Countries in the Middle East and Central Asia region have been hit by two large and reinforcing shocks, resulting in significantly weaker growth projections in 2020. The COVID-19 pandemic and the plunge in oil prices are causing economic turmoil in addition to the devastating toll on human health in the region. The immediate policy priority is to save lives with much needed health spending, regardless of fiscal space, while preserving engines of growth with targeted support to households and hard-hit sectors. In this context, the IMF has provided emergency assistance to help countries in the region during these challenging times. Looking ahead, economic recoveries should be supported with broad fiscal and monetary measures where policy space is available, and by seeking external assistance where space is limited.
Opening Remarks and Conclusion by Frederick Starr, Chairman, Central Asia-Caucasus Institute at AFPC
Presentation by Juha Kahkonen, Deputy Director, Middle East and Central Asia, Department, IMF
Moderator: Mamuka Tsereteli, Senior Fellow, Central Asia-Caucasus Institute at AFPC
