IMF calls for Mideast sovereign wealth funds to boost local economies

Sovereign wealth funds in the Middle East should be used to boost growth, an International Monetary Fund (IMF) official said on Monday, as regional economies struggle with the coronavirus pandemic and the crippling impact of lower oil prices.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said oil exporters needed to find new areas of growth amid the current downturn caused by plunging oil prices and the new coronavirus outbreak.

“Sovereign wealth funds can play a role, regional institutions can play a role,” he said during an online conference.