The external balances
have seen the largest transformation.
These policies have already made progress in reducing the deficit in goods and services trade, and should place external balances
on a more sustainable path over the medium term.
The IMF sees the external balances
of GCC countries improving substantially after a couple of years of sizeable deficits.
Thus far, the impact of the oil price shock on growth has been limited, but fiscal and external balances
have deteriorated significantly, it added.
Preliminary data of the State of Kuwait's BOP of 2015 show a decline in the surpluses of the external balances
Consequently, for most GCC sovereigns, fiscal and external breakeven oil prices - the oil price level required to achieve at least fiscal and external balances
- have "risen sharply" over the past few years, the rating agency noted.
Qatar's programme will aim for medium-term real economic growth, despite contribution to "a deterioration in fiscal and external balances
, exacerbated by large fall in oil prices", S&P continued.
Consequently, we have revised our forecasts for Kazakhstan's economic growth and fiscal and external balances
," said the S&P.
The international rating agency said the revised outlook for Jordan's rating was supported by expectations that the Kingdom's fiscal and external balances
will continue to improve.
Businesses and the government are wondering when the clouds appearing over Pakistan's external balances
will go away.
Its twin fiscal and external balances
suffered significantly with the onset of the Arab Spring in 2011, with public finances strained by increased spending on social welfare, wages, and oil and food subsidies.
The paper entitled: Arab Countries in Transition:Economic Outlook and Key Challenges, indicated that fiscal and external balances
were gradually improving and the macroeconomic situation has remained stable.