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Cairo Advances Subsidy Cuts But Will They Outpace Inflation?
...nth, as the government announced the new bread prices, PM Moustafa Madbouly said that the Electricity Ministry was developing a plan to completely phase out electricity subsidies over the coming four years, the latest in a series of extensions since the initial plan was set out in 2014 (MEES, 24 Oc...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Opec Revenues Set For 2022 Windfall After 2021 Turnaround
...cession could take the edge off recent highs is the focus. Still, even if oil prices pull back from their recent $100-$120/B range, the group is on course for its highest revenues since 2014 when it took $901bn. If the January to May average price of each Opec member’s key export gr...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Algeria Calls Time On Quantitative Easing
...vernment said it was an “urgent response” to the hole in Algeria’s finances left by the collapse in oil prices from the second half of 2014. Algeria notched up a record $24.3bn deficit in 2015. Though the country slashed spending in 2016, a further fall in oil prices (to an average of $44/B for Saharan Bl...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Oman’s PDO Bags $4bn Loan To Facilitate Bumper $20bn Upstream Plans
...nuary it raised a $1bn loan (priced at 120bp over Libor) to part finance the $8.6bn budget deficit in 2016 (MEES, 22 January). Oman Oil Company (OOC) plans to borrow $1bn to finance the BP operated Khazzan gas project. In September 2014 OOC raised a $1.85bn revolving credit facility put together by lo...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Qatar Stares Deficit In The Face
...mpares with previous forecasts in December 2014 of 7.7% and 7.5% respectively. The latest forecasts are broadly in line with the IMF’s latest forecasts of 7.1% for 2015 and 6.5% for 2016 contained in the latest update to the fund’s MENA Regional Economic Outlook, released last month. If spending is ke...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Mideast FDI: ‘Bleak’ Prospects Amid Post-Arab Spring Instability-UN
...REGIONAL Prospects for foreign direct investment (FDI) to the Middle East “remain bleak [with] rising political uncertainty a strong deterrent,” the United Nations Conference on Trade and Development (Unctad) says in its World Investment Report 2014, released this week. Ongoing po...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Bahrain: IMF Warns On ‘Fiscal Imbalances’
...e lower-income segments of the population, and on controlling the growth of current spending.” According to Bahrain’s two-year 2013-14 budget, allocations for oil and gas subsidies in the local market in 2013 amounted to BD878mn ($2,327mn), 26.6% of total oil and gas revenue, and in 2014 to BD...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...oil production to around 2%, after two years of substantial expansion, as growth in global demand remains weak amid expanding global supply. For the period 2014-18, the GDP growth rate in real terms is projected at around 3.5%. The IMF goes on to point out that in the medium term di...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013