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The Middle East will lose out on $270 billion worth of oil income amid virus, recession
The international lender expects an overall economic contraction of 7.3% in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF's initial projections in mid-April.
Global public debt, fiscal deficits to reach all-time high, IMF warns
Some, emerging market economies may face a costly debt rollover if fina...
Pandemic knocks Singapore into recession as GDP plummets 41% in second quarter
Gross domestic product (GDP) dived by a record 41.2% in the th...
Forex kitty swells nearly $5 bn to fresh high of $522.63 bn
The overall reserves had swelled by USD 1.275 billion to USD 517.637 billion in the previous reporting week.
Saudi oil exports down by $12 billion year on year in April
Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said. Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia's oil exports plunged by 21.9 per cent year on year to $40 billion.
China's economy recovers from Covid impact but there's a lot behind the numbers
On Thursday, China reported gross domestic product increased 3.2% from a year earlier. That’s better than forecast and a big improvement from the 6.8% decline during the first three months of the year.
Pakistan's economy contracts for first time in 68 years by -0.38%
Advisor on Finance Abdul Hafeez Sheikh, releasing the Pakistan Economic Survey 2019-20 said the economy suffered massively due to the coronavirus pandemic which has so far infected about 120,000 people in the country, and forced the government to impose lockdown in March for several weeks.
Six candidates battle it out for WTO leadership
The United States, which has threatened to leave the WTO, has blocked the organisation's dispute settlement appeal system since December, and wants China moved up from the developing economies category.
Debt relief for poorest countries could extend beyond 2020, G7 says
In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called for strengthened reporting of public debt data, and said all creditors - public and private - should make responsible lending decisions in line with debt sustainability guidelines.
Forex reserves hit fresh all-time high, touch $513.25 bn
In the previous week ended Jun 26, the reserves had increased by USD 1.27 billion to USD 506.84 billion.
Saudi shoppers rush to buy gold before taxes triple
Saudi shoppers have rushed to buy big-ticket items such as gold, appliances and electronics ahead of the announced tripling of taxes on basic goods on Wednesday as the government tries to shore up revenue for its economy battered by the coronavirus and low oil prices.
International Monetary Fund approves debt relief for 25 poor countries
The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021.
Australia's Qantas airline to cut 6,000 jobs as virus hits
Qantas announced a plan Thursday to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing 747 planes.
Beware second wave of coronavirus, medics warn Britain
Britain has one of the world's highest death tolls from COVID-19 but infections have fallen. Govt plans to lift many restrictions in England from July 4 to help an economy facing the deepest contraction in three centuries. With fears of renewed spikes of infections concerning leaders around the world, some of Britain's most eminent health leaders want urgent preparations.
Get out or stay put? Investors start to worry as stocks rally loses steam
Indian equity benchmark Sensex witnessed a solid 32 per cent jump from its March 23 low of 25,981 to hit the 38,492 level on July 28. It has since come down about 3 per cent .