Faced with heavy losses from low oil prices, Gulf states have embarked on belt-tightening measures to cut spending and boost non-crude revenues, but analysts warn much more needs to be done.
After more than a decade of abundant surpluses thanks to high oil prices, the six Gulf Cooperation Council (GCC) states are projected to post a combined record shortfall of US$180 billion in 2015 and the draught is expected to continue for years. Some countries have already cut subsidies, while others are considering measures to reduce their spending.
International Monetary Fund (IMF) chief Christine Lagarde told GCC finance ministers in Qatar this month that “global energy prices could remain low for years” and urged them to adjust their budgets.
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After more than a decade of abundant surpluses thanks to high oil prices, the six Gulf Cooperation Council (GCC) states are projected to post a combined record shortfall of US$180 billion in 2015 and the draught is expected to continue for years. Some countries have already cut subsidies, while others are considering measures to reduce their spending.
International Monetary Fund (IMF) chief Christine Lagarde told GCC finance ministers in Qatar this month that “global energy prices could remain low for years” and urged them to adjust their budgets.
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