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Libya Oil Revenues Skyrocket To $30bn In 2021
...l products, MEES estimates that Libya’s total 2021 oil exports were worth $29.8bn, the highest figure since 2014. Of course, most oil exporting countries had a good year in 2021. Opec – of which Libya is a member – has seen its revenues recover to pre-covid levels on the back of a sharp recovery in...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Central Banks Agree Reunification Plan
...anches on 20 January agreed a four-point roadmap for reunification of the bank which has been divided on western and eastern lines since Libya split into two parallel governments in 2014. London-based auditing firm Deloitte has been hired to assist the process. The division of the bank has co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Kuwait Set For 2022-23 Budget Surplus?
...the highest Kuwait has budgeted for since the 2014-15 budget’s $75/B. It is a huge increase on the $45/B assumption that Kuwait used for its 2021-22 budget. That $45/B assumption has proven to be a hugely conservative one, with Kuwait Export Blend (KEB) averaging $73.65/B over April-December 20...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Kuwait 2019-20 Budget Envisages Bumper Deficit Amid Faltering Oil Prices
....6bn, 93.7% of total income. This would be the highest oil revenue since 2014-15, and the greatest share of the total since 2012-13. Efforts at economic diversification remain as stubbornly distant as ever. Mr Hajraf estimated the breakeven oil price at $75/B before allocation of the mandatory 10% of...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...end crude hit $64.74/B, the highest since November 2014. December’s monthly deficit, at $490mn, was below $500bn for only the second time this year. ‘Import cover’ (the value of exports as a percentage of imports) rose to 88%, well up on the 2017 average of 75%. Revenues will have continued to rise wi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Algeria’s Oil & Gas Revenues Plunge 41% In 2015
...Algeria’s oil and gas export revenues, which account for around 95% of the total, have fallen by a whopping 41% in 2015 to $35.72bn from $60.3bn in 2014, as a result of the crash in oil prices, according to statistics published by the Algerian Ministry of Finance. MEES number-crunching in...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF Projects GCC Hydrocarbons Export Losses At $300Bn
...nthly update of its Regional Economic Outlook (REO), released this week, says that while the Gulf’s key oil exporters will feel the heat from the more than halving of oil prices from $110/B in June 2014 to $45-50/B now, the region’s oil importers will benefit from lower energy import bills, which could he...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
MENA Youth Unemployment Chronic-ILO
...tlook Trends 2015, released 20 January, says the Middle East and North Africa have the highest unemployment rates of any global region. The rate for North Africa was 12.5% for 2014, and that for the Middle East 11%, both higher even than the crisis-hit EU (10.2%). Both are set to stay top of the ra...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...EGYPT Egypt To Tap Bond Market Cash-strapped Egypt is planning to tap the Eurobond market in April with a $1.5bn issue to help plug a 2014-15 budget deficit of around E£240bn ($33bn), or 10 % of GDP. Finance Minister Hany Dimian says the issue will test the market for future bo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iran Banks On Taxes, Not Oil, To Fuel 2015-16 Budget
...ich calls for the taxation of religious foundations and military-linked companies – an unprecedented measure, if it could be implemented (MEES, 12 December 2014). Past calls to tax the “bonyads”, or state welfare entities controlled by the religious theocracy or the Islamic Revolutionary Guards, have go...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Baghdad Piles Financial Pressure On KRG
...IRAQ Baghdad Piles Financial Pressure On KRG Iraq cannot finance its projected 2014 deficit unless the KRG settles its arrears to the federal treasury, warns Haidar al-‘Abadi, head of the Iraqi parliament’s Finance Committee. Mr ‘Abadi says that unless the Kurdistan Re...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
UAE Funds Renewables In Africa, Pacific
...valu and Vanuatu under ADFD grants, with project completion expected in late 2014. Masdar also signed framework agreements with the European Investment Bank for clean energy projects in the MENA region and with Portuguese utility EDP for large-scale renewables projects in Latin America, Africa, the Mi...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Yemen: 2014 Budget Looks To Patch Holes In Violence-Fueled Revenue Slump
...YEMEN Yemen: 2014 Budget Looks To Patch Holes In Violence-Fueled Revenue Slump Simmering violence through much of the country and growing secessionist movement in the south, coupled with frequent attacks on oil and gas pipelines, power lines and other infrastructure, have ta...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
ILO Report Offers Stark MENA Outlook
...ILO Report Offers Stark MENA Outlook The International Labor Organization’s 2014 ‘Global Employment Trends’ report, released this week, is bleak reading for MENA. North Africa is the worst preforming region globally on a whole range of metrics; the Middle East isn’t far behind. MEES cr...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Yemen’s 2013 Budget Aimed At Speedy Return To Stability
...her ways of generating new sources of revenue. Inflation is projected to rise to 9% in 2013 with the pickup in economic activity from 7% in 2012, the statement said, but the government sees a fall in the rate in 2014-15. Unemployment is also expected to fall to 34% in 2013, 32% in 2014 and 30...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013