By Davide BarbusciaDUBAI (Reuters) - Uncertainty over the outlook for oil prices and weaker global economic conditions have added pressure on Middle East oil exporters to deepen reforms and boost job creation, the International Monetary Fund said on Monday. Oil exporters in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region should resume gradual fiscal adjustment to rebuild buffers and deepen and broaden structural reforms to diversify economies, the report said. Algeria's economic growth is projected to pick up slightly to 2.3 percent from 2.1 percent thanks to higher oil and gas production, while growth in Iraq will rise more significantly to 2.8 percent from 0.6 percent last year. "Fiscal consolidation efforts will need to intensify to rebuild buffers but should be appropriately calibrated to focus on growth-friendly fiscal adjustment," the IMF said. In most of the region, the engines of economic growth remain primarily state-driven, with national companies still dominating sectors like transportation, energy and construction.

Source: The North Africa Journal April 29, 2019 07:18 UTC