KUWAIT: Oil-dependent Gulf states will face budget shortfalls if the recent decline in oil prices persists, International Monetary Fund chief Christine Lagarde warned Saturday.
A sustained decline of $25 a barrel in the oil price would reduce the revenues of most Gulf countries by eight percent of gross domestic product, "and put many of them into a fiscal deficit situation," Lagarde told reporters.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
