IMF Urges Middle East’s States to Roll Back Grip on Economies - Bloomberg

IMF Urges Middle East’s States to Roll Back Grip on Economies - Bloomberg

The International Monetary Fund called on states across the Middle East and North Africa to curb their dominance over their local economies, one of a brace of proposals it said would boost the region’s sluggish growth.

“Leveling the playing field between public and private firms is a key priority,” Managing Director Kristalina Georgieva said Sunday in a statement. She also urged more efficient and targeted social assistance, as well as a revamp of education and training systems to meet the needs of an estimated 100 million youth coming of working age in the next decade.

“Many countries in the region are still struggling to ensure greater and fairer opportunities for all,” Georgieva said as IMF and World Bank meetings in Marrakech, Morocco — the first on the African continent in 50 years — neared a close.

The IMF has revised down this year’s economic growth estimate for the Mideast and North Africa to 2% from 3.1%, citing oil production cuts that have taken a toll on the region’s largest economies such as Saudi Arabia.

Georgieva also called for greater participation of women in the workforce and using green investments as an engine of job creation. The region’s tax systems may also need redesigned to widen their bases and “reduce distortions,” she said.

“By working together, we can tackle old and new challenges and build a future for the region grounded in a more sustainable and inclusive model of development,” the IMF chief said.