Moscow, May 2 (TNS): The International Monetary Fund has released its annual outlook on the Middle East, North Africa, Afghanistan and Pakistan, showing the strengths and vulnerabilities of the region, Russian media reported on Wednesday.
Toughening liquidity, trade tensions between Western and the Eastern countries, as well as open-ended structural matters, mean that Middle Eastern nations are facing a number of challenges, according to the International Monetary Fund’s report.
The overall cumulative fiscal deficits in the Middle East and North Africa (MENAP region, including all Arab nations, Iran and Pakistan) are estimated at $294 billion in the 2018-22 period.
The MENAP countries need to generate some 25 million new jobs over the next five years to guarantee solid economic growth, warning of the negative outcomes of unemployment coupled with rising debt levels, according to the director of the IMF’s Middle East and Central Asia department, Jihad Azour.
The International Monetary Fund has 188 member countries and aims to secure the financial stability among them.
One of the organization’s stated goals is to make financial resources available to member countries to meet their balance of payments needs.