Christine Lagarde, Managing Director of the IMF, Speaks at the Arab Fiscal Forum in Abu Dhabi

Revenue Mobilization and International Taxation: Key Ingredients of 21st-Century Economies
Speaking at the Arab Fiscal Forum in Abu Dhabi, Christine Lagarde, managing director of the IMF, said Oil-exporting countries in the Middle East and Africa lost more than $340 billion in oil revenue from their budget in 2015, amounting to 20 per cent of their combined gross domestic product, according to the International Monetary Fund (IMF).
She also said that supply and demand factors in the oil market suggest that oil prices are “likely to stay low for an extended period.”
This will mean that all oil exporters will have to reduce spending and work on raising revenues.
At the same time, these economies need to strengthen their fiscal frameworks and reengineer their tax systems – by reducing their heavy reliance on oil revenues and boosting non-hydrocarbon sources of revenues,”
Ms. Lagarde added that such adjustments will help bolster growth and job creation and help maintain debt sustainability.
Read Full Speech on: Revenue Mobilization, International Taxation, The Role of the IMF
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