At the opening of the Fiscal Forum during the World Government Summit (WGS) in Dubai, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), urged nations in the Middle East and North Africa (MENA) region to adopt a subsidy reform strategy to enhance their fiscal situations.
Georgieva emphasized that phasing out explicit energy subsidies could result in substantial savings, potentially reaching $336 billion across the region. These savings are equivalent to the combined economies of Iraq and Libya. Moreover, she highlighted the additional benefits of subsidy reform, including discouraging pollution and facilitating increased social spending, thus creating a triple dividend for nations undertaking such reforms.
