IMF says more reforms needed by GCC

More reforms needed to balance GCC books, says IMF

Rising oil prices and austerity packages have improved the growth prospects of Gulf Cooperation Council (GCC) countries but more reforms are needed, according to the International Monetary Fund (IMF).

In its latest Regional Economic Outlook for the Middle East and Central Asia, the IMF said oil-producing GCC members would see their budget deficits shrink as austerity, taxes and stable oil prices began to take effect.

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More reforms needed to balance GCC books, says IMF