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IMF expects GCC reserves to grow by $300-$350 billion in three years on higher oil prices -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view from the 41st Summit of the Gulf Cooperation Council (GCC), is shown via a screen in Al-Ula Saudi Arabia, January 5, 2021. REUTERS/Ahmed Yosri

CAIRO, Reuters – A senior official from the International Monetary Fund stated Tuesday that the International Monetary Fund anticipates that the GCC’s six oil-rich Arab nations will see their foreign reserves increase by between $300 and $350 billion over the next three-years.

Jihad Azour (Director of the Middle East and Central Asia Department, IMF) stated that the GCC, which includes Saudi Arabia, Kuwait, Qatar and Bahrain, “will profit from the rise in oil prices”.

As global demand improves after the coronavirus pandemic, oil prices rose by 60% to the beginning of this year.

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