Brunei Darussalam’s economy will post a modest but stable growth over the next few years, the International Monetary Fund’s executive board concluded following a consultation with the country. The board added that the country could achieve higher growth through the sound management of its oil resources and effective implementation of economic diversification initiatives. Brunei’s economy is currently dependent on the oil and gas sector, the IMF noted. The directors recommended a series to ensure the country’s fiscal sustainability and to better prepare it for the eventual depletion of its hydrocarbon resources. These include broadening the country’s revenue base, reviewing its public expenditure, strengthening its governing framework for extrabudgetary funds and adopting long-term financial goals. The directors pledged to support IMF technical assistance in these areas.
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About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.
