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IMF: Middle Eastâ€™s oil-dependent economies will face up to $150B in income losses

25 April 2016 13:30 (UTC +04:00)

Baku - APA-Economics. The International Monetary Fund estimates the Middle East’s oil-dependent economies have missed out on $390 billion in oil revenue last year alone and face up to $150 billion in income losses this year as a direct result of cheap oil prices, the Wall Street Journal reported.

According to the IMF, the loss in potential revenues has put enormous strain on the economies of major oil exporters such as Saudi Arabia and Kuwait, who have posted massive budget deficits in the past year: “Probably another four to five years of action will be needed both on spending and on revenues before reaching a comfortable fiscal situation for many countries”.