(MENAFN) The GCC states are predicted to borrow between USD 285bn and USD 390bn through 2020 to finance budget deficit coming from low oil price.
Furthermore, the six countries which depend on oil earnings are forecasted to record a drop of USD 318bn in 2015 and 2016.
Accordingly, GCC states will finance their lacks via borrowing and the rest by tapping their huge financial reserves.
On the other hand, GCC states logged a joined deficit of USD 160bn last year compared to a surplus of USD 220bn in 2012.
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