The International Monetary Fund has said that oil exporting countries in West Asia lost a staggering 390 billion dollars in revenue due to lower oil prices last year. The IMF added that these countries should brace for even steeper losses of over 500 billion dollars this year. These losses translate into budget deficits and slower economic growth, particularly for countries like Saudi Arabia that are still heavily dependent on oil to finance their spending. The IMF said economic growth in the six Gulf Cooperation Council countries of Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates will slow from 3.3 percent in 2015, to 1.8 per cent this year. With oil prices weak, most GCC countries have raised fuel, water, and electricity prices.