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Oman Approves Cautious 2022 Budget
...s first surplus since 2008 this year. Oman has seen cumulative deficits of $69.3bn for the 13 years since its last surplus. Oman’s annual deficits were at least modest until oil prices crashed in 2014. In 2013, the last full year of high oil prices, Oman’s debt stood at 4.9% of GDP, but it has si...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Libya’s 2021 Finances Boosted By Oil Revenues, Skewed By Dinar Devaluation
...r the first time since 2014, one unified Libyan government was responsible for spending and revenues. Rival parallel administrations in the east and west of the country were replaced by a Government of National Unity (GNU) in March as part of Libya’s peace process (MEES, 12 March 2021). But a bu...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Egypt Delays Subsidy Reform With Economy On The Mend
...ntribution to GDP during 2017-18 was a record, but once that is converted to dollars, the $5.95bn was the highest since 2014-15. Tourism receipts for the first half of 2018 rose to $4.8bn, with full year numbers estimated to reach $9.1bn, the highest since 2012. The sector has been rocked by a series of se...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...ICES WERE OVER $100/B AS SPENDING MUSHROOMED TO HEAD OFF ‘ARAB SPRING’ CONTAGion; DEFICITS BALlOONED AS OIL PRICES SLUMPED FROM 2014 2: BREAKEVEN VS ACTUAL saharan blend* PRICES ($/B): EVEN BASED ON OPTIMISTIC 2019 BUDGET ASSUMPTIONS ALGERIA WILL NEED $88/B TO BALANCE THE BOOKS; FOR 2018 IT...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Bans Imports In Latest Move To Curb Deficit
...15 2014 2013 REVENUE (AD BN) 6,714 +19.1 +14.1 +41...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Dubai Edges Up Spending
...20. Upcoming events like Expo 2020 and the expected increase in infrastructure spending could help reverse Dubai’s recent economic slowdown, which saw the real estate market in summer drop by around a quarter since the most recent peak reached in 2014 (MEES, 29 July 2016). “The greater diversification of...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
IMF Approves Iraq Monitoring Program
...frastructure and assets, disruptions in trade, and deterioration of investor confidence.” Under the SMP, the authorities will cut spending in line with revenue. They will also aim to reduce the non-oil primary deficit by $20bn, or 12% of non-oil GDP between 2014 and 2016, according to the IMF. Ac...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Iran Prepares To Slash Spending
...cember 2014). Oil revenue in the new budget is projected at $22bn according to Mansour Moazzami, an advisor to Mr Zanganeh, with tax revenue at $28bn. Again, there is discord, with Mr Tayyebnia saying Iran only expects to earn $20bn in oil revenue in the current year. With the imminent lifting of...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Egypt To Borrow $1.5Bn
...maining debt of $500mn still owed to Qatar is to be repaid in the second half of 2015, the governor of the Central Bank of Egypt Hisham Ramiz had said (MEES, 5 December 2014). Egypt’s finances would have been much worse without the massive aid packages of some $12bn from Saudi Arabia, Kuwait and the UA...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Fitch Upgrades Egypt
...duced, the investment laws are revised and disputes with foreign investors settled. Fitch also says that economic growth is picking up, with year-on-year growth rising to a provisional 6.8% in 3Q 2014, the highest since 2008, from 3.7% in 2Q 2014. Consumption and investment have led to growth driven by...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Dubai 2015 Budget
...UAE Dubai 2015 Budget Dubai has announced a record balanced budget of Dh41bn ($11.2bn) for 2015, up by 9% in nominal terms from 2014, which projected a deficit of Dh882mn ($240mn). The budget will continue to stimulate growth and prioritize social services, despite the collapse in oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ice for Oman crude, $30/B above current levels. Muscat will likely be forced to raid its relatively-limited foreign reserves. Oman’s 2015 budget, released on 1 January, envisages total spending of OR14.1bn ($36.7bn at OR1=$2.60), compared to actual 2014 spending of OR14.5bn ($37.7bn), based on pr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman’s 2014 Budget Aims To Curb State Expenditure
...OMAN Oman’s 2014 Budget Aims To Curb State Expenditure Oman’s freshly-released 2014 budget envisages a modest increase of 5.0% in total expenditure to OR13.5bn ($35.1bn), compared to a 29% increase in 2013 over 2012. Oman officially projects inflation at 1.4% for 2014 – le...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Jordan 2013 Budget Targets Projects, But Also Austerity
...e government’s policy of curbing operational costs, especially for energy consumption, water, telecoms and travel expenses. He expects the fiscal deficit to fall to 4.8% of GDP in 2014 and to 3.2% in 2015. Loss Of Egyptian Gas Increases Fiscal Deficit Jordan is currently facing hard ti...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013