Martin Sommer | Al Bawaba

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Although the introduction of a GCC-wide value added tax (VAT), and other fees, charges, and excises have been announced, most GCC countries have not yet increased non-oil revenues in a meaningful way. (AFP/File)

June 9th, 2016 - 11:00 GMT

Fiscal efforts to bridge GCC budget deficits still falling short: IMF

While commending GCC efforts on fiscal consolidation, the IMF warns that not enough has been done so far to address the magnitude of revenue shortfall from oil prices.