IMF’s managing director Christine Lagarde said that the Gulf states must raise taxes, cut spending and increase gender equality to prevail through an era of low oil prices. She further said that UAE should continue to consolidate its finances at a pace that minimises the impact on growth. Ms Lagarde also called on the UAE to introduce a raft of liberalising measures “to accelerate diversified growth led by the private sector”.  She said that these reforms include opening up for foreign direct investment, and improving specific areas of the business environment – easing SMEs and start-ups access to finance, and enhancing incentives to work in the private sector – while continuing to improve the overall quality and relevance of education and training. On Saudi Arabia she said that the country needs to do more to curb spending and raise revenue through various measures, including raising energy and water prices, to reduce fiscal deficit. Lagarde further said that these measures should be accompanied with compensation to protect the most vulnerable. (The National)