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Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...sinesses do ultimately retrench from doing business with Saudi Arabia, who could fill the void? Russia and Saudi Arabia, the world’s two largest oil exporters, have been forming closer ties since the collapse of the oil price in 2014; they now coordinate production under the ‘Opec+’ format. The Russian Di...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Riyadh Stays Positive
...Saudi Finance Minister Ibrahim al-‘Assaf painted a positive picture of the kingdom’s financial position during a seminar in Riyadh on 25 October. Despite oil prices remaining around $50/B, less than half 2014’s levels, the minister said “we have managed to maintain our public finances in a go...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...SAUDI ARABIA Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF The implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn or 11.1% of GDP in 2014, the IMF says in a recent paper setting out its arguments for the need for energy price re...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a mere 0.8% for 2015 down from 4.3% for 2014, Mr Rohani’s first full year in office. The country will this year record a fiscal deficit equivalent to 2.9% of GDP, the IMF projects. To be fair to Mr Rohani, the more than halving of oil prices over the last 15 months is largely to blame. The IMF pr...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...e end of 2014-15 by $2bn to $48.1bn. The cost of servicing the external debt – medium and long-term – stood at $5.6bn, of which $4.9bn represents instalment payments and $700mn interest charges. The debt/GDP ratio at the end of 2014-15 fell to 15% from 16.4% the previous year. Domestic debt stood at...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt Announces Ambitious Macroeconomic Policy Targets
...EGYPT Egypt Announces Ambitious Macroeconomic Policy Targets The Egyptian government is targeting a real GDP growth rate of 6% by mid-2019 – compared to 2.2% in 2013-14 and to a projected 3.5% in 2014-15 – according to a medium-term macroeconomic policy framework for the period 2014...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Lebanese Economy Resilient Despite External Shocks
...P in 2014. The Central Bank of Lebanon keeps substantial foreign assets of some $47bn which help to maintain confidence in the system – $35bn in foreign currencies and $11.9bn in gold. These reserves, together with foreign direct investment and expatriates’ remittances, provide an important bu...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Morocco Budget Cuts Subsidies
...MOROCCO Morocco Budget Cuts Subsidies Pursuing its declared policy of reducing the cost of state subsidies, Morocco has announced that its 2015 draft budget will see a 34% cut in subsidies to MD23bn ($2.7bn) from MD35bn in 2014 and MD42bn in 2013. Having peaked in 2012, Morocco be...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Kuwait To Rethink Subsidies Policy
...t based on facts, and that a new plan – scheduled for implementation by April 2014 – is under study. The 2013-14 budget is expected to end up with a surplus, Shaikh Salim said, but less than that of 2012-13. The budget for the last fiscal year had an actual surplus of KD12.7bn ($45.1bn) be...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Egypt To Up Spending
...rangements are underway to raise the necessary funds to implement the increase in the minimum wage in the public sector to E£1,200 ($174) monthly, due to begin on 1 January 2014. Mr Jalal estimated the cost of the increase in the minimum wage at E£9bn ($1.3bn) for the second half of the current fiscal year (Ja...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013