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.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The five pillars of Islam
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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BMW%20M4%20Competition
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
The%20specs
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Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
MATCH INFO
Asian Champions League, last 16, first leg:
Al Ain 2 Al Duhail 4
Second leg:
Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
