Mubasher: The GCC region is expected to take more precautions, especially as financial shortfalls are likely to continue due to the ongoing oil crisis, said Crescent Petroleum in a report.
It added that the procedures which will ease the government's financial burdens include the privitisation of some oil and petrochemical companies.
"It has become clear that oil-producing countries have no longer more options to address the deficits and volatilities of the markets as the liberalisation of oil derivative prices has not reflected positively on the economies of such countries as was required," the report stated.
It added that there is an increasing need for long-term financing to overcome deficits and fund the expansion plans of companies.
Saudi Aramco plans to list an appropriate percentage of its capital or some of its affiliated units as part of the government's plan to privitise some public companies to raise extra funds amid falling oil prices, according to the report.
