The International Monetary Fund (IMF) warned not enough is being done by oil-rich Persian Gulf states and other major Middle East oil exporters to counter the drop in global oil prices.
According to dispatches, the IMF report said that there needs for “major adjustments” in the fiscal policies of the Persian Gulf states and Algeria, economies that are heavily reliant on oil sales.
The warning comes as $500 billion in revenue have been lost this year by Middle East oil exporters due to the sustained decline in global energy prices, according to IMF estimates.
Some countries in the Middle East, including the UAE and Saudi Arabia, have introduced some fiscal changes to counter the drop in oil revenue, but the IMF says more needs to be done.
The Persian Gulf states include the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.