Including Iraq.. Middle Eastern countries revive their coffers due to energy sales
political| 11:29 - 19/08/2022
Baghdad - Mawazine News
, the International Monetary Fund said that the countries of the Middle East rich in energy resources will reap up to 1.3 trillion dollars in additional oil revenues over the next four years.
The fund attributed this to unexpected gains, which would enhance the financial strength of sovereign wealth funds in the region at a time when global asset prices are increasingly declining, according to the Financial Times.
The International Monetary Fund's forecasts confirm how "high energy prices are working to revive the coffers of the Gulf states, while most other countries of the world are grappling with high rates of inflation and fears of recession."
As for the forecast before the crisis in Ukraine, the region's oil and gas exporters, particularly the Gulf states, "will see additional cumulative oil revenues of $1.3 trillion through 2026," Jihad Azour, director of the International Monetary Fund for the Middle East and North Africa, told the newspaper. Azour added that
it is important for Gulf countries to take advantage of the recent sudden gains to "invest in the future", including preparations for the global energy transition.