Iran's President Hassan Rouhani appealed to the International Monetary Fund Wednesday to approve a $5 billion emergency loan request to combat its novel coronavirus outbreak.
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All tagged IMF
◢ Iran said on Thursday that it has sought immediate financial assistance from the International Monetary Fund to help it combat one of the world's deadliest coronavirus outbreaks. The various loans that can be granted by the IMF must be approved by the institution's executive board, where the United States practically has a veto on decisions.
◢ The IMF has sharply downgraded growth projections for Saudi Arabia and Iran, the two largest Mideast economies, citing the impact of US sanctions, geopolitical tensions and low oil prices. Iran has "been or continues to be experiencing very severe macroeconomic distress," the IMF said, adding that growth in 2020 will be flat.
◢ Tighter U.S. sanctions against Iran could fuel inflation to the highest level since 1980, according to the International Monetary Fund, as the Islamic Republic’s economy grapples with a weakening currency and tighter U.S. sanctions on oil exports. Forecasts released before the U.S. decision show Iran’s gross domestic product set to contract 6 percent this year from 4 percent in 2018 before a marginal recovery in 2020.
◢ The International Monetary Fund on Tuesday worsened its forecast for Iran's recession as US sanctions bite, with Tehran's slump denting overall growth in the Middle East and North Africa. The global lender's World Economic Outlook projected Iran's economy will shrink by a massive 6.0 percent this year, its worst performance since it contracted by 7.7 percent in 2012.
◢ The International Monetary Fund on Tuesday predicted Iran's economy will sink deep in the red due to renewed US sanctions but forecast increased Saudi growth on the back of higher oil production. In its World Economic Outlook, the IMF said the oil-dependent economy of the Islamic republic is expected to shrink by 1.5 percent this year and by 3.6 percent in 2019.
