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World Bank Calls for the Gulf states to reduce public spending
6/10/2015
The World Bank refers to the Gulf states need to find new ways for the distribution of oil wealth and reduce spending in the public sector.
BAGHDAD / obelisk said chief economist of the World Bank experts in the Gulf region Tuesday that the decline in oil prices led to welcome reforms to support programs in countries in the region, but those countries desperately need to find new ways for the distribution of oil wealth and reduce spending in the public sector.
In April, the World Bank estimated that the decline in oil prices could cost the six-nation Gulf Cooperation Council (GCC), namely Saudi Arabia, Kuwait, the UAE, Qatar, Oman and Bahrain $ 215 billion, or about 14% of the GDP of their economies this year.
Shanta Devarajan, chief economist of the World Bank for the Middle East and North Africa, said that those countries should really find a way to a new distribution of petroleum revenues.
"What can start in the removal of subsidies and move towards direct cash transfers also get a lot of features, including the pollution and traffic was reduced to increase the consumption side of Everything Else.
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6/10/2015
The World Bank refers to the Gulf states need to find new ways for the distribution of oil wealth and reduce spending in the public sector.
BAGHDAD / obelisk said chief economist of the World Bank experts in the Gulf region Tuesday that the decline in oil prices led to welcome reforms to support programs in countries in the region, but those countries desperately need to find new ways for the distribution of oil wealth and reduce spending in the public sector.
In April, the World Bank estimated that the decline in oil prices could cost the six-nation Gulf Cooperation Council (GCC), namely Saudi Arabia, Kuwait, the UAE, Qatar, Oman and Bahrain $ 215 billion, or about 14% of the GDP of their economies this year.
Shanta Devarajan, chief economist of the World Bank for the Middle East and North Africa, said that those countries should really find a way to a new distribution of petroleum revenues.
"What can start in the removal of subsidies and move towards direct cash transfers also get a lot of features, including the pollution and traffic was reduced to increase the consumption side of Everything Else.
[You must be registered and logged in to see this link.]
