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Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...aded south in late 2014 (see chart 1). Other oil exporters were forced to adopt emergency measures when the Covid-19 pandemic saw prices and demand collapse in March last year. But Algeria has never come close to exiting crisis mode since 2014. Even then, on the back of three years of blowout sp...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Kuwait Budgets For Mega Deficit In 2020-21
...w debt law. It has therefore had to tap the General Reserve Fund to fund the deficit Kuwaiti debt rose significantly prior to 2017, up from 3.4% of GDP in 2014 to 20.7% of GDP in 2017 according to the IMF. It has since dropped due to the inability to issue debt, with the IMF projecting it was 17...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...venues – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 16.5% on 2015 – led cash-strapped governments to post record-high budget deficits as they grappled with a sudden reversal in fortunes. The deal to cut 1.2mn b/d came into effect on 1 January this ye...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...untries for which the IMF published growth forecasts in its six monthly WEO between 1999 and 2014, there were 220 instances where an economy grew in one year before contracting the next. How many of these 220 instances had the IMF flagged up by April of the preceding year? Precisely zero. ...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman Raises $1bn Loan
...unge in oil prices which began in 2014 has hit Oman’s finances hard, with Oman slashing budgeted spending by 11% for 2016. Also it axed subsidies by a whopping 56% to OR400mn in 2016 and raised domestic petroleum product prices. Latest statistics from the Ministry of Oil and Gas show that wh...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Egypt Aiming To Trim Energy Subsidies This Year
...pidly, hitting E£10.4bn ($1.4bn) for July-October 2015, the most recent period for which data are available, up E£8.6bn on the figure for the same period a year earlier. For 2015-16 as a whole the spending on electricity subsidies is slated to hit E£31.1bn, up from E£23.6bn for 2014-15 and E£13...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Kuwait Development Plan Based On $45/B Oil
...il project linking the GCC states; a media city; construction of the Al-Zour-2 power generation project and Al-Zour refinery, a refinery and petrochemical complex in China, and a petrochemical complex in Vietnam (MEES, 22 August 2014). Kuwait has not been successful with the implementation of its KD...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iran Mulls $40/B Oil
...rliament the draft budget law is sent to the Council of Guardians for the final green light. Iran is burdened by international sanctions which have restricted the export of oil to around 1.2mn b/d (including condensate) since mid-2014 (MEES, 12 December 2014). Earlier in the week President Hassan Ro...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iraq’s Budget Debate Stalls Over Oil Price
...endments before a vote in parliament due on 20 January. However, given the Iraqi assembly’s history, a further delay cannot be ruled out. The calculations are also complicated by the absence of a 2014 budget, which was never passed largely because of a dispute with the KRG at the time over revenue-sharing an...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Algeria Ignores Storm Clouds With 2015 Budget
...4,685bn ($59.3bn), with a resulting deficit of AD4,173bn ($52.8bn), or 22.1% of GDP, an increase of 17.8% on the 2014 deficit (see table). The budget law projects an overall GDP growth rate of 3.4% to AD18,191bn ($230.2bn) in 2015, with the non-oil GDP rising by 4.25%, compared to an overall growth rate of 4....
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Saudi Growth Slashed
...SAUDI ARABIA Saudi Growth Slashed Saudi GDP growth is expected to fall to 2.5% in 2015 from 3.7% in 2014, mainly due to an anticipated contraction in the oil sector by 0.6%, Jadwa Investment said in its latest update on the Saudi economy. Oil revenue will decline in 2015, but the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iran’s Indicators Improve As Sanctions Relief Approaches
...e real inflation rate to be much higher, the trend is clearly down. President Rohani said in November that his government is targeting a fall to 35% by the end of the Persian year on 20 March 2014; and to 25% a year later. The World Bank’s latest figure is 43% (for y/e October 2013). Un...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
World Bank Ups Global Growth Prospects, MENA In The Doldrums
...REGIONAL The World Bank has nudged up its global growth prediction for 2014. For MENA, a relatively healthy oil-fueled performance for GCC countries masks a sharp fall in growth projections for the region’s developing economies. In its latest twice-yearly Global Economic Prospects, re...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
2012 Jordan’s ‘Most Difficult Year’ Since Early 1990s
...the second half of 2014. There are also plans to build a pier for supply vessels and an LNG terminal, as well as a new crude oil pier (MEES, 20 August 2012). ...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Samba Projects Fall In Saudi Real GDP Growth In 2013-15
...anian output. Samba adds that that it sees fundamentals easing in 2013, as additional supply from Iraq and North America will have more of an impact. Therefore it projects an easing of Saudi oil production by around 4.5% in 2013, but in 2014-15 a pickup in world demand should lead to a co...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013