IMF calls for Mideast sovereign wealth funds to boost local economies - Reuters:
Sovereign wealth funds in the Middle East should be used to boost growth, an International Monetary Fund (IMF) official said on Monday, as regional economies struggle with the coronavirus pandemic and the crippling impact of lower oil prices.
Oil exporters in the Middle East and North Africa (MENA) region are expected to see a yearly decline in oil export receipts this year of $226 billion, according to the IMF.
This is likely to weigh on their budgets, widening fiscal deficits and potentially limiting governments’ firepower to boost economic growth.
For Gulf oil exporters this is problematic as government spending has been a key engine of economic transformation plans launched over the past few years to diversify their economies away from oil revenues.
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