IMF NEWS

The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January -- prompting a five-percent dive in oil price on Tuesday.

Qatar has decided to base its budget at an oil price of $40 a barrel. The move came as a repercussion for the impacted finances of this year. Though Qatar was able to counter the market collapse better than its neighbors still some deficit forecasts were released. The IMF has projected a gross domestic product fall of 4.5% for Qatar this year whereas Bloomberg estimated a 7.2% deficit for the same.

The second-largest oil producer of Africa, Angola, has been hit by the waves of lower oil prices which resulted in its failure of providing economic support to the country. The International Monetary Fund (IMF) informed on Tuesday that it would provide Angola the financial support, amount still undisclosed, as the country's economic growth has dropped down this year. The weaker economic conditions of Angola stopped many foreign countries from investing.

Collapsing from $121 billion to $48 billion during 2014-16, the oil-dependent revenue has molten down terribly for the country of Venezuela. This has been summed up by IMF as “one of the worst crisis in the world” in the past 50 years. Venezuela is all set to face a presidential election this Sunday, May 20th, and this will greatly impact the country’s future strategies in the oil and gas domain.