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Director of the IMF: the Gulf countries stand on a strong financial base

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Rocky


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Director of the IMF: the Gulf countries stand on a strong financial base




November 11, 2015 0


Urged the Director of the International Monetary Fund Christine Lagarde Cooperation Council (GCC) to focus on the product spending, and that this be spending as much as possible of economic efficiency, and stay away from spending a low-yielding.

She said Lagarde in a television interview followed up the agency, "our economy" news "I think this also calls for severe warned spending wages bill for these countries, adding that" it is clear that the lifting of this bill is something we should Taatvadah these countries on the expenditure side. "

Lagarde said, that "the Gulf countries have benefited from high oil prices over the past years and most of these countries today stands on a strong financial base."

And on the tax subject called for by Lagarde he said, "With respect to the income side, there must be a review of what terms of taxation, that this review was established to base a clear include per capita consumption and companies, this as well as the reorientation of some types of spending, especially energy subsidies."

Lagarde pointed out that "certainly you can not see your customs go down without have to look at both sides of the financial listings, spending must be reduced, provided that the wise, and the revenue you need to think about how it is possible to compensate for this the decline in" .

She said Lagarde "I'll add a third dimension, which I think is very important, which is to look at the private stimulate the sector and raise its efficiency to facilitate its work, as well as to make more attractive the labor market, which will support private sector growth, and reduces reliance on government spending to the growth of the economy."

On the current situation, he said Lagarde "States have benefited from high oil prices over the past years and has had the wisdom and the ability to build buffer zones, and most of these countries today stands on a strong financial base, and you can shock resistance, to cut spending and raise revenue by finding alternative sources, and we encourage the private sector, and not have to implement that sudden or harsh manner, Fbalamkan do so in a gradual manner, to be accepted by public opinion. But we should start and that public opinion must know that these changes and this trend is for the benefit of everyone. "

The IMF expects economic growth slowed in the GCC countries from 3.5% last year to 3.25% in the current year and then to 2.75% in 2016.

And prior to Lagarde's comments an interview with the Director of the Fund for the Middle East and Central Asia Masood Ahmed during the last month in which he warned that the average budget deficit of the Gulf Cooperation Council could reach this year 13%, comes this deficit as a direct result of the decline in oil prices, which have fallen from more than $ 115 a barrel in June 2014 to about less than fifty dollars at the moment.

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