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Algeria’s Revised 2020 Budget: More Questions Than Answers
...rex reserves which had already fallen to $60bn by the end of March, just 30% of their level six years earlier (MEES, 1 May). President Abdelmadjid Tebboune has ruled out both foreign debt and the country’s previous ruse of printing money (MEES, 13 October 2017) as a way of financing the fiscal de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Algeria’s Export Revenue Buffeted By US Shale Hurricane
...the 2.9bcm/y Reggane field and the March 2018 start-up of 1.8bcm/y Timimoun (MEES, 22 December 2017). This year’s only significant boost will come from the Touat field, which like Reggane and Timimoun is in the country’s far southwest. Here private equity-led operator Neptune Energy is ta...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Egypt: Economic Gains Threatened By Record Import Bill
...ilst the pound was heavily overvalued. But remittances have leapt since the Egyptian currency’s November 2016 devaluation – a prerequisite for the $12bn IMF deal (MEES, 18 November 2016) – with the figure hitting $20bn (8.5% of GDP) for the first time in 2017 (see chart 1). Tourism has also re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Lebanon Resorts to ‘Unconventional’ Tactics to Cope With Deficit
...3-10 years. The last time Lebanon borrowed from the international debt market was in March 2017, when it issued a triple-tranche Eurobond of $3bn (MEES, 24 March 2017). With $11.5bn pledged in grants and loans at the Cedre investment conference earlier this year (MEES, 13 April), international ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Saudi Aramco Courts Investors Ahead Of IPO
...ecuted. Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success. Efforts are also being made to ensure that th...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Raises $3bn Bond
...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms. The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Orpic Seals $0.9bn Financing For $7bn Projects Program
...pelines and terminal in the first half of 2017. OLC has arranged financing with Ahli Bank and Bahrain’s Ahli United Bank to cover 70% of the MSPP’s development cost. The MSPP project will transport oil products through a 290km pipeline system between the Sohar and Mina al-Fahal refineries and a pr...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Sisi Promises Economic Reforms
...esidential candidate Field Marshall Abdel Fatah al-Sisi, who is widely expected to win, has said that he will target a GDP growth rate of 7%, and a decrease in the unemployment rate to 8% by fiscal year 2017-18, targets which appear to be highly ambitious, considering current circumstances. He says he is al...
Volume: 57Issue: 21Published at Fri, 23 May 2014