One million nationals of oil-rich Gulf Arabs states may be jobless or seeking careers in a bloated public sector by 2018 unless measures are taken to create more private sector jobs, the International Monetary Fund said.
The International Monetary Fund said it isn’t worried about Dubai’s ability to meet its financial obligations after the emirate that almost defaulted in 2009 successfully managed to reschedule payments.
Afghan authorities need to prevent a repeat of the conditions that led to Kabul Bank’s collapse, before the International Monetary Fund agrees to an economic program, the institution’s regional chief said.
The International Monetary Fund will raise its economic growth forecasts for Dubai and the United Arab Emirates as progress in debt restructuring and government spending boosts the economy, IMF Middle East Director Masood Ahmed said.
Less than three years after it was criticized for endorsing policies that deepened economic disparity under Arab autocrats, the International Monetary Fund is lending more money to the region than ever.