Falling oil price losses cost Gulf States 300 billion $

from the economies of the Gulf states this year.

IMF said in an update to its expectation for the Middle East and Central Asia, that the economies are heavily dependent on oil exports, including Iraq, Qatar, Libya and Saudi Arabia that will be the most affected by the decline in crude oil prices more than 50%.

The prices of oil are currently approaching the lowest level in six years amid expectations glut in supply, linked to the large rise, which is unexpected in the US shale oil production.

IMF added that the decline in crude prices will not immediately result in significant gains for oil importers in the Middle East and Central Asia, who have been affected by the expectations of slowing economies of major trading partners growth in the euro zone and Russia.

IMF has reduced this week its expectation for global economic growth to 3.5% in 2015, compared with estimates in October amounting to 3.8%, as much as the fund reduce its expectation for growth in oil-exporting countries Russia, Nigeria and Saudi Arabia.

It is likely that losses would reach up to 21 percentage points of GDP in the Gulf Cooperation Council (GCC), or approximately 300 billion $.

IMF added that it is expected for t the losses in countries outside the Gulf Cooperation Council countries and countries of Central Asia to reach 90 billion $ and 35 billion $ this year.

The Fund predicted that Morocco, Lebanon, Mauritania would achieve the greatest gains from falling crude prices, while Lebanon and Egypt will witness probably an improvement in its financial assets.