RIYADH: Every $10 increase in oil prices raises the Gulf states’ budgets by 3.25 percent to improve their public finances, International Monetary Fund’s director of the Middle East and Central Asia department told Alarabiya.
Jihad Azour added that the $10 increase in oil prices will also enlarge the Gulf’s trade balance by 4.2 percent.
The IMF is expecting an economic recovery this year, but work must be done to revitalize the role of the private sector, he explained.
He noted that the fund is ready to help countries whose budgets were affected by the Ukrainian war, adding that it is in contact with the region’s countries to secure policy and financial support if required.
