Oil / Middle East: Foreign reserves should increase in 2010
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ennahar
- The recovery of international reserves will allow regional governments to maintain the level of public spending, which helped to mitigate the impact of the global financial crisis on their economies, the report "Regional Economic Outlook" released in Dubai.
"With the rise in crude prices and the expected rebound in global demand, oil revenues should increase and allow for (exporting countries) to increase their international reserves of over 100 billion dollars in 2010," the IMF said.
Exporting countries of the Middle East and North Africa (Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, United Arab Emirates and Yemen) have suffered from falling oil prices about 30 dollars a barrel in late 2008 after peaking at $ 147 a barrel in July of the same year.
Since then, prices have rebounded to be around $ 70 a barrel.
The IMF forecasts that the Middle East, North Africa, Afghanistan and Pakistan have an average growth rate of 4% in 2010.
Ennaharonline/ M. O.
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