Ukraine’s gold and foreign currency reserves are at $29 billion, the same as they were prior to Russia’s invasion, thanks to international financial assistance.
It was $29 billion before the conflict, then it went to $27.5 billion, then there was a currency infusion, and now it’s back to $29 billion. Mexico’s government forecasts 3.4 percent growth in the economy.
According to a budget paper provided by the ministry, the economy will grow by 3.5 percent in 2023.
The pandemic’s long-term effects on supply and demand imbalances, as well as the intensification of Russia’s geopolitical confrontation with Ukraine, have pushed governments to revise their GDP forecasts for this year.
Inflation is expected to reach 5.5 percent by the end of 2022, decreasing to 3.3 percent by the end of 2023, according to the budget document.
According to the government, the exchange rate is expected to be 20.7 pesos per US dollar by the end of 2022 and 20.9 pesos by the end of 2023, up from 19.8 pesos on Friday.
Mexico anticipates an average oil price of $92.90 per barrel this year, with crude production of 1.82 million barrels per day (bpd) in 2018, rising to 1.85 million bpd in 2023.
Crude exports are expected to average 879,000 bpd in 2022, according to the ministry. The country will continue to focus on public spending to promote economic development and job creation, and this spending will not risk the continuation of essential social programmes.
Oil fell on Friday as representatives of the IEA decided to participate in the largest-ever release of US oil reserves.
After U.S. President Joe Biden announced the release on Thursday, both Brent and US crude benchmarks fell nearly 13% in their greatest weekly drops in two years.
Brent crude futures were trading at $104.39 a barrel, down 32 cents or 0.3 percent. West Texas Intermediate (WTI) oil futures in the United States lost $1.01, or 1%, to $99.27.
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