UAE set to post first fiscal deficit since 2009, says IMF | The National:
"The UAE is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the IMF said after annual consultations with UAE authorities.
The UAE’s consolidated fiscal balance is expected to swing to a deficit of 2.3 per cent of GDP in 2015 from a 5.0 per cent surplus last year, the IMF said.
Zeine Zeidane, who led the IMF mission, told Reuters the deficit posed no threat to the economy. He estimated that at today’s oil prices, the UAE could keep spending at current levels for at least 30-40 years, drawing on its ample financial reserves. Brent crude is currently around $63 a barrel."
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