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International Monetary Fund Report on Brunei 2017

IMF issued Press Release 17/185 regarding Brunei as follows:


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IMF Executive Board Concludes 2017 Article IV Consultation with Brunei Darussalam May 19, 2017 On April 25, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Brunei Darussalam and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis. [2] Building on a track record of policy reforms, Brunei Darussalam’s economy is adjusting to lower oil and gas (O&G) prices. While the country possesses sizable buffers, the authorities have continued structural reforms aimed towards ensuring long-term sustainability and intergenerational equity, increasing productivity and competitiveness, and diversifying the sources of growth. Latest estimates showed that real GDP in 2016 further declined by 2.5 percent, contracting by less than projected. Unscheduled shutdowns were the main factor that disrupted O&G production. Meanwhile, the decli…

HM Sultan Brunei Attends Friday Prayer at New Kg Kulapis Mosque

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Sultan attends Friday prayer at new Kg Kulapis mosque
on: May 20, 2017

| Azlan Othman |

HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday consented to attend the first Friday prayer at Pehin Khatib Abdullah Mosque, the new mosque in Kg Kulapis, which is a Waqaf or personal endowment from anonymous family members.

His Royal Highness Prince ‘Abdul Malik and His Royal Highness Prince ‘Abdul Wakeel were also present.

His Majesty and other members of the royal family were greeted upon arrival by the Minister of Religious Affairs, Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Awang Othman; senior government officials and villagers.

Upon arrival, His Majesty signed a plaque, followed by three times of ‘Takbir’ glorifying Allah the Almighty led by the Minister of Religious Affairs himself.

In the F…

Minister of Culture Brunei Stresses on Need to Value History

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Minister stresses on need to value history
on: May 19, 2017

| Azaraimy HH |

MINISTER of Culture, Youth and Sports Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof urged for stronger collaboration between Department of Museums, Brunei History Centre, Universiti Brunei Darussalam and the collectors community to enhance historical research and documentation.

“The target group of these (research) initiatives is the youth. As successors of preceding generations, youth must understand that historical artefacts are part of our national heritage and culture, and this notion needs to be passed down to future generations,” the minister said.

He was speaking during the International Museum Day Celebration 2017, held at the Art Gallery, Dermaga Diraja in Bandar Seri Begawan yesterday.

In his speech, the minister shared a hypothesis on “cultural circle”, saying that “when an idea is implemented, it becomes a creation that once it is accepted by the …

AMRO Report: Brunei Economy to Recover in 2017

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Brunei economy to recover in 2017 on back of reforms
on: May 12, 2017

| James Kon |

DESPITE recording a contraction of 2.5 per cent last year, Brunei Darussalam’s economy is projected to recover gradually in 2017 on back of progress in the maintenance and refurbishment works at oil and gas production facilities and establishment of a slew of large foreign direct investment (FDI) projects.

Brunei’s growth prospects in the next few years would depend mainly on the progresses of oil and gas production and some FDI projects as well as on the success of the Sultanate’s ongoing diversification efforts, according to the Asean+3 Regional Economic Outlook (AREO) 2017 report, released recently in Yokohama, Japan by the Asean+3 Microeconomic Research Office (AMRO).

As AMRO’s annual regional surveillance publication, AREO 2017 assesses the regional economic outlook and financial stability in 10 Asean member countries as well as China (including Hong Kong), Japan and Korea.

The inaugural edition…