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Saudi Arabia Prioritizes Investment Despite Budget Deficits
...rging by $34.5bn to a five-year high of $65.3bn, preliminary Ministry of Finance figures show (see table). This is more than double the originally budgeted figure of $26.9bn. Having run just one budget surplus since 2014, government debt levels have been on the rise in recent years. From just $38bn in...
Volume: 68Issue: 49Published at Fri, 05 Dec 2025 -
Qatar Unveils Overly Conservative 2022 Budget
...tari monthly export revenues exceeded $8bn for the first time since December 2014 and with pricing for Qatar’s term LNG sales incorporating a lagging oil-price linkage, Doha can look forward to strong early-2022 revenues. WORLD CUP SPENDING BOOST On the expenditure side of the ledger, Qa...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Egypt: Current Account Deficit Widens Despite Strengthening Growth
...ficit fell in dollar terms in 2016-17, as share of GDP the deficit peaked at 6.1% that year. Whilst Egypt’s current account notched up successive record deficits of $12.1bn and $19.8bn in 2014-15 and 2015-16, President Sisi’s first two full years in power, the country’s finances were bailed out by re...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...RTHER RISE IN OIL PRICES WILL BE NEEDED FOR 2019 TO SEE THE FIRST SURPLUS SINCE 2014 *2018 FIGURES ARE JAN-OCT PRO-RATED EXCEPT OIL PRICE WHICH PRESUMES LOWER NOV-DEC VALUES IN LINE WITH LATEST BRENT FUTURES. SOURCE: ALGERIA CUSTOMS, OPEC, MEES CALCULATIONS. PRAYING FOR HIGHER PR...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...hers decline to take any decisions on permits and the like for fear of being branded corrupt (MEES, 31 October). But, in an echo of the situation facing smaller firms in Egypt (MEES, 1 December), the bigger fall came with the collapse in oil prices in the second half of 2014. Many of the minnows in Tu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Oman’s 2015 Budget Deficit Soars
...rther – to around $40/B for Oman crude – in recent weeks (see p18). Taking these factors into account the deficit for 2015 as a whole could well top OR5bn (see graphs). Oman had a small surplus of OR136mn ($354bn) in the first nine months of 2014 but this fell to a deficit of OR360 for the year as a wh...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
GCC Countries Set For Record Bond Issues To Plug Funding Gap
...With oil prices 60% down on their 2014 peak, GCC member countries are increasingly turning to borrowing to make up for their revenue loss. Bahrain and Qatar are now launching new bonds, and Oman is considering following suit, all three following Saudi Arabia’s lead in July to resort to bo...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Algeria Ratifies 2016 Budget Despite Opposition
...s export earnings are set to bring in just $35bn this year, down from $60bn for 2014 and $70bn in 2012 (MEES, 27 November). Finance Minister ‘Abd al-Rahman Benkhalfa says the fuel price increase is inevitable as Algiers needs to take an axe to subsidies – which cover everything from energy and ga...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iran Eyes Balanced Budget Despite Gloomy Outlook
...tal of $7bn of its frozen assets: $4.2bn in phase one, between November 2013 and July 2014; and a further $2.8bn in phase two, between July 2014 and November 2014. This arrangement will continue under the latest extension of the deal through July 2015 – during which Iran will receive $700mn/month in fr...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...11 and July 2014, a period flagged up by the World Bank and other observers as one of “remarkable stability.” (With an uncanny degree of prescience, BP chief economist Christof Rühl, speaking at the mid-June market peak, said that with the US delivering “one of the biggest annual oil production in...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Oman Poised To Curb State Expenditure In 2014
...OMAN Oman Poised To Curb State Expenditure In 2014 Oman has taken the strategic decision to put the brakes on state expenditure in 2014 after three years of sharp post-Arab Spring spending hikes. Outlining details of the draft budget to the Majlis al-Shura (State Co...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Libya: Forex Reserves On The Slide
...onomy shrinking by 5% in 2014 in the event of the protests continuing, and suggested that in a worst case scenario Libya may seek foreign loans. (The IMF projects a contraction of 5.1% in real GDP in 2013 - MEES, 22 November.) Referring to these figures, the bank’s statement said that “the CBL de...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Iran Budgets For $100/B
...IRAN Iran Budgets For $100/B Iran’s draft budget for the Iranian year 1393, starting on 21 March 2014, will be based on an oil price assumption of $100/B, a member of the Majlis Budget and Planning Commission Hadi Qavami told the Iranian Students News Agency (ISNA) on 1 De...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013