The International Monetary Fund (IMF) said on Thursday Gulf Arab states -- some ...
DUBAI - The International Monetary Fund said on Thursday Gulf Arab states — some of the world’s richest countries — could see their financial wealth depleted in the next 15 years amid lower hydrocarbon revenues if they don’t step up fiscal reforms.
While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report. “All GCC countries have recognized the lasting nature of their challenge ... However, the expected speed and size of these consolidations in most countries may not be sufficient to stabilize their wealth.”
Budgets are stretched further by hefty state spending on subsidies, social services and generous state pensions.
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