The IMF’s regional outlook report published on Tuesday found that the overall fiscal deficit for the Mideast’s oil exporters is projected to decline from around $118 billion last year to $41 billion this year, before narrowing to $3 billion in 2019.
A new report by the International Monetary Fund says higher oil prices are helping to offset increases in public spending by the Middle East’s oil exporting heavyweights like Saudi Arabia, helping these countries narrow their budget deficit by $77 billion.
The IMF’s regional outlook report published on Tuesday found that the overall fiscal deficit for the Mideast’s oil exporters is projected to decline from around $118 billion last year to $41 billion this year, before narrowing to $3 billion in 2019.
The rosier outlook, however, is not consistent across the region. In Iran, the re-imposition of U.S. sanctions on oil exports is expected to drive up inflation there to more than 40 percent by year’s end. Also, oil prices could slide back down to $60 a barrel by 2021.
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