IMF calls on GCC to pursue policies suited to low oil prices
November 8, 2015
IMF calls on GCC states to follow financial policies suitable for oil and gas prices, which have fallen dramatically, and between the policies to raise taxes and others, according to the IMF, there are Gulf states have committed to those policies and some of them did not abide where Alent Director of the International Monetary Fund Christine Lagarde today Sunday most of the six Gulf Cooperation Council (GCC) oil exporters have developed a prudent fiscal policies and that could of did not do to learn from others.
This came in a statement after a meeting with top economic officials Gulf Arab states in Doha.
and trimmed the decline in oil and gas prices since last year Government revenues from the export of energy resulting in significant levels in the budget deficit.
She Lagarde said all the Gulf countries need to further adjustments to their budgets to cope with the decline in oil prices over the long term, although most of them adopted fiscal policies will allow to carry out those changes from a position of strength and will limit its repercussions the rates of economic growth.
"It is not done so they could certainly learn who they did." but did not mention any country by name.
She urged Gulf states, including Saudi Arabia and the United Arab Emirates at the age of value added tax at the level of the region as soon as possible because it will generate significant revenue even at low rates. She said that should not delay it.
She explained Lagarde said governments need to curb spending growth. "In light of the new financial realities there is no room for further growth in public wage bills. We have to face that fact.
The Saudi Arabia is pumping Hubayrah quantities of oil exceeded its share of assessments and caused a significant reduction of prices paid to compensate for losses to raise tax rates on their citizens.
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