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Samson » October 7th, 2020
International Monetary: The global economy is in a "less bad condition" than before
10th October, 2020
The International Monetary Fund confirmed that the global economy looks "less bad" than it was in June, and that it will adjust its forecast for global production in 2020 with a "slight" increase.
This came in statements made by the Director of the International Monetary Fund, Kristalina Georgieva, that she made during an event at the London School of Economics.
"My main message is: The global economy is rising again from the depths of this crisis," Georgieva said. "But this disaster is not yet nearing its end. All countries are now facing what I will call the long rise, which is a difficult climb that will take a long time and it will be intermittent and foggy and prone to pitfalls," she added in a speech that was considered a "removal of the star". Georgieva said that the fund still expects a "partial and irregular" recovery in 2021. The fund predicted in June that the global growth rate would reach 5.4 percent in 2021.
In a related context, Kristalina Georgieva suggested that the countries of the world would face huge bankruptcies and permanent economic damage if stopped prematurely. Monetary and financial support provided at the present time to help their economies during the current crisis, saying: "We are very clear in the message that we are sending which is not to withdraw support prematurely ... If we do so, we may face massive bankruptcies and massive unemployment."
And she added that the IMF does not see a way out of the current crisis next year, so it should continue to suspend debt service payments for poor countries.
She said that tax reform is critical to helping countries with debt-servicing obligations, adding that very low or negative interest rates can contribute to supporting economies during the pandemic, but they carry increased risks for the owners of savings and the banking system. LINK
Turkey is the first country to default on its foreign debt
16:31 - 10/07/2020
The former chief executive of the International Monetary Fund, Desmond Lachman, warned that Turkey would be among the first countries that would default on its debts if the global liquidity situation worsened.
In an interview with the Greek news site Liberal, published Monday, Lakman said that Turkish companies and banks will soon face problems paying about $ 300 billion in debt due to the weakness of the country's economy and currency.
Lakman stressed that the Turkish economy is “disconnected from reality,” which is evident in the “excessive optimism” of the latest economic program announced by the son-in-law of Turkish President Recep Tayyip Erdogan, Berat Albayrak, late last month, according to the “Ahwal” website, which specializes in Turkish affairs.
Lachman pointed out that while Turkey is going through a stifling economic crisis that the Corona pandemic will deepen its repercussions, Berat Albayrak stressed that the country's economy will recover next year and grow at a rate of about 6 percent, ignoring the Turkish lira's 25 percent decline this year, as well as the disappearance of most of the central bank's reserves From foreign exchange in favor of supporting the lira.
The Turkish economy continues its continuous deterioration, as the lira recorded its weakest level in about a week on Tuesday due to concerns about possible sanctions after Bloomberg published a report stating that Ankara will soon test the Russian S-400 air defense system it bought.
The pound lost about 0.5 percent to record 7.8 against the dollar, and its price was 7.7950 pounds at 15:03 GMT. LINK
Source: Dinar Recaps
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