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IMF Chief Draws Cautious Response from Arab Countries in Call to End Subsidies

IMF chief Christine Lagarde urged Arab countries going through democratic change to phase out costly subsidy systems on Monday, but drew a cautious response from regional finance ministers wary of the social impact of such steps. The International Monetary Fund chief said Arab countries pursuing democracy should keep up structural reforms and phase out subsidies systems that the Fund estimates cost $237 billion annually across the region. She also said average economic...

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