IMF says more reforms still needed by Mideast oil exporters

In this Monday, May 1, 2017 photo, International Monetary Fund Director of the Middle East and Central Asia Jihad Azour, center, meets with his colleagues at the Dubai International Financial Center in Dubai, United Arab Emirates. The IMF said in updated regional IMF outlook published Tuesday, said oil exporting countries in the Middle East continue to have the world's largest energy subsidy bill and said additional reforms are still needed to curb government spending. (AP Photo/Kamran Jebreili) (The Associated Press)

In this Monday, May 1, 2017 photo, Jihad Azour, International Monetary Fund Director of the Middle East and Central Asia talks with an Associated Press reporter at the Dubai International Financial Center in Dubai, United Arab Emirates. The IMF said in updated regional IMF outlook published Tuesday, said oil exporting countries in the Middle East continue to have the world's largest energy subsidy bill and said additional reforms are still needed to curb government spending. (AP Photo/Kamran Jebreili) (The Associated Press)

DUBAI, United Arab Emirates – The International Monetary Fund says oil exporting countries in the Middle East continue to have the world's largest energy subsidy bill and additional reforms are needed to curb expenditures.

An updated regional IMF outlook published on Tuesday says money spent on subsidies from these countries is down from $190 billion in 2014 to an estimated $86 billion a year. Still, this was largely due to a global decline in energy prices that saw the price of oil more than halved since 2014.

The report says generous subsidies and a reliance on government jobs is not sustainable.

The IMF says more private sector jobs will be needed for the 6.5 million people entering the workforce by 2022 across Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, the United Arab Emirates, Algeria and Iran.