GCC states set to borrow billions to fund deficits | GulfNews.com:
"The oil-rich states in the Gulf Cooperation Council (GCC) region could end up borrowing $285 billion to $390 billion through 2020 to contain budget shortfalls caused by lower oil prices, according to a new report.
The cumulative borrowings, which will be generated through the issuance of local and international debt/bonds, is a significant jump from the $72.1 billion raised between 2008 and 2014, noted the latest research furnished to Gulf News by Marmore, a fully-owned subsidiary of Kuwait Financial Centre (Markaz).
Between 2015 and 2016 alone, countries in the GCC are expected to register a fiscal deficit of $318 billion as a result of lower oil prices. “Prolonged lower oil prices could further exacerbate the fiscal situation,” the report said."
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