IMF projects deficits of $320B for Mideast oil exporters
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The Middle East's oil producers are bracing for continued pressure from lower oil prices, with the International Monetary Fund projecting cumulative budget deficits of $320 billion over the next five years.
Approximately half of that— or $160 billion— will be sustained by energy-rich Gulf Arab nations between 2018 and 2022. Still, it's significantly lower than the cumulative deficit of $350 billion that Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain have racked up since 2015.
A global drop in oil prices since mid-2014 has forced Mideast oil exporters to take steps to consolidate spending and find new sources of revenue, including implementing sensitive measures like introducing taxes and lifting subsidies.
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The IMF says in a report released on Tuesday that progress on these efforts has been uneven.