MANAMA: Government funding needs in the GCC have increased significantly in 2020, as low oil prices and the economic repercussions of the Covid-19 pandemic have significantly widened fiscal deficits, S&P Global Ratings has said.
In a new Credit FAQ report issued yesterday, the US-based ratings agency said it estimates GCC sovereigns’ central government deficits will reach about $490 billion cumulatively between 2020 and 2023 .