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BatmaninIraq
06-11-2016, 10:56 AM
Calls for financial reforms of the International Monetary Fund

6/11/2016 0:00

Budgets of countries has shifted from surplus to deficit and Washington - CNN report prepared by experts at the International Monetary Fund said that the budgets in the Middle East and Central Asia has shifted from surpluses to record large deficit. This
coincided with the decline in the growth and the increasing risks to monetary stability, but saw it despite the difficulty of the task incumbent upon those States to address these risks but some strong start record, especially on fiscal policy.

the report , to be of petroleum exporting countries tried in the beginning of the crisis toresort to the exploitation of oil reserves exist, but later was forced to cut spending after itbecame clear that situation will last for a long time. He added that the image the world financial plans suggest that there are more actions to reduce spending and to correct thesituation, especially in Saudi Arabia, Qatar and Oman.
The number of the report some sectors addressed by the reforms in the Gulf states and other oil - producing countries in the region, and between the public sector inflation as well as support for fuel prices , which he described as part of a "social contract" based inthese countries, which had to be the arrival of reform it, and the process has already begun in the Sultanate of Oman and the UAE as well as Qatar, although there is a need for the continuation of work on the access prices to international levels with ease signed through Help the most vulnerable of society segments.
As for the increase in income and the search for other economy resources, he drew thereport to the presence of promising action began to appear on the surface of the debate in the economy in the region, and among them talk about the value - added tax in theGulf countries as well as raise some of these countries actually taxes and fees to services. the
report concluded by saying that the oil revenues in the coming years will not be enough for the government to play the role of the country's biggest point of employment for theyouth segments of society means the need to work for the development of the private sector and diversify the economy to find other jobs. He said that the Gulf countries will benefit in this context of advanced infrastructure, but will have to face bureaucratic challenges and gaps in the legal and regulatory structures, as well as the need toimprove the quality of
education.