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Saudi Arabia Unveils PIF’s Five Year Strategy
...erall, Saudi GDP growth has been slow since the late-2014 oil price crash (see chart 1). The late-2017 decision to end austerity measures (MEES, 22 December 2017) that were crimping growth had been paying dividends, but the unprecedented turmoil of last year derailed the economy. The IMF’s latest es...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Kuwait 2019-20 Budget Envisages Bumper Deficit Amid Faltering Oil Prices
...vestment the key culprit. Mr Hajraf says Kuwait will maintain development spending at 17% of the total for 2019-20, some $12.4bn. An admirable aim, but one that ignores reality. 2017-18 was the closest Kuwait got to achieving this with 13%: for 2018-19 Kuwait is on track to invest just $5.5bn in in...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...geria cut its trade deficit by a third to $11.2bn in 2017. But dwindling oil output and higher domestic consumption mean that last year’s 23% increase in oil prices only translated into a 16% increase in export revenue. Export revenue continues to almost exclusively mean oil and gas revenue. Hy...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Iran’s Leadership Moves To Downsize IRGC’s Dominant Role In The Economy
...ash the number of Iranians receiving monthly cash subsidies of $11/person from 71 million to around 41 million (MEES, 15 December 2017). The commission also recommended setting a ceiling of 18% for pay increases; banning increases in tariffs, duties and costs of services provided by some branches of...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Iraq Gets US Backing For $1bn Bond Issue
...ll be used to finance Iraq’s budget deficit as stipulated in the 2017 budget law, noting that Iraq is paying lower interest on this issue than other countries with similar US-guaranteed bond issues. It is unclear if the US will continue with this largess under President Donald Trump, or indeed if hi...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...Cash-strapped Jordan is slashing its budget deficit in nominal terms by 25% in 2017 to JD830mn ($1.17bn), or 2.8% of GDP, from the revised deficit of JD1.1bn ($1.55bn), or 4% of GDP in 2016, in line with the IMF-supported reforms to rationalize expenditure. The kingdom is currently ho...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
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 -
MENA Youth Unemployment Chronic-ILO
...nkings out to 2017, according to the ILO’s projections (see graph). The ILO blames “tepid” MENA economic growth of 2.6% for 2014, due to “difficult political transitions, security challenges and rising regional conflicts,” for the lack of jobs. Though the ILO projects that growth will edge up to 3.8% fo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...tional Bank of Egypt announced earlier in the week that it is lending E£3bn ($416mn) to the Egyptian government to help finance the 1.95GW South Helwan Power project, due to start up in 2017, and an upgrade of the 650MW power plant at Assiut operated by EEHC. Egypt has ambitious plans to more than double it...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015