Economic reforms in GCC states necessary - IMF

RIYADH, Oct 27 (KUNA) -- Managing Director of the International Monetary Fund (IMF) Christine Lagarde affirmed that Kuwait must continue taking measures of economic reforms, following the steps of other GCC states.
These measures, including providing subsidiary on private economy and find alternative resources rather than relying on oil, are necessary to have a variety of income sources, Lagarde told KUNA on Thursday.
She added that the Gulf countries will face budget deficiency with the severe drop in oil prices.
Meanwhile, in a press conference held with Saudi Finance Minister Ibrahim Al-Assaf on Wednesday, Lagarde said the GCC states have taken great measures to face the drop in oil prices.
The IMF official is on a visit to Saudi Arabia, where she took part in the meeting of GCC finance ministers and central bank governors yesterday.
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