17 Dec 2014
(MENAFN) The International Monetary Fund (IMF) has advised the Gulf Cooperation Council states to cut their spending as the prices of oil continue with their decline, reaching their five-year low, Gulf News reported.
The IMF said that most GCC countries should trim spending at a gradual pace, to avoid hurting the economy, adding that their spending should be focused on expanding their non-oil sector of the economy to avoid being negatively affected in case the oil prices persisted in their decline.
Oil prices have started declining since June by almost 50 percent, due to weaker demand out of Europe and China as well as increased production in the United States.
“The Gulf states have significant assets and currency reserves that will be able to prop up the economies for the time being, however, the UAE is already at a risk of having to use its foreign assets, while the rising domestic energy consumption in the Middle East is reducing some pressures on the global oil surplus,” the IMF’s head of mission for the UAE said.
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more