DUBAI: Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund (IMF) said.

The wealthy monarchies, however, should “not react in a knee-jerk way to lower oil prices,” the IMF Middle East and Central Asia chief Masood Ahmed told Agence France-Presse in an interview on Monday.

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