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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Iraq set to award new Faw Port deals

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Railway line to be built between Mosul, Turkey: governor of Nineveh

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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        Tadweer opens phase 2 of solar power plant at Al Dhafra

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        France to help Iraq generate electricity, will invest in education, science: Macron

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

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          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              IMF report says Iran recovery is impressive

              Financial Tribune

              March 1, 2017
              in Economy
              0
              International Monetary Fund has commended Iran for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits and stabilizing the foreign exchange market.
               
              IMF has projected Iran›s economic growth to stabilize at 4.5% over the medium-term, as the country›s recovery broadens. Real GDP growth is expected to reach 6.6% in 2016/17 and to ease to 3.3% in 2017/18, as oil production remains close to the OPEC target.
               
              Thereafter, IMF predicts, higher foreign direct investment and a gradual improvement in domestic financial conditions will drive investment and stronger non-oil sector growth.   
               
              The current account is forecast to remain in surplus, as higher exports offset the rise in imports related to investment.
               
              Inflation is expected to temporarily rise to 11.9% year-on-year by end-2017/18, reflecting recent liquidity growth and pass-through from exchange rate depreciation, but to return to single digits on the back of prudent fiscal and monetary policies.
               
              The pace of job creation lags, which needed to absorb the large number of new entrants to the labor market and unemployment, remains high.
               
              In its latest report, which is the concluding statement of Executive Board of the IMF’s Article IV consultation with the Islamic Republic of Iran, it notes that economic growth rebounded over the course of 2016/17 on the back of higher oil production.
               
              Real GDP grew by 7.4% in the first half 2016/17, rebounding from recession in 2015/16. However, growth in the non-oil sector averaged 0.9%, despite the pickup registered in the second quarter, indicating continued difficulties in access to finance and domestic financial sector and structural weaknesses.
               
              It adds that inflation declined to single digits and has hovered in the 9.5% range, year-on-year, since mid-2016.
               
              The foreign exchange market stabilized, although it experienced some volatility toward end-2016 before recovering in January 2017. The spread between the official and the market rate has narrowed to about 15%.
               
                Maintaining Momentum
               
              Given the renewed uncertainty, directors of the Executive Board emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector and advancing reforms to lessen Iran’s reliance on oil and develop the private sector.
               
              They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.
               
              The IMF report saw an urgent need for financial sector reforms to sustain financial stability and finance growth. They recommended enhanced supervision of distressed banks and an asset quality review to identify viable banks that warrant recapitalization and nonviable banks to be resolved.
               
              The directors encouraged the authorities to support recapitalization of public banks with measures that improve their commercial viability and wind down directed credit schemes.
               
              They looked forward to the approval of the new banking bill that would give the Central Bank of Iran the supervisory powers to implement reforms. Directors also encouraged the bill’s quick passage to modernize the monetary policy framework and provide greater operational independence to CBI for pursuing low and stable inflation.
               
              The report urged the authorities to implement a mediumterm fiscal framework to underpin their commitment to prudent fiscal policy and ensure gradual fiscal adjustment while funding financial sector reform costs.
               
              Higher revenue collections, further fuel price adjustment and better targeting of cash transfers would create space to support growth and equity through higher public investment and cash transfers to the poor.
               
              The directors encouraged the authorities to explore the scope of using oil revenues to fund bank recapitalization and noted the importance of replenishing the Oil Stabilization Fund to provide the budget a buffer.
               
              “The lifting of sanctions and (Iran’s) ambitious reform agenda are yet to produce their full beneficial impact on the Iranian economy,” Jafar Mojarrad, an IMF executive director, wrote in an addendum to the report.
               
              “Regrettably, remaining US sanctions and related uncertainty have hindered the return of global banks to the Iranian market and continue to hamper large-scale investment and trade.”
               
              The directors welcomed recent steps to strengthen the anti-money laundering/countering financing of terrorism framework, the introduction of International Financial Reporting Standards reporting in banks, and the audit and securitization of government arrears, which will help unlock the balance sheets of corporations and banks, and facilitate greater investment.
               
              They urged the authorities to fully implement the Financial Action Task Force action plan, further enhance the AML/CFT framework, and improve the transparency of corporate ownership to facilitate the country’s reintegration into the global financial system and restore correspondent banking relationships.
               
              The directors noted that reducing the role of the state and improving the business climate would foster foreign investment and aid job creation. Labor market reforms, including specific measures to facilitate youth and female employment, would ensure that more people have opportunities to work and make growth more inclusive.
               
              They approved the retention of temporary exchange restriction and multiple currency practices, but underscored the authorities’ commitment to unify the exchange rate and shift to a managed float by early 2018, to provide flexibility for managing shocks.
               
              The IMF report also urged the authorities to improve the quality, timeliness and availability of data by implementing the Enhanced General Data Dissemination System.
               
              Financial Tribune
              01 March
               
               
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