Huge budget surpluses are quickly swinging to massive deficits as oil prices have crashed to around $45 currently from over $100 last year. Many of these countries are being forced to tap into rainy day funds to weather the storm.
"Oil exporters will need to adjust their spending and revenue policies to ensure fiscal sustainability," the IMF wrote.
Sunday, October 25, 2015
Saudi Arabia to run out of cash in less than 5 years
I have a feeling this is not going to end well....