The Khurais oilfield, about 160 km (99 miles) from Riyadh. REUTERS/Ali Jarekji
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Saudi Arabia may run out of financial assets needed to support spending within five years amid the drop in oil prices if the government maintains current policies, the International Monetary Fund said, underscoring the need for measures to cut the nation's budget deficit.The same is true of Bahrain and Oman in the six-member Gulf Cooperation Council, the IMF said in a report Wednesday. Saudi Arabia has raised 55 billion riyals ($14.7 billion) from debt issuance this year. The IMF expects the debt-to-GDP ratio to grow to 17 percent next year.The IMF expects Oman's budget deficit to widen to 17.7 percent of GDP this year and 20 percent in 2016 .
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