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An additional substantial deficit China guitar cable factory

China guitar cable factory
 
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The IMF warned policymakers of "emerging signs of liquidity pressures in their financial systems and the risk of deteriorating asset quality. "Deep structural reforms are necessary to improve medium-term prospects and facilitate much-needed diversification in order to create jobs for the growing labour force," it said. To balance their budgets, the GCC and Algeria would need to cut current public spending by about a third, it said. The value of oil and natural gas exports in the GCC and Algeria is projected to fall by almost 0 billion this year compared to 2014, according to the Fund.The IMF estimated that GCC countries lost oil revenue worth USD 300 billion.3 million by 2021, and that their combined budget shortfalls would hit USD 900 billion in that time. For GCC states -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- further measures are also necessary to protect banana jack their currencies' peg to the dollar, it added. The IMF said the six Gulf Cooperation Council (GCC) countries, along with Algeria, were implementing "ambitious fiscal consolidation measures" but predicted that shortfalls would continue to grow amid cheap oil. Dubai: The International Monetary Fund on June 9 welcomed austerity measures by Middle Eastern oil exporters but warned that greater efforts were needed to plug budget deficits resulting from plunging crude prices. "

An additional substantial deficit reduction effort is required over the medium term to preserve fiscal sustainability," it said in a report.. It projected unemployment in those countries would rise by 1. In 2015 alone, the IMF estimated that GCC countries lost oil revenue worth USD 300 billion.

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