Gita Gopinath speaks during a news conference in Washington. File/Reuters
News from the economic front is a mixed bag. By all accounts the immediate outlook is bad. But the chances of an early recovery are said to be bright.
The economic fallout from the coronavirus pandemic could inflict “significant scarring” worldwide and the outlook for recovery remains highly uncertain, IMF chief economist Gita Gopinath said on late Friday.
Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund said in its latest forecast.
Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan programme with the lender.
Dubai non-oil trade continued its growth against the current crisis. Being a hub for gold and diamond trading and making, Dubai made Dhs67.1 billion from gold and diamond air-cargo trade between March and the end of June 2020.
Emirates Islamic, one of the leading Islamic financial institutions in the UAE and rated A+ (stable) by Fitch, has successfully closed the issuance of a $500 million 5-year Sukuk from its $2.5 billion Certificate Issuance Programme.
The UAE’s Ministry of Finance (MoF) and the Ministry of Health and Prevention (MoHAP) recently participated in the virtual Joint Meeting of G20 Finance and Health.
Rolls-Royce shares hit their lowest level since 2004 on Monday after the British aero engine maker confirmed it was considering a rights issue of up to 2.5 billion pounds ($3.23 billion) following months of speculation about its finances.