Gulf Pegs Still Appropriate Despite Virus, Oil Crash, IMF Says
A girl and a woman fly a kite along the promenade by the Doha corniche in the Qatari capital on March 16.
Photographer: -/AFP via Getty Images
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Dollar pegs in the Gulf have proven effective even as the region now faces the coronavirus outbreak and the crash in oil prices, the International Monetary Fund said.
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,” Jihad Azour, the IMF’s director for the Middle East and Central Asia, said in an interview with Bloomberg TV.