Uncertainty over the outlook for oil prices and weaker global economic condition...
DUBAI - Uncertainty over the outlook for oil prices and weaker global economic conditions have added pressure on Middle East oil exporters to deepen reforms and boost job creation, the International Monetary Fund said on Monday.
Oil exporters in the Middle East, North Africa, Afghanistan and Pakistan region should resume gradual fiscal adjustment to rebuild buffers and deepen and broaden structural reforms to diversify economies, the report said. The IMF forecast growth among MENAP exporters to slow to 0.4 percent this year from 0.6 percent last year — partly due to an estimated 6 percent economic contraction in Iran and oil output curbs agreed by OPEC and its allies.
Algerian President Adelaziz Bouteflika stepped down after 20 years in power earlier this month after weeks of demonstrations demanding political and economic change in the country. For MENAP oil-importing states, public debt ratios remain well above emerging market thresholds —exceeding 80 percent of gross domestic product in Egypt, Jordan, Lebanon and Sudan — leaving little fiscal space to upgrade infrastructure, invest in health and education and build a sustainable safety net.
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