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Egypt’s Nuclear Megaproject Faces Uncertainty As Russian Funding Squeezed
...the Mediterranean coast 170km west of Alexandria. This was followed by a 2017 agreement greenlighting several contracts for construction (MEES, 15 December 2017), which effectively began in 2022 (MEES, 8 July 2022). Under the agreements, Russian state nuclear energy firm Rosatom will build the fo...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...me (MEES, 17 June 2020), policy initiatives have been state-driven and focused on dealing with the symptoms rather than the underlying malaise: from printing money (MEES, 13 October 2017), to banning whole swathes of imports (MEES, 1 January 2018). Official foreign currency reserves collapsed from al...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Kuwait Budgets For Mega Deficit In 2020-21
...curate, then it will run up a cumulative $144bn deficit over the seven years to March 2021. Its last budget surplus was $16.5bn in 2013-14. This is particularly problematic as the government has been unable to issue new debt since October 2017 due to legislative gridlock holding up the passage of a ne...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...18 has been a good one for Egypt, with news that revenue from two pillars of its economy, the Suez Canal and tourism, hit three and five-year highs respectively in 2017 (see charts). Tourism revenues collapsed in 2016 to $2.69bn after Moscow issued a travel ban to Egypt in the wake of the No...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Jordan: Cash Handouts Amidst Reforms
...rough public works and subsidies (see p8). At the same time, the 2018 budget shows the government is attempting cut down its troubling deficit by 28.9% (MEES, 1 December 2017). To accomplish this Jordan is attempting to push through IMF-supported tax hikes intended to halt growing debt. Implementing st...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ace when you’re in a bad starting position,” he adds. Mr Garhy says that Egypt is trying to curb its budget deficit to around 10.1% of GDP by the end of fiscal 2016-17 in June, down from 12.3% a year ago, and to cut the stock of public debt to 98% of GDP by the end of June 2017 from the 101% mark at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR. The FFR for many years collected all ‘su...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Slashes Saudi Growth Forecast – Based On Questionable Assumptions
...The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016). Unsurprisingly, Saudi Arabia has taken umbrage at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...wait 1Q17 10 S. Arabia 2017 10...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...nk’s similar forecasts earlier this month (MEES, 15 January), the IMF’s oil price assumptions are already way out of date, and as a result its MENA economic forecasts way optimistic. The IMF has chopped 1 percentage point from its Saudi growth projections for 2016 and 2017, compared to those it...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016