![IMF's Georgieva says she's confident on global economic outlook despite uncertainties](https://i-invdn-com.investing.com/trkd-images/LYNXNPEK1A012_L.jpg)
© Reuters. FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva attends the 54th annual assembly of the World Economic Forum, in Davos, Switzerland, January 17, 2024. REUTERS/Denis Balibouse/File Photo
By Maha El Dahan and Federico Maccioni
DUBAI (Reuters) -The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Sunday she was assured concerning the financial outlook regardless of uncertainties round battle and geopolitics as the worldwide economic system has remained resilient.
In a speech on the World Governments Summit in Dubai, Georgieva stated the IMF would publish a paper on Monday that reveals phasing out specific power subsidies might save $336 billion within the Middle East, equal to the economies of Iraq and Libya mixed.
She added that along with financial savings, eliminating regressive power subsidies “discourages pollution, and helps improve social spending,” in a duplicate of the speech printed on the IMF web site.
In its newest regional financial replace printed final month, the IMF revised its GDP development forecast for the Middle East and North Africa area downwards to 2.9% this 12 months, due partly to brief time period oil manufacturing cuts.
“While uncertainties are still high, we can be a bit more confident about the economic outlook, because the global economy has been surprisingly resilient,” she stated within the speech.
Speaking concerning the battle in Gaza, Georgieva warned of widening penalties.
“This exceptionally uncertain moment compounds the challenges of economies that are still recovering from previous shocks. And further widening of the conflict would aggravate the economic harm,” she stated.