Middle East oil exporters' foreign reserves to rise by US$100 billion
Source: BI-ME and AFP , Author: BI-ME staff
Posted: Sun October 11, 2009 1:46 pm

UAE. Oil exporters in the Middle East and North Africa region are expected to increase their international reserve positions by over US$100 billion in 2010 as oil prices rebound, the IMF said on Sunday.

The rebuilding of their international reserve positions would help governments of the region maintain public spending, which has helped mitigate the impact of the global financial turmoil on their economies, the International Monetary Fund said in report released in Dubai.

"With higher oil prices and the anticipated re-emergence of global demand, oil revenues are expected to increase, allowing oil exporters to rebuild their international reserve positions by over 100 billion dollars in 2010," the Middle East and Central Asia Regional Economic Outlook report said.

Oil exporters -- Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, United Arab Emirates and Yemen -- have suffered as oil prices dropped to near Us$30 dollars per barrel around the turn of the year. Since then, it has rebounded to around US$70 per barrel.

The IMF projected that the economies of all countries of the Middle East and North Africa in addition to Afghanistan and Pakistan are expected to grow 4.0% in 2010.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 13, 2016
QATAR. The turmoil in financial markets at the beginning of this year has prompted some to question whether the US Federal Reserve should have increased interest rates in December.
date:Posted: February 13, 2016
KUWAIT. Kuwait has built up very large fiscal and external net asset positions over many years, which will continue to help it weather the current low oil price environment; The overall fiscal and external balance sheets will remain strong, backed by a significant stock of financial assets.
date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
KUWAIT. Kuwait has built up very large fiscal and external net asset positions over many years, which will continue to help it weather the current low oil price environment; The overall fiscal and external balance sheets will remain strong, backed by a significant stock of financial assets.
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