Brunei Darussalam: 2019 Article IV Consultation-Press Release and Staff Report
IMF Staff Country Reports, October 10, 2019
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- Brunei Darussalam: 2019 Article IV Consultation-Press Release and Staff Report
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Bibliographic details
- Published: October 10, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513516615.002
Economic adjustment and outlook
- Brunei’s economy has been adjusting to declining oil production since 2010 and lower oil and gas (O&G) prices since 2014.
- Growth is expected to pick up in 2019 to 1.8 percent.
- The outlook is expected to improve further over the medium term, driven by stronger O&G activities from asset rejuvenation and large foreign direct investment projects.
Fiscal consolidation and public‑sector reforms
- Authorities have made substantial progress in fiscal consolidation through multiple initiatives:
- Corporatization and privatization.
- Public-private partnership.
- Evaluation of subsidies against targets.
- Fiscal management enhancement.
- Revenue diversification.
- Amalgamation of the government’s asset management system.
Financial sector development and stability
- IMF staff supports authorities’ initiatives to develop the financial sector while safeguarding financial stability and integrity.
- Key initiatives include:
- Steps to broaden the investor base.
- Establishment of a secondary bond market.
- Development of the required infrastructure and rules for establishing a stock exchange.
- Implementation of all the three pillars of Basel II.
Key statistics and publication metadata (from the content)
- Growth projection: 1.8 percent (2019).
- Declining oil production noted since 2010.
- Lower O&G prices noted since 2014.
- Pages: 54.
- Issue: 310.
- ISBN: 9781513516615.
- DOI: https://doi.org/10.5089/9781513516615.002
International Monetary Fund. Brunei Darussalam: 2019 Article IV Consultation-Press Release and Staff Report
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- 1brnea2019001