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Iran’s New President Pezeshkian: Economy Top Of The Agenda
...at of neighboring countries. 2015’s JCPOA re-kindled foreign interest in Iran’s upstream (MEES, 6 January 2017). But reaching a new deal rests on the outcome of US presidential elections in November. The outlook is more favorable if President Joe Biden, or his replacement on the De...
Volume: 67Issue: 28Published at Fri, 12 Jul 2024 -
Iran Exports: Gas & Petchems Become Key Revenue Streams As Crude Falters
...Since 2018, Iran’s economy has suffered as US sanctions caused Iranian crude and condensate exports to collapse. Oil and gas revenues brought in just $8.9bn for the last Iranian calendar year (March 2019-2020), versus $27.8bn in 2017-2018 – the last year before the renewed sanctions took ef...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Kuwait Eyes Huge 2019-20 Budget Deficit
...nancial resources. The IMF estimates that debt fell from 20.7% of GDP in 2017 to 14.8% in 2018, but projects this rising to 17.8% this year. The implication is that the IMF expects a new debt law to be issued this year, and credit rating agency Fitch also expects “that it will get passed in time to en...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...mbit came as they faced what could otherwise have been some awkward meetings with IMF officials. “Higher than projected” oil prices mean that the country’s fuel subsidy bill hit E£121bn ($6.8bn) for the 2017-18 financial year which ended 30 June, well in excess of the E£108bn figure targeted by Egypt’s IM...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...om $1=S£47 in 2011, the report notes. The local currency has further depreciated of late, with the Central Bank of Syria quoting an exchange rate of $1=S£500 in mid-June 2017. ...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Kuwait Posts First Deficit In 15 Years
...oner than the 2017-21 timeframe that many international organizations had predicted. “The state treasury faces many challenges, the most important of which is the rise in current expenditure,” he says. As this becomes a permanent feature in the budget, it piles pressure on state’s finances and be...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Cyprus: IMF Calls For Banks, Energy Restructuring
...osed a tender to import average volumes of between 0.6 and 1bcm/year for up to 10 years with first gas to be delivered between 1 January 2016 and 30 June 2017. Awarding a tender this year is unlikely (MEES, 18 April). Resource Fund The IMF review also calls for “an institutional framework for th...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014