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Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...llows through on Mr Jadaan’s statement, then reserves would drop to around $468bn. The lowest figure since early 2011, but comfortably above the sub-$400bn levels of 2009. Meanwhile, the balance between borrowing and tapping reserves mentioned by Mr Jadaan highlights the extent to which Saudi Ar...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Egypt Looks To Cut Deficit Amid Uncertainty
...me 80% of tourists have cancelled their planned holidays to Egypt this year. Tourism contributes around 12% of Egypt’s GDP and last year posted a record $13.03bn in revenues. The tourism sector had only just recovered from the aftermath of the Arab Spring in 2011 and a spate of terrorist attacks in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Tunisia Fuel Hikes Increase Pressure On Government
...rch). Economic malaise has been the norm since the 2011 revolution overthrew dictator Zine al-Abidine Ben Ali (MEES, 16 November 2018). In the years since, inflationary pressures have wreaked havoc with peoples’ purchasing power and the unemployment rate at over 15% has barely moved in the last six ye...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Lebanon: Can Donor Conference Success Right The Ship?
...esent problem since. Since 2011, the war in neighboring Syria has crippled economic growth (see chart), stunting the 9.2% average annual growth from 2007-2010 to a paltry 1.7% from 2011-2017 (see chart 2). With a bloated public sector, subsidized (yet inadequate) utilities and corruption a problem ev...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...untry’s other means of covering its deficit is to draw down its foreign reserves. These had shrunk to $514bn at end-February – the lowest since 2011: they were $593bn a year earlier and peaked at $732bn at end-2014 (see chart). The sukuk helps to alleviate pressure on these foreign reserves. Moody’s as...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Egypt Foreign Reserves Hit Six-Year High But Still Long Way To Go
...Egypt’s foreign reserves rose by just shy of $2bn to $28.5bn in March, the highest since March 2011, as the influx of around $10bn in foreign aid and loans since November last year has helped the country’s ailing economy get back on its feet (see chart). Egyptian President Sisi’s trip to Wa...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...2015 4Q16 vs 4Q15 4Q15 2014 2013 2012 2011...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Tunisia: IMF $2.8bn Loan
...rticularly for the youth,” Mr Matti says. Tunisia, the first country to usher in the 2011 Arab Spring, is struggling to cope with the political and economic transition as the influx of refugees from neighboring Libya and a series of terrorist attacks have led to the collapse of the tourism industry. Oil an...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...lks with the IMF and said that Egypt had recently put forward its development program and has no problem to deal with any institution on the basis of this program. For around two years after the January 2011 revolution, Egypt held intermittent talks with the IMF to obtain a loan. This did not ma...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Imports Of Iranian Crude & Condensate Rise Strongly; But Is It Sustainable?
...• South Korea imported 243,000 b/d from Iran in March. Though this was down a touch on February’s 267,000 b/d it marked the third straight month over 200,000 b/d with first quarter imports from Iran at the highest quarterly level since Q3 2011, just before sanctions were tightened (see p21 fo...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Comes To Egypt’s Rescue Again Signing $55bn-Plus Of Deals
...ighbors around them. Egypt as a transition state after the 2011 revolution is in need of all the financial and economic assistance that Saudi Arabia can afford to help in reviving its ailing economy. As collated from various sources, Egypt has signed agreements and MoUs worth some $55bn, although a co...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
More Aid For Jordan, Lebanon And Tunisia
...Lebanon and Jordan were this week promised new loans totaling $573mn to help them cope with the cost of hosting Syrian refugees who have fled their country since the start of the civil war in 2011. Lebanon has signed five loan agreements for $373mn with the Islamic Development Bank (IDB) to...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
IMF Warns Qatar Of Budget Deficit
...dition, expenditure growth could be further restrained if energy subsidies are reduced. Qatar does not disclose details of allocation for energy subsidies, but the IMF has estimated them at 3.5% of GDP in 2011. It adds that water subsidies may also be sizable, “as water consumption rates and technical lo...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
After Iran’s Nuclear Deal, Economic Reforms Are A Must
...th exports and production to pre-sanctions levels in just a matter of months, once sanctions are lifted. Iranian oil exports have been running at an average of 1.2mn b/d over the past six months, down from just over 2.5mn b/d in 2011 – pre-sanctions. Iranian crude oil production meanwhile has av...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Economy: Still A Long Road To Recovery
...3% in 2016. It expects general government debt to “decline gradually to less than 90% of GDP during 2015-16.” Debt peaked at 90.5% of GDP in 2013-14, according to IMF figures, up from 77% before the 2011 ‘Revolution’. Egypt is targeting a doubling of foreign direct investment (FDI) for the cu...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt Issues $1.5Bn Eurobond Mandate
...ternational market. The planned Eurobond issue will test the market for future borrowing, given Egypt’s absence from the debt market since the January 2011 revolution which overthrew the Husni Mubarak regime. The last time Egypt dipped into the international market was in April 2010 with the launch of a $1....
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Jordan Slashes 2014 Budget Deficit
...d Japan. Jordan’s economy is also under strain, due to the influx of around 1.4mn Syrian refugees, who have fled their war torn-country after the start of the uprising in early 2011. Jordan estimates the cost of looking after these refugees at $3bn in 2015 (see column). Jordan’s public debt st...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Iran Braces For 20-30% Utility Price Hikes
...ify the system eventually failed. IMF: Challenges Ahead The IMF, in its first overview of the Iranian economy since late 2011, says Iran’s near term economic outlook remains subject to downside risks. Progress of recent decades in raising income and living standards stalled as both domestic po...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Qatar Announces Record Budget But Curbs Expenditure Growth
...up by more than 20%, in preparation for the hosting of the 2022 World Cup. The new budget, which began on 1 April, is expected to carry on with the implementation of programs and strategic development projects envisaged in Qatar’s national strategy for 2011-16, and the realization of the ob...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014 -
EU Eases Syria’s Oil Sanctions
...day eased certain EU sanctions against Syria, including the oil embargo, so as to help the civilian population and support the opposition.” EU sanctions were imposed in 2011 in response to the Asad regime’s crackdown on pro-democracy protests. Sanctions banned exports of key equipment and technology to...
Volume: 56Issue: 17Published at Fri, 26 Apr 2013