FINANCIAL NEWS

GCC to increase USD 265bn for fiscal shortages

21 Dec 2015

(MENAFN) GCC countries are facing pressure to brace for a unique fundraising drive in 2016, to cover estimated total fiscal deficits close to USD 265bn.

Countries in the GCC are predicted to need more than USD 250bn through the coming two years, due to oil incomes falling to more than 60 percent.

Moreover, this year the countries will record a shortfall of USD 145bn in the public budgets, and more than USD 750bn between 2015 and 2020 among the decline in oil prices.

Accordingly, the oil price has fallen to below USD 40 a barrel; down from last years of USD 115 a barrel, reaching to spreading fiscal deficits for the GCC.

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