IMF Urges Middle Eastern Governments to Draw-up Rescue Packages in Preparation for an Economic Slowdown

The International Monetary Fund (IMF) has cautioned Middle Eastern governments of the likelihood of a major decline in the regional economic growth, led by a possible slump in Oil Revenues and other disruptions caused by the Coronavirus pandemic.

The IMF's regional director for the Middle East and Central Asia, Jihad Azour stated that the pandemic causes significant economic turmoil in the region through simultaneous shocks such as a drop in domestic and external demand, a reduction in trade, disruption of production, a fall in consumer confidence, and tightening of financial conditions.

The IMF has substantially scaled down growth projections for the region, considering factors su...