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© Faisal
Al Nasser / Reuters
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The crude exporting countries
of the Gulf Cooperation Council (GCC) are expected to lose US$275 billion in
revenue this year due to falling oil prices, according to the International
Monetary Fund (IMF) chief Christine Lagarde.
“At
the moment, a large share of fiscal and export revenues in the GCC come from
oil. With oil prices having declined sharply since mid-2014, export revenues
are expected to be nearly US$275 billion lower in 2015 than in 2014,” she said,
speaking at a meeting in Qatar with the finance ministers and central bank
governors of the GCC.
