Oil price slump turns Saudi surplus into huge deficit, IMF report shows | World news | The Guardian:
"The full extent of the impact of slumping crude prices on Saudi Arabia’s public finances has been highlighted by the International Monetary Fund in a new report telling oil exporters to be braced for a prolonged period of disruption to their budgets.
The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.
Other leading oil exporters – Russia, Libya, Venezuela, Kuwait, Qatar, the United Arab Emirates, Oman and Angola – have also suffered marked deteriorations in their public finances as a result of the fall in crude from a peak of almost $130 a barrel in 2012 to just under $53 currently."
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