A general view shows the Saudi Aramco oil facility in Dammam city, 450 kms east of the Saudi capital Riyadh, 23 November 2007. AFP PHOTO/Hassan Ammar
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Public debt of the oil-rich Gulf states is expected to double and assets decline by a third by 2020 as they seek to finance budget deficits due to sliding prices, a report said Tuesday.The report said public debt of the six-nation Gulf Cooperation Council (GCC) will rise to 59 percent of gross domestic product (GDP) in five years, from 30 percent at the end of 2015 .Fiscal assets of the GCC states which stood at around 140 percent of GDP, or over $2.2 trillion, at the end of last year, is projected to slide to just 100 percent of GDP by 2020, Raghu said.
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