Oman, often deemed to have the weakest economy among the six-nation GCC, is at the forefront of concern/Bloomberg
by BloombergThe International Monetary Fund (IMF) said that dollar pegs in the Gulf have proven effective even as the region now faces COVID-19 outbreak and oil prices crash.
Jihad Azour, the IMF’s Director for the Middle East and Central Asia, said that billions of dollars’ worth of stimulus packages were rolled out to cushion regional economies after the pandemic, but growth for the remainder of the year will depend on whether the global economy will recover fast or not.
Dollar pegs in the Gulf have been serving very well and it’s still appropriate, especially countries who have buffers that have the ability to use their reserves in order to address the shock, said Azour.
Oman, often deemed to have the weakest economy among the six-nation GCC, is at the forefront of concern.
“Oman has a higher level of debt and maybe less buffers, therefore, for Oman the policies have to be maybe less expensive,” said Azour.
MOST READ
ECONOMY
UBS launches new private client programECONOMY
Jordan agrees $1.3 billion IMF programme
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
