The crude exporting countries of the Gulf Cooperation Council (GCC) are expected to lose $275 billion in revenue this year due to falling oil prices, according to the International Monetary Fund (IMF) chief Christine Lagarde.
“At the moment, a large share of fiscal and export revenues in the GCC come from oil. With oil prices having declined sharply since mid-2014, export revenues are expected to be nearly $275 billion lower in 2015 than in 2014,” she said, speaking at a meeting in Qatar with the finance ministers and central bank governors of the GCC.
"The fiscal and current account balances in the region are deteriorating sharply, with the fiscal balance projected by the IMF to be a deficit of 12.7 percent of GDP in 2015,” she added.
INC News, 09/11/2015 - via RT
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