IMF downgrades UAE growth forecast, says Gulf governments must cut spending | The National

IMF downgrades UAE growth forecast, says Gulf governments must cut spending | The National:



"The IMF has called on Arabian Gulf governments to cut total public spending in response to lower oil prices, as it again downgraded its growth forecast for the UAE.



GCC members must “moderate the pace of spending in the medium term” to “save resources for future generation” and achieve a sustainable fiscal situation, Masood Ahmed, the IMF’s chief economist for the Middle East, said in Washington on Friday.



This is the first time since last year’s oil price fall that the IMF has called on GCC members to reduce total planned expenditures."



'via Blog this'