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Iraqi Parliament Passes $17bn Emergency Bill
...ojects. But it also registers a negative precedent by renewing the practice of ex-budgetary spending decisions as were made in 2014 and 2020. Many observes had hoped that the lack of a 2022 budget would pressure politicians to reach a deal on government formation and exit the current gridlock. Former MP Al...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Algeria Cuts Deficit For 2018: Gains Will Likely Prove Short-Lived
...Algeria notched up a $10.5bn deficit for 2018, the tenth in a row, though the lowest since oil prices crashed in the second half of 2014. But the numbers have taken a turn for the worse this year. And political instability presents a further downside risk. Freshly released financial stats fr...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...timates Iran’s forex reserves fell $16.3bn between March 2016 and December 2017, compared to increases of $2.2bn in the year starting March 2015, $8.6bn in 2014 and $13.2bn in 2013. The decline in Iran’s reserves is primarily attributed to capital flight. This in turn has led to a steep depreciation in th...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Saudi Arabia’s Transformation Plan Already Running Out of Time
...netary Agency (SAMA) 2015 Annual Report put the private sector contribution at 41.1% of GDP in 2014. Growing the private sector is key to the government’s aims of reducing unemployment among Saudis and reducing the public sector wage bill. But key obstacles to previous efforts to increase employment of...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iraq Plans Eurobond By End-2016
...onomy out of recession despite low oil prices, with real GDP estimated to have risen to 2.4% in 2015 from a contraction of 2.1% in 2014. The bank’s forecast for 2016 is GDP growth of 7.2%. DESPITE RECORD VOLUMES, JAN-MAY IRAQI CRUDE EXPORT REVENUES WERE way BELOW BUDGET *IMPLIED BUDGET TA...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Backs Jordan Loans
...r Jordan, which had previously issued US-guaranteed sovereign bonds worth $1bn in 2014 and $1.25bn in 2013 (MEES, 15 August 2014). With the guarantee now in place, the Jordanian government is gearing up to issue its $1.5bn bond in the second half of June, Jordanian finance ministry official ‘Izz al...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Saudi Arabia Faces 20% Fiscal Deficit
...venues, the IMF said this week. Local investment bank NCB, in a report also issued this week, forecasts a deficit of $20.6bn for 2015. NCB notes that this is the first deficit since 1998 and contrasts with an $81.2bn surplus for 2014. With the kingdom, and Opec, sticking with a strategy of maximizing it...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Algeria’s Development Plan Projects 7% Growth
...each of the last four years, and Mr Sellal acknowledges volumes have continued to fall in early 2014. With domestic gas demand rising strongly export volumes and revenue are also down (see table). Sonatrach’s Chief Executive ‘Abd al-Hamid Zerguine said at the beginning of this year that the te...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Tunisia $500Mn US Guarantee
...4mn (MEES, 23 May). The World Bank, meanwhile, announced a loan program of $1.2bn in 2014. Tunis plans to raise around $1.8bn in foreign bonds helped by guarantees from the US and Japan, and to issue $435mn worth of Islamic sukuk. Moody’s this week said that although the political situation had im...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014