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Iraq Drafts Blowout Budget: More Energy Capex, But More Wages Too
...cludes exports from the Kurdistan Region of Iraq, with which the government hopes to finalize a political agreement over monitoring the region’s 400,000 b/d exports (see p10). The oil price assumption is the largest in an Iraqi budget since 2013’s $90/B – the planned 2014 budget was also based on $90...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Suez Canal Hikes Tanker Fees
...% rebate previously granted to LNG tankers. Toll rebates for LNG tankers were set at 35% in 2014 before being reduce to 25% in 2015 and finally to 15% in October last year....
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...pendent on oil and gas for a whopping 60% of budget revenue and over 93% of 2018 export earnings, shares that have barely shifted in recent decades. As long as oil prices were over $100/B, as was the case from late 2010 until 3Q 2014, Algiers managed to paper over the cracks. But, as Warren Buffet sa...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...ucial if Muscat is to right the ship. The Omani economy is under pressure, and the lack of diversification ties its fate almost entirely to the price of oil. Struggling to balance its budget in the best of times, when the oil price crashed in 2014 the Sultanate’s debt ballooned. It racked up some $25...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Iraq Oil Revenue Falls To New 7-Year Low
...TO THOSE OF THE CBI DURING 2014 (MEES, 20 MARCH 2015). SOURCE: IMF, CBI....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan Strains Under Demographic, Fiscal Pressure
...pulation is increasing, the freshly-released results of Jordan’s first national census in 11 years were still startling. The census included not only citizens but also foreign residents, and reported that Jordan’s total resident population is now 9,531,712, compared to the World Bank’s 2014 estimate of 6,...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...dgeted for foreign grants of JD 1.13bn (which in turn was down on the 2014 actual figure) only for actual 2015 grants to come in JD 240mn lower. Jordan has blamed the shortfall on Qatar’s failure to stump up previously-pledged funds (MEES, 13 November 2015). Jordan is currently hosting around 1.5mn Sy...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
IMF Advises Iraq To Cut Spending Further
...oducing regions with exports expected to rise in 2015 to 3.1mn b/d from an average 2.4mn b/d in 2014. The number cited by the IMF is lower than the 3.3mn b/d on which the budget was calculated and in which Baghdad assumes a price of $56/B, just above the current price for Brent Blend futures (see p2...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kuwait May Tax Firms
...ficit of KD8.2bn ($27.3bn) after allocation of revenue to the Reserve Fund for Future Generations (RFFG). The new budget is based on an oil price assumption of $45/B, compared to $75/B in the current 2014-15 budget. The government has already cut subsidies on diesel, kerosene and jet fuel as of...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Open For Business With $175Bn Of Deals Signed At Development Conference
...ods were also halved. The president said that Cairo aims to raise the GDP growth rate to 6% over the next five years –from 2.2% for 2014 and an IMF forecast 3.5% for 2015 – whilst cutting the unemployment rate to 10% from the current 13%. At the same time Mr Sisi confirmed that the government is co...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Morocco Targets Further Subsidy Reductions
...cluding further cuts to subsidies and public sector pensions, the IMF says. 2014 Budget Projections Morocco’s 2014 budget, approved by parliament last November, projects total expenditure of MD367.20bn ($43.2bn), total revenue of MD335.18bn ($39.4bn), and a resulting deficit of MD32.02bn ($3....
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
SAMA Projects 4.2% GDP Growth In 2013
...MA’s 48th Annual Report, Dr Mubarak declined to give a forecast for Saudi economic growth and said that SAMA will take guidance from the IMF predictions of 4.2% in 2013 and 3.8% in 2014. The governor noted that in 2012 the kingdom achieved an actual budget surplus of SR386bn ($103bn) and said th...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013