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Three courses of action could help the region withstand economic headwinds and uncertainties resulting from geopolitical conflict and crises, IMF Managing Director Kristalina Georgieva said during her keynote speech at the Arab Fiscal Forum in Dubai yesterday:
- Phasing out energy subsidies could save the region USD 336 bn and help address pollution and improve social spending;
- Implementing tax reforms and diversifying away from hydrocarbon revenues is also key; and
- Improving state-owned companies’ performance.
Support from GCC countries — and the IMF — will also be crucial for the region moving forward, the IMF head said.
REMEMBER- The IMF recently lowered its MENA growth outlook for the year by 0.5 percentage points, now expecting regional growth to pick up to 2.9% in 2024 from 2.0% the year before. The Fund pointed to temporary oil cuts in Saudi Arabia as the main driver behind the slashed outlook.
Georgieva lauded the Emirates’ strong economic performance during a meeting with Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, where they discussed the bilateral relations between the UAE and the IMF, how the Emirates can contribute to the advancement of global business, and the role of the World Government Summit (WGS) as a platform for addressing global challenges, according to a statement from the Dubai Media Office.
The prime minister also met with World Economic Forum chairman Klaus Schwab to discuss the role of the WGS as a platform for fostering international cooperation and the importance of intergovernmental coordination in confronting global challenges, according to a statement.
