The International Monetary Fund (IMF) has said that the global economy is slowing down amid “high uncertainties”, urging greater international co-operation and demanding an end to Russia's military offensive in Ukraine.
Nadia Calviño, chairwoman of the Washington-based fund's monetary and financial committee, pointed to multiple shocks, which include the war, soaring inflation and the rising costs of living, that are making it difficult to gauge the global economy's future and cautioned that a downgrade to the outlook is likely.
“More than two years of pandemic, followed by Russia’s war against Ukraine, are weighing heavily on economic activity with significant impact on livelihoods,” said Ms Calviño, who is Spain's Economy Minister.
“Inflation is at multi-decade highs, debt is elevated, food and energy security risks are increasing, supply-chain and trade disruptions persist, and financial conditions are tightening, while capital flow and exchange rate volatility have increased.”
The call, however, was not unanimous: Russia once again blocked a consensus on issuing a joint communique, forcing the IMF to issue a chair's statement instead. Anton Siluanov, Russia's Finance Minister, joined the meeting online.
Separately, IMF managing director Kristalina Georgieva, in a press conference at the annual meetings of the IMF and World Bank in Washington, called for an end to the Russian-Ukraine conflict.
“It is very clear for just on a human level, practical level, objective level — stop the war. Stop the war. This is the most straightforward way to get the world economy in better shape. Stop the war,” she said.
The global economy is being battered by a multitude of geopolitical and economic factors. Inflation in particular has been damaging, soaring to its highest levels in four decades and prompting central banks to raise interest rates to temper it, which raises fears of a recession.
Earlier this week at the meetings, Ms Georgieva had said that the world risks a recession in 2023.
Meanwhile, Russia's offensive in Ukraine, which has entered into its eighth month, has plunged the latter into a deep economic and political crisis.
The conflict is affecting economies around the world, with emerging markets and developing countries in Europe and Central Asia expected to bear the brunt, the IMF had earlier warned.
US Federal Reserve chairwoman Janet Yellen, in a separate conference in Washington, reiterated Ms Georgieva's call.
“It's obvious what the most important is, and everyone agrees Russia should stop its war on Ukraine,” she said.
Last week, the IMF approved the release of $1.3 billion in emergency funding for Ukraine, to help the country meet its “urgent” economic requirements. The fund also signalled that it will continue its support to ensure fiscal stability.
The IMF in the chairwoman's statement called for “appropriate domestic policies and intensified multilateral co-operation” to protect the stability of the global financial system in order to limit “negative spillovers”.
“Our priorities are to fight inflation and to protect the most vulnerable populations while safeguarding debt sustainability, growth, and macro-financial stability, and managing other vulnerabilities,” Ms Calviño wrote.
She said that while central banks are “strongly committed” to achieving price stability and ensuring that inflation remains in check, there needs to be “clear communication” to help avoid exacerbating market volatility
“Fiscal policy will prioritise the protection of vulnerable groups from the burden of rising cost of living through temporary and targeted support while ensuring fiscal sustainability,” she added.
The IMF's monetary and financial committee is expected to hold its next meeting on April 21, 2023.
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
SUCCESSION%20SEASON%204%20EPISODE%201
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Queen
Nicki Minaj
(Young Money/Cash Money)
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
UAE currency: the story behind the money in your pockets
