Author Topic: Lagarde: IMF confident of the possibility of Gulf oil exporters cope with falli  (Read 152 times)

Offline beach7

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 Lagarde: IMF confident of the possibility of Gulf oil exporters cope with falling prices

Christine Lagarde, director general of the International Monetary Fund said that the fund is confident that the economies of the GCC countries can implement large fiscal adjustment needed to adapt to the era of cheap oil, and added that he would have to exporters of crude to reduce government spending and increase government revenues explaining that they have shown the ability to adapt in the past and could do so again

Lagarde said at a conference in Abu Dhabi that "these economies need to strengthen their financial systems and restructure its tax system by reducing its heavy reliance on oil revenues and enhance Alaardat from non-oil sources., Pointed out that the imposition of VAT - even at low levels of the single digits - of that would raise revenue for the equivalent of about two per cent of GDP




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