Tunisia is the first country in the Middle East and North Africa (MENA) region to receive an emergency financing of US$745 million to support its fight against the covid-19 pandemic , Said International Monetary Fund (IMF) Middle East and Central Asia Department Director Jihad Azour. The sharp drop in oil prices since early 2020 worsened the situation in the region, particularly for oil-exporting countries. Azour also shed ligh on the complicated financial situation on the world market which caused the outflow of capitals from emerging countries and made challenges facing the region evern harder. “In the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) , the IMF projects that the economy would contract by 3.1 percent in 2020 against a 0.7% growth in 2019,” said Azour. Growth in the region is forecast to reach 2.2% in 2020 compared to 6.2% in 2019, he said.

Source: The North Africa Journal April 15, 2020 17:03 UTC