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Libya Expects Breakthrough Decision On Frozen Assets By End-2024
...hmoud Hassan expecting the sign-off by the end of 2024. The UNSC in October extended the mandate of the Panel of Experts – tasked with implementing Libya sanctions including the asset freeze