Financing needs in the Middle East and North Africa are expected to reach $919 billion for this year and next as the region seeks to recover from the coronavirus pandemic, according to the International Monetary Fund.
In an updated outlook published Sunday, it said public-financing requirements were likely to remain above 15% of gross domestic product in most parts of the region through the end of 2022.
The global lender revised its MENA growth projections upward to 4% in 2021, from an earlier estimate of 3.1%. The IMF expects output to expand 3.7% next year, but the improvement will ultimately be determined by the speed of vaccine rollouts, said Jihad Azour, director for the region.
“The recovery has started, but it has started on a divergent path,” he said in an interview. “Our first message is countries need to accelerate vaccinations, give it the first priority. Regional cooperation is welcome.”
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