GCC budget shortage lowered to USD100b
(MENAFN) As compared to last year's USD150 billion (Dh367 billion) shortfall, the budget of this year has seen a remarkable shrink to reach USD100 billion as the regional government have taken counter measures such as removing energy subsidiaries, economic diversification and privatization of state assets.
Thus, the budget deficit of the GCC countries will drop by one-third this year, thanks to reforms and revenue measures taken by the governments, according to estimates by Emirates NBD research.
A report said "Though Saudi Arabia and Oman previously had a track record of spending more than the budget, this year the trend seems to have reversed. Information on year-to-date budget performance has surprised on the positive side, particularly for Saudi Arabia where deficits for the first half of 2017 is lower than budgeted. Lower budget deficits mean lower need for external debt".
Thus, the budget deficit of the GCC countries will drop by one-third this year, thanks to reforms and revenue measures taken by the governments, according to estimates by Emirates NBD research.
A report said "Though Saudi Arabia and Oman previously had a track record of spending more than the budget, this year the trend seems to have reversed. Information on year-to-date budget performance has surprised on the positive side, particularly for Saudi Arabia where deficits for the first half of 2017 is lower than budgeted. Lower budget deficits mean lower need for external debt".
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