IMF confident that the implementation of financial reforms in the Gulf

02/22/2016 10:15

Tomorrow Press / Baghdad:

The Director-General of the International Monetary Fund, Christine Lagarde, on Monday, their confidence in the ability of the economies of the Gulf Cooperation Council (GCC) on the implementation of major financial reforms, to address the effects of falling oil price.

She said Lagarde "The oil exporters are required to cut government spending and increase revenue, especially since they have demonstrated the ability to adapt earlier, and they can do it again," he said, "at a conference in Abu Dhabi, the economies of the GCC countries need to strengthen their financial systems and the restructuring of its tax, by reducing dependence on oil and promote non-oil revenues. "

She added that "the imposition of value added tax, albeit at low levels of the single digits, would raise revenue equivalent to two percent of GDP."