{"id":550798,"date":"2022-04-27T13:11:43","date_gmt":"2022-04-27T13:11:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/the-2022-imf-world-bank-spring-meetings-have-ended-here-are-the-key-takeaways\/"},"modified":"2022-04-27T13:11:43","modified_gmt":"2022-04-27T13:11:43","slug":"the-2022-imf-world-bank-spring-meetings-have-ended-here-are-the-key-takeaways","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/the-2022-imf-world-bank-spring-meetings-have-ended-here-are-the-key-takeaways\/","title":{"rendered":"The 2022 IMF + World Bank Spring Meetings have ended: Here are the key takeaways"},"content":{"rendered":"

<\/a> RECAP \u2014 <\/strong>The IMF \/ World Bank Spring: <\/strong>The war in Ukraine and ensuring food security in developing countries stole most of the attention last week as global financial chiefs descended upon Washington, DC for the IMF \/ World Bank\u2019s annual Spring Meetings. The general outlook this year was grim as heightened concerns over the fragile state of a global economy suffering from a high inflation climate and a war in Europe took center stage. Here\u2019s our round-up of what drove the headlines during the week.<\/p>\n

Global growth downgraded:<\/strong> The main event came on Tuesday, when the IMF released its latest World Economic Outlook. As anticipated, the Fund downgraded its global growth projections<\/a> for the second time this year, warning that economic activity is in for a \u201csignificant slowdown\u201d due to the war in Ukraine. Its economists are now expecting the global economy to grow by 3.6% this year, 0.8 percentage points lower than its January forecast<\/a>.<\/p>\n

There was good news if you\u2019re Egypt<\/strong>, which was spared from the global trend. The IMF upgraded its growth forecast for Egypt, and now expects its economy to expand 5.9% this year, 0.3 percentage point higher than anticipated in January. The revision is the second time the IMF has improved its outlook on Egypt this year.<\/p>\n

\u201cThe world\u2019s growth engines are now sputtering\u201d:<\/strong> That was the reaction to the report by Allianz Chief Economist and markets sage Mohamed El Erian, who wrote in an op-ed for Project Syndicate<\/a> that the IMF\u2019s downgrading of its 2023 growth forecast to 3.6% was an indicator that traditional export- and foreign investment-led growth models are losing their effectiveness. Why? Protectionism, latent supply chain issues caused by the pandemic and the general trend towards deglobalization.<\/p>\n

The World Bank pledged bns of USD to help countries facing pandemic, food crises:<\/strong> The Bank said<\/a> it is in talks to provide USD 170 bn in emergency financing over the next 15 months to help vulnerable countries facing \u201cmultiple overlapping crises\u201d including the pandemic, soaring inflation, and food and energy insecurity. Details on how the funding will be distributed remain to be seen, but the lender said it hopes to have USD 50 bn to deploy by the end of 2Q 2022.<\/p>\n

Calls for the G20 to get serious on debt relief:<\/strong> The IMF urged rich nations to offer debt relief to low-income nations, which have been battered by the pandemic and now soaring food and energy prices. The G20 common framework \u2014 an initiative backed last year to help poor countries handle unsustainable debt levels \u2014 \u201chas yet to deliver,\u201d the IMF\u2019s chief economist, Pierre-Olivier Gourinchas, wrote in the Fund\u2019s outlook. \u201cWhen a country is in a situation where its debt is not sustainable, it is in everyone\u2019s interests to have an expeditious process for debt relief. The common framework is not proving to be quick enough in providing resolutions,\u201d he said<\/a>.<\/p>\n

But the G20 seems to have sat on its hands:<\/strong> The group doesn\u2019t appear to have discussed any concrete mechanisms for moving towards greater debt relief, with a statement<\/a> following their meeting saying only that it \u201cdiscussed progress on the implementation of the G20 Common Framework on Debt Treatment, and called for the next steps to be more timely, orderly and predictable.\u201d<\/p>\n

One of the world\u2019s most debt-distressed countries made progress towards an IMF loan:<\/strong> Sri Lanka could be closer to receiving an aid package from the IMF and World Bank after \u201cfruitful discussions\u201d during the meetings, the IMF said<\/a> on Saturday. The Fund is considering offering a USD 500 mn emergency loan while the World Bank will provide USD 10 mn for essential medical purposes, according to Reuters<\/a>.<\/p>\n

But there was no word on Egypt\u2019s prospects for another emergency loan:<\/strong> Egypt was expected to discuss with IMF officials its application for a third programme, with Georgieva saying ahead of the meetings<\/a> that the Fund would hold talks to discuss the country\u2019s rising debt levels. Neither the Egyptian government nor the IMF have since commented on the status of the talks.<\/p>\n

Prepare for further market instability as rates rise:<\/strong> A senior IMF official warned that global financial markets will likely continue to fall as central banks across the world continue to raise interest rates to combat spiraling inflation. Equities, corporate bonds and sovereign debt will likely see a \u201ccertain amount of readjustment\u201d going forward as financial conditions tighten, Tobias Adrian, director for monetary and capital markets at the IMF, told CNBC<\/a>.<\/p>\n

