GCC states past problem of low oil prices - Official

Business Published on: 14 December, 2016 @ 5:07 AM
Oil prices stablize gulf
The Gulf Cooperation Council (GCC) member economies have been able to overcome the challenges brought about by the recent slump in oil prices, GCC Assistant Secretary-General for Economic and Development Affairs Abdullah Al-Shebli said.

Doha, Dec 13: The economic difficulties of the recent years prompted the GCC states to correct their budgets and make for the shortage of oil revenues," he told reporters here on Tuesday.

Al-Shebli made the remarks on the fringes of the 29th session of the United Nations Economic and Social Commission for West Asia (ESCWA).

"The GCC states gained experience in handling the emergencies resulting from the fluctuations of the oil prices. They are now better able to implement their respective plans for sustainable development through 2030. "The GCC states managed to realize the previous UN Millennium Development Goals (MDGs) five years ahead of the schedule of 2015," he said, expecting them to reach the Sustainable Development Goals (SDGs) before 2030 too.

Regarding the ESCWA ministerial meeting, he said the GCC representatives will present their reports on the progress made in the SDGs implementation tomorrow, Wednesday.

The UN member states approved the 17 SDGs, officially known as "Transforming our world: the 2030 Agenda for Sustainable Development," and 169 subordinate targets, on September 25.

News Source: KUNA   


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