IMF's Lagarde says oil exporters have not fully recovered from oil shock, cautions against 'white elephant projects' | Reuters

IMF's Lagarde says oil exporters have not fully recovered from oil shock, cautions against 'white elephant projects' | Reuters:

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the IMF said on Saturday, and she cautioned against spending money on “white elephant projects”.

“With revenues down, fiscal deficits are only slowly declining, despite significant reforms on both the spending and revenue sides, including the introduction of VAT and excise taxes,” Christine Lagarde, the managing director of the IMF, told a conference in Dubai.

“This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.”