Oil-Based Economies Scramble for Cash

摘要

With persistent oversupply keeping crude prices low, countries dependent on oil and gas revenues are increasingly looking to quickly shore up their balance sheets with potentially painful cash raises. But finding longer-term solutions will not be any easier, especially for those without a financial cushion to fall back on, experts warn. The International Monetary Fund's (IMF) managing director, Christine Lagarde, has urged commodity-based economies to focus on reining in spending and bolstering other sectors. That may be the cure in the long run, but making new spending cuts to accommodate lower prices is difficult, John Baffes, a commodities expert at the World Bank, told International Oil Daily.