By: Ramy Sameeh
Abu Dhabi-Mubasher: Estimates by the International Monetary Fund (IMF) showed that the oil producing nations in the MENA region incurred $340 billion decline in oil revenues, making up 20% of the GDP, said Christine Lagarde, the IMF’s managing director.
On the sidelines of “Arab Fiscal Forum: Fiscal Policy and Growth” held in Abu Dhabi, she added that the governments’ high revenues should create fiscal space.
The countries should direct their spending towards sectors which can achieve growth on the medium term.
