Managing director of the International Monetary Fund, Christine Lagarde said that the commodity’s low price allows governments of developing countries to end subsidies.
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Foreign sales grew in January from a year ago. During the month, 22,300 units were shipped abroad.
US dollars inflows exceed outflow in USD 1.475 billion in Brazil in the first month of the year due, especially, to exports.
The Brazilian Institute of Geography and Statistics (IBGE) said it was the sharpest downturn since record-taking began, in 2003.
On March 08 and 09, an event will bring together executives and government officials in Kuwait City. The goal is economic diversification.
The country posted a USD 923 million surplus in the first month of the year. Exports fetched USD 11.246 billion and imports amounted to USD 10.323 billion. Sales to the Middle East slowed down.
Financial institutions believe the rate will mark 7.26% this year and 5.8% in 2017, according to Focus bulletin by the Brazilian Central Bank.
The International Monetary Fund said the oil glut has affected the country’s economy and suggests cost containment measures including tax raises and wage freezes.
International Monetary Fund technicians have completed their third review of the country’s economy and the precautionary and liquidity line, which serves as a buffer against the crisis, remains in place.
The president of the Arab Chamber pointed out the importance of long-term contact for the maintenance and expansion of business with Middle East and North Africa countries. The Chamber released extensive activity calendar.
In a lecture at the Arab Chamber, Zeina Latif stressed the need to get the country’s finances in order so it can grow again and draw investments in. She also said the export portfolio needs diversifying.
According to Brazilian Institute of Geography and Statistics, the average rate throughout the year stood at 6.8%, an increase of two percentage points over 2014.
Industry association data show a 16.2% decline in the year. However, upward foreign sales numbers in November and December might be a novel trend, the association says.
Survey by FGV shows an increase of 2.5 points in January 2016 over December of last year.
