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Coronavirus
VERY HIGH
Pakistan Deaths
15,754
13524hr
Pakistan Cases
734,423
468124hr
Sindh
269,840
Punjab
255,571
Balochistan
20,499
Islamabad
67,491
KPK
101,045

DUBAI: Oil exporters have not fully recovered from the dramatic oil price shock of 2014 and the outlook is highly uncertain despite modest growth, the International Monetary Fund's managing director Christine Lagarde said on Saturday.

"With revenues down, fiscal deficits are only slowly declining, despite significant reforms on both the spending and revenue sides, including the introduction of VAT and excise taxes," she told a conference in Dubai.

"This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018."

She said there was scope to improve fiscal frameworks in the  Middle East with some of the weaknesses emanating from  "short-termism and insufficient credibility".

Copyright Reuters, 2019