GCC states have proposed value-added taxes of 3 to 5 percent starting 2018, the UAE economy minister said.
Gulf Arab states will require more than USD 250 billion over the next two years to plug budget deficits.
Baghdad will keep fuel subsidies in place while working with the IMF to improve financial management.
The Iraqi government may also issue local bonds worth USD 6.2 billion next year to help finance its budget deficit, a government adviser said.
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