IMF calls on Gulf states for more economic reforms
May 2, 2017

Considered the regional director of the International Monetary Fund in the Middle East and Central Asia Jihad Azour that the Gulf states are going "in the right way" to apply fiscal reforms to meet the deficit in their balance sheets with low oil prices, though calling for additional measures.

Azour said in an interview with Agence France-Presse in Dubai "if it continues to (Gulf states) follow this path three years to the next five, the deficit will fall to below 2 percent."

He added Azour, speaking ahead of the periodic financial report of the Fund on the Middle East and Central Asia Tuesday, "it's going in the right way."

Oil prices affected by the surplus supply in the market and were dropped from more than $ 100 a barrel in June 2014 to around $ 30 beginning of the year 2016, prompting many oil-producing countries, including the Gulf states to adopt harsh austerity measures.