IMF sharply raised windfall estimate for oil-exporting countries in 2022
17:45 28.04.2022 12217
The International Monetary Fund (IMF) has sharply raised its estimate of the windfall that oil-exporting countries in the Middle East and Central Asia will receive in 2022. This is stated in the regional forecast of the IMF, published on Wednesday.
As fund experts expect, this year windfall from higher oil prices, GDP in the region will reach 818 billion US dollars. This is 320 billion more than the IMF estimated in October last year.
In this regard, the IMF is calling on the countries of the region to adopt «vigilant» policies that will make their economies less dependent on boom and bust in energy prices.
The IMF expects the bonanza will «improve the fiscal and external balance» in the region, which includes a total of 13 exporters from the United Arab Emirates to Turkmenistan.
Oil is forecast to average $106.83 per barrel in 2022 and $92.63 in 2023.
The fund estimates that official reserves in the region will be $1.3 trillion in 2022, up $235 billion from October forecast.
- The oil «reward» is «an opportunity to deepen financial markets, as well as stimulate additional direct investment in the economy,» Jihad Azur, IMF regional director, said at a press conference.
In his opinion, this will help «accelerate diversification, create growth that will gradually become less dependent on oil.»
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.