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Anonymous ID: f4aa17 May 5, 2020, 6:30 a.m. No.9037174   🗄️.is đź”—kun

Market Snap at open

 

DOW futures up slightly over 300. Oil has climbed just over $25/pb. 10yr T-note continued it's slog towards higher yields-good luck there -5 day chart.

Silver up nicely for the time being almost 1.5%

Anonymous ID: f4aa17 May 5, 2020, 6:49 a.m. No.9037317   🗄️.is đź”—kun

Jordan Agrees to $400 Million Loan From IMF

 

Jordan has agreed a $400 million loan with the International Monetary Fund, according to central bank governor Ziad Fariz, and is talking to other international institutions for extra support amid the coronavirus pandemic.

 

“The government will have to resort to borrowing and Jordan needs years to address the debt resulting from the crisis,” Fariz said late on Monday. The economy will start to recover at the end of the third quarter of 2020, and is expected to grow again in early 2021, he said.

 

He forecast that the budget deficit will widen by 1 billion dinars in 2020, to 5% of gross domestic product, due to declines in tourism revenues and exports during the health emergency. But he said the slump in oil prices would limit the negative impact on the current-account balance.

https://www.msn.com/en-us/money/companies/jordan-agrees-to-400-million-loan-from-imf/ar-BB13C4CT

 

Lebanese PM and IMF head discuss country's worst economic crisis in three decades

 

Lebanese Prime Minister Hassan Diab and International Monetary Fund managing director Kristalina Georgieva discussed the government’s plan to rescue the economy from its worst crisis in three decades. Lebanon formally asked the IMF for a loan of at least $10 billion (Dh36.7bn) on Thursday. The economy has buckled under the weight of mounting debt that forced the country to default on eurobonds in March.

 

Lebanon's gross domestic product is set to contract 12 per cent this year, according to IMF projections. The country's debt ballooned to $92 billion at the end of January, making it one of the highest debt-to-GDP ratios worldwide.

 

In total, Lebanon has about $31bn in bond maturities and the bulk of that is held by local financial institutions, with lenders and the central bank accounting for 33.4 per cent and 43 per cent, respectively.

 

Deposit flows, which financed the country’s deficits and shored up its banking system, have dried up while credit has been frozen and the Lebanese pound has lost more than half of its value against the US dollar. Long-running political disputes and successive changes of government have prevented Lebanon from carrying out structural reforms needed to unlock pledges worth $11bn by international donors. The government’s recovery plan is comprised of measures to adjust the exchange rate regime and restructure public debt and the financial sector.

 

It also intends to bring about fiscal consolidation and structural, social and environmental reforms while seeking international financial aid.

 

The programme assumes an exchange rate that fixes the pound at 3,500 to the US dollar – more than double the peg that has existed since 1997.

https://www.thenational.ae/business/economy/lebanese-pm-and-imf-head-discuss-country-s-worst-economic-crisis-in-three-decades-1.1014986