There was plenty of talk of assistance for Ukraine: <\/strong>IMF Managing Director Kristalina Georgeiva said Wednesday<\/a> that Ukraine will likely need around USD 15 bn over the next three months to keep it afloat, and that the Fund will hold talks with other countries to provide grant financing. The US said<\/a> it would give another USD 500 mn to help keep the government functioning, doubling the USD 500 mn pledged in March.<\/p>\n

G7 officials didn\u2019t want to hear any Russian during the event<\/strong>, staging walkouts<\/a> during the G20 session and several IMF meetings in protest at Moscow\u2019s participation following its invasion of Ukraine.<\/p>\n

US urges caution on Russia gas ban:<\/strong> US Treasury Secretary Janet Yellen called on the EU to exercise caution on a full ban of Russian energy to avoid rising energy prices globally and economic hardship in Europe. \u201cMedium-term, Europe clearly needs to reduce its dependence on Russia with respect to energy, but we need to be careful when we think about a complete European ban on say, oil imports,\u201d she said during a presser on Thursday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

RECAP \u2014 The IMF \/ World Bank Spring: The war in Ukraine and ensuring food security in developing countries stole most of the attention last week as global financial chiefs descended upon Washington, DC for the IMF \/ World Bank\u2019s annual Spring Meetings. The general outlook this year was grim as heightened concerns over the […]<\/p>\n","protected":false},"author":1,"featured_media":550799,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[317,93,633,119,926,272,182,349,1341,1510,304,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-commodities","tag-energy","tag-enterprisepm","tag-financial-markets","tag-g20","tag-imf","tag-inflation","tag-interest-rates","tag-russia-ukraine-conflict","tag-the-macro-picture","tag-ukraine","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"c69ff8a0-8de9-4355-8231-75868417d1b4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/528.jpg","photo_position":"above","related_issue":[550788],"teaser":"","voice_url":""},"yoast_head":"\nThe 2022 IMF + World Bank Spring Meetings have ended: Here are the key takeaways - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/the-2022-imf-world-bank-spring-meetings-have-ended-here-are-the-key-takeaways\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 2022 IMF + World Bank Spring Meetings have ended: Here are the key takeaways\" \/>\n<meta property=\"og:description\" content=\"RECAP \u2014 The IMF \/ World Bank Spring: The war in Ukraine and ensuring food security in developing countries stole most of the attention last week as global financial chiefs descended upon Washington, DC for the IMF \/ World Bank\u2019s annual Spring Meetings. 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It took the confluence of Ramadan, Western Easter, Coptic Good Friday and Passover to slow down the freight train that is the 2022 news cycle, but we\u2019re not complaining.Sound smart: The overlapping of Ramadan, two Easters\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548131,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/imf-is-gloomy-and-uncertain-on-global-economy\/","url_meta":{"origin":550798,"position":1},"title":"IMF is \u201cgloomy and uncertain\u201d on global economy","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"The IMF has revised downwards its global growth outlook for this year and next, warning that gathering headwinds are pushing the world closer to recession. In its updated World Economic Outlook (pdf) released yesterday, the Fund cut its 2022 forecast by 0.4 percentage points and now sees the global growth\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593994,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/imf-downgrades-expectations-for-2019-global-growth-amid-synchronized-slowdown\/","url_meta":{"origin":550798,"position":2},"title":"IMF downgrades expectations for 2019 global growth amid \u201csynchronized slowdown\u201d","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"IMF downgrades 2019 global growth outlook to 3%: The global economy is in a \u201csynchronized slowdown,\u201d IMF Chief Economist Gita Gopinath said in the fund\u2019s latest World Economic Outlook (pdf), which has again downgraded its 2019 growth projections to 3.0% from 3.3% in its April report. Growth is expected to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544686,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/the-russia-ukraine-war-will-curb-our-economic-growth-and-hit-the-budget-imf\/","url_meta":{"origin":550798,"position":3},"title":"The Russia-Ukraine war will curb our economic growth and hit the budget \u2013IMF","author":"enterpriseam admin","date":"16 March 2022","format":false,"excerpt":"In case Ahmed Kouchouk\u2019s warning wasn\u2019t enough, the IMF also thinks emerging markets including Egypt will need to hedge against the economic risks associated with the war in Ukraine, IMF Director for ME and Central Asia Jihad Azour told CNBC Arabia (watch, runtime: 15:43). Egypt\u2019s budget will likely face pressure\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550050,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/","url_meta":{"origin":550798,"position":4},"title":"Price pressures likely to trigger recession next year -IMF","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"The IMF expects more than a third of the global economy to contract \u201cthis year or next,\u201d it warns in its October World Economic Outlook (pdf) released yesterday. The Fund maintained its global GDP forecast of 3.2% for this year but is less optimistic about next year, when it expects\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546006,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/imf-upgrades-egypts-gdp-growth-in-2022-despite-a-significant-slowdown-globally\/","url_meta":{"origin":550798,"position":5},"title":"IMF upgrades Egypt\u2019s GDP growth in 2022 despite a \u201csignificant slowdown\u201d globally","author":"enterpriseam admin","date":"20 April 2022","format":false,"excerpt":"The IMF has cut its global GDP forecast for this year and the next as surging inflation and economic fallout from the war in Ukraine hit growth prospects. The Fund revised downwards its growth projections for 2022 and 2023 to 3.6% in its latest World Economic Outlook \u2014 that\u2019s 0.8\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550798"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550798\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/550788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550799"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550798"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550798"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}