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FINANCIAL NEWS
IMF calls MENA govts to efficiently target subsidies to the poor
15 Oct 2012
(MENAFN) The International Monetary Fund (IMF) has urged Middle East and North African governments to cut costly subsidies, noting that the region spends some USD200 billion on general subsidies, Saudi Gazette reported.
IMF Middle East and Central Asia Department Director Masood Ahmed said these subsidies are not an efficient way to target the poor, as most spending goes to people who consume more energy, who are generally better off.
The Arab Spring has prompted many governments in the region to boost social spending to avoid further protests. Higher food and fuel prices have also meant that government subsidies have risen.
Ahmed noted that increased spending lowered reserves, calling the governments to reduce spending and make investments more effective.
Some 60 percent of benefits on subsidies are going to the top 30 to 40 percent of the population who do not need it, Ahmed said, urging governments to target subsidies to the poorest.
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