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  1. Egypt Eyes More Borrowing Despite Falling Deficit

    ...ar ending 30 June. Some $4bn came from a dollar denominated bond in February 2019, with a euro-denominated bond in April chipping in €2bn ($2.5bn). For 2017-18, Egypt raised $6.5bn: $4bn in February 2018 and €2bn ($2.5bn) in April 2018 (MEES, 20 April 2018). Both 2016-17 bonds were in dollars for a to...

    Volume: 62
    Issue: 37
    Published at Fri, 13 Sep 2019

  2. Egypt Gets $3bn Finance As Import Cost Soars

    ...e up in the first quarter of 2018, bringing in $6.8bn, compared to $5.5bn in Q1 2017, imports have also increased from $14.9bn to $16.0bn, meaning Egypt’s trade deficit was $9.3bn for both quarters. The share of oil and gas in Egypt’s exports grew from 31.0% in Q1 2017 to 32.6% in the first qu...

    Volume: 61
    Issue: 37
    Published at Fri, 14 Sep 2018

  3. Saudi $2bn Sukuk

    ...Saudi Arabia is raising $2bn in an international sukuk, its second ever after $9bn in April 2017 (MEES, 21 April 2017), “part of the Ministry of Finance’s commitment to develop Sharia-compliant debt capital markets,” it announced on 12 September.  Global coordinators are Citi, HSBC and JP Mo...

    Volume: 61
    Issue: 37
    Published at Fri, 14 Sep 2018

  4. Algeria Shuns Foreign Debt… By Printing Money?

    ...endments to the Money and Credit Law intended to allow the country’s central bank, Banque d’Algerie, to provide funds to the state treasury to cover a budget deficit which ballooned to a record $33bn last year. This followed the collapse in hydrocarbons revenue, the source of some 40% of budget revenue in 2017...

    Volume: 60
    Issue: 37
    Published at Fri, 15 Sep 2017

  5. Iran: Government Courts Anti-Laundering Body, Spurring Conservative Backlash

    ...Iranian government efforts to attract foreign investment are inviting the ire of conservatives ahead of presidential elections in May 2017. The latest battleground between the Iranian government and critical conservative political elements is being formed, and it’s money laundering. An in...

    Volume: 59
    Issue: 37
    Published at Fri, 16 Sep 2016