’s 36 states unable to function. It ...