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Sun 26 Oct 2014 12:07 PM

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Annual IMF meeting in Kuwait on GCC economic reforms

Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, concluded finance ministers and central banks governors of the Gulf Cooperation Council (GCC) and the IMF managing director Christine Lagarde at their annual meeting on October 25, 2014 in Kuwait City.

Annual IMF meeting in Kuwait on GCC economic reforms
Finance Ministers and Central Banks Governors of the Gulf Cooperation Council (GCC) countries pose with International Monetary Fund (IMF) Managing Director Christine Lagarde (C) during their annual meeting on October 25, 2014 in Kuwait City. Kuwait Oil Minister Anas al-Saleh warned energy-dependent Gulf states that the drop in oil prices has started to impact their finances and called for urgent economic reforms. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
International Monetary Fund (IMF) Managing Director Christine Lagarde (R) listens as Kuwaiti finance minister Anas al-Saleh speaks during the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
United Arab Emirates (UAE) Minister of State for Financial Affairs Obaid Humaid al-Tayer (L) and UAE Central Bank Governor, Mubarak Rashid Khamis al-Mansouri (R) take part in the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Kuwait Oil Minister Anas al-Saleh warned energy-dependent Gulf states that the drop in oil prices has started to impact their finances and called for urgent economic reforms. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
Governor of the Qatar Central Bank, Sheikh Abdulla Saud al-Thani (L) and Qatari Finance Minister Ali Sheriff al-Emadi take part in the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
Saudi Finance Minister Ibrahim al-Assaf takes part in the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
Omani Finance Minister Darwish Al Balushi (R) and Oman's Central Bank governor Hamood Sangour al-Zadjali (L) take part in the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
Bahraini central bank governor Rasheed al-Maraj (R) and Bahraini finance minister Shaikh Ahmed bin Mohammed al-Khalifa (L) take part in the annual meeting of the finance ministers and central banks governors of the Gulf Cooperation Council (GCC) countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)
Annual IMF meeting in Kuwait on GCC economic reforms
International Monetary Fund (IMF) Managing Director Christine Lagarde (R) and Gulf Cooperation Council (GCC) Secretary General Abdullatif bin Rashid Al-Zayani (L) listen as Kuwaiti finance minister Anas al-Saleh (C) speaks during the annual meeting of the finance ministers and central banks governors of the GCC countries on October 25, 2014 in Kuwait City. Gulf finance ministers will discuss long-stalled plans for a customs union, common market and single currency. (AFP/Getty Images)