The IMF said that the global economy will grow just 2.8 per cent this year, down from its forecast in January of 3.3 per cent, according to its latest World Economic Outlook.

The International Monetary Fund is forecasting slower global growth and urges countries to get their 'houses in order,' though it notes a global recession is unlikely.

In a statement, the IMF said strengthening communications could include explanations on how quickly the Bank of Canada thinks the policy rate could return to neutral.

A United Arab Emirates investment firm bought a 30% stake in Egypt’s largest tobacco company for $625 million, the latest step in the North African nation’s ambitious program to offload state assets and raise sorely-needed foreign currency.