GCC states will borrow USD 285bn to fund deficits

13 Apr 2016

(MENAFN) The Gulf Cooperation Council (GCC) area will end up borrowing USD 285bn to USD 390bn by 2020, to contain budget deficits made by lower oil prices.

Furthermore, the borrowings, which will be produced through the issuance of regional and global debt/bonds, are a notable jump from USD 72.1bn.

The GCC states include, KSA, Kuwait, Oman, UAE, Qatar and Bahrain, rely heavily on incomes from oil, which dropped in recent times.

However, they will suffer a net foreign asset depletion of almost USD 390bn and a budget deficit of USD 300bn in two years.

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