IMF estimates that oil-producing Gulf countries will earn $270B less in export revenues due to Covid-19 pandemic
Representatives of the Organization of Arab Petroleum Exporting Countries are seen in a group photo ahead of the 103rd meeting in Kuwait, December 22, 2019.
The IMF had projected in April that Saudi Arabia’s economy would contract by about 2.3 percent this year. It has since revised that figure downward, saying the kingdom stands to see economic growth shrink by 6.8 percent before climbing to around 3 percent growth next year. While the IMF has for years been urging Gulf states to introduce tougher austerity measures, “we did not recommend the specific measure here” for Saudi Arabia, Azour said.He said the IMF's overall recommendation now is that governments that can afford to do so should consider the risks of a second wave of coronavirus and introduce measures that shore up the economy and protect the livelihoods of people.
The IMF has held more than a dozen meetings with Lebanese authorities over a $10 billion loan request. The IMF says it is still working to assess the country’s financial losses as different arms of the government offer diverging figures.Additionally, Iran is struggling to manage the outbreak of the virus there as officials refuse to impose lockdown measures that would further rattle its economy battered by US sanctions.
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