22.10.2015 - Gulf should adjust to new oil price 'reality': IMF
Gulf economies need to adjust to the "new reality" of oil prices expected to remain low for some time, the International Monetary Fund says, recommending spending cuts and income diversification. But the oil-rich monarchies remain in a strong position to make the necessary adjustments thanks to the large financial reserves they have built up during years of firmer prices, according to the IMF's regional outlook published Wednesday. "Not only this year, but for the years to come, these countries will need to make an adjustment to better balance their spending to the new reality of the oil prices," said IMF Middle East and Central Asia chief Masood Ahmed...............................................Full Article: Source
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