The stakeholders argued that the time was ripe for the country to focus on encouraging growth in the informal sector to boost the economy. According to them, the country is faced with a double-edged crisis comprising COVID-19 on the one hand and the instability in oil prices on the other. The participants argued that the fluctuation in oil prices had been costly because the 2020 budget was based on forecasted price of $57/bl. The situation has compelled the government to revise this to $20/bl while maintaining proposed production volume at 2.18m bl/d. The Vice President for Equitable Growth, Finance and Institutions (EFI) at the World Bank, Dr. Ceyla Pazarbasiogu recommended implementation of policies to boost the economy and improve governance.

Source: The Guardian August 03, 2020 04:18 UTC