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Libya: Oil Still Flowing But Revenues In Limbo
...itiative, tells MEES. PAYBACK TIME? “Kabir is fighting all of this because he knows that the reason he is one of the most powerful men in Libya today is because he controls all of the hard currency accounts in Libya,” he adds. Some $190bn in oil revenues have passed through CBL coffers since 2011...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...oducer to have struggled to cope. The oil revenue bonanza came at just the right time to enable Oman (among others) to hike spending from 2011 in a bid to head off ‘Arab Spring’ contagion. MEES projections, based on official 9M19 stats and typical seasonal trends, indicate that Muscat will close out th...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Saudi Cash Injection: Better Late Than Never
...ptember to $544bn in October, 16.3% down on a year earlier and their lowest level since December 2011 (see chart). The central bank also sharply drew down on its foreign deposits in October, by $11.6bn to $102.7bn. Riyadh on 19 October raised $17.5bn in its first international bond issuance so the dr...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Tunisia Bags $10bn Aid
...Arab and Western donors pledged $9.6bn in aid to Tunisia at a two-day investment conference this week organized to support its struggling economy (see table). The country’s finances have been under pressure since the 2011 uprising, which marked the beginning of the Arab Spring. Tunisia’s de...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Algeria Faces Record $14bn Trade Deficit
...14 2015(a) 2015(b) $bn % 2014 2013 2012 2011 Imports 51...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...r January-October), the fact that they have fallen below the $85/B mark since mid-October and are now well below this has sounded the warning bells. Current $72/B prices for Oman crude are down by 35% from their $110/B June peak (see p20). Prices averaged a buoyant $105-110/B for 2011 through 2013, gi...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...me on its hands to formulate a response to the evolving LNG market – welcome breathing room for Qatargas and RasGas, which seemed almost resigned to a lesser role in the market in the years ahead. Qatar has controlled about a third of the global LNG market since completing its last train in 2011 and no...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt: IMF Praise
...July). Instability after the January 2011 revolution delayed these politically-sensitive cuts for some time. For the IMF energy sector reforms and sizeable investments will be critical to reduce energy supply bottlenecks and boost growth. Mr Jarvis says that Cairo is seeking to reduce the bu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...ssion Chief to Jordan Kristina Kostial who said earlier this month that the kingdom’s indebtedness could reach 89% of GDP by end 2014, from 71% in 2011. Ms Kostial added that to address this problem, the authorities have to control public finances, especially those related to the central government and se...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...owth prospects, and also a key ‘wild card’ necessitating the strengthening of fiscal buffers. The region is also vulnerable to volatility in global financial markets and broader Middle East unrest, the IMF says. Real GDP growth fell to 5.2% in 2012 from an “exceptionally strong” 7.7% in 2011 wh...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Egypt And IMF Agree Terms For $4.8Bn Loan
...EGYPT Egypt And IMF Agree Terms For $4.8Bn Loan By Basim Itayim Egypt and the International Monetary Fund (IMF) have reached a preliminary agreement on a 22-month standby arrangement (SBA) for $4.8bn. Under negotiation since June 2011, the SBA will support th...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Kuwait 2012-13 Budget Maintains Record Spending
...ojected to rise by 47.1% over the previous year. The higher expenditure in the new budget comes on the back of an even larger increase of 19.2% in 2011-12 (MEES, 15 August 2011). Record public expenditure, and a failure to push economic reforms, prompted the former governor of the Central Bank of...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Bahrain Unveils 2013-14 Draft Budget
...13 and BD3.543bn for 2014. The resulting deficits are estimated to be BD657mn for 2013 and BD753mn for 2014. Total revenue for 2013-14 will rise by 20.3% over 2011-12, while total expenditure for 2013-14 will increase by 12.8% over the two previous years. Announcing the budget figures, the Un...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
UK Treasury Renews Restrictions Against Iranian Banks
...IRAN UK Treasury Renews Restrictions Against Iranian Banks The UK Treasury on 21 November renewed its financial restrictions against Iranian banks, which have been in force from 21 November 2011, but ceased to have effect after the lapse of one year. It said all UK cr...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012