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Main » 2015 » November » 9 » IMF chief: oil prices will be low for a long time
IMF chief: oil prices will be low for a long time

DOHA (AFP) - On Sunday, the head of the International Monetary Fund Christine Lagarde warned that the world energy prices could remain low for many more years, and against the background of this, urged Gulf countries to adjust their state budgets.



In his speech after the meeting of ministers and officials of the six countries of the Cooperation Council of the Gulf (GCC) in the capital of Qatar - Doha - Ms Lagarde warned that countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates can no longer rely on income from the sale of oil and gas.

"Given the fact that oil prices remain at the same level for several years, all GCC countries need to make some budget adjustments," - said the head of the IMF at a press conference.

According to IMF forecasts, economic growth will slow down the Gulf from 3.2 percent this year to 2.7 percent in 2016. Christine Lagarde also said that revenues from energy exports this year will fall to $ 275 billion (256 billion euros).

Since the beginning of 2014 the price of oil has fallen by more than half. On Friday, the price of Brent crude oil for December delivery was $ 47.42 per barrel.

Ms. Lagarde said that the budgetary adjustment should include tight control over expenditures, particularly wages in the public sector.

A source

According to the materials Weltrade



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