IMF Backs Saudi Arabia, Gulf Spending Cuts With Growth to Slow

  • Measures to help oil-rich Gulf nations adjust to `new reality'
  • Saudi should keep dollar peg that `served it well,' IMF says

What Will Determine a Bottom for Oil Prices?

Cutting government spending and reducing subsidies are necessary steps for oil-rich Gulf nations to adjust to the “new reality” of lower crude prices, though they will also squeeze economic growth in the short-term, according to the International Monetary Fund.

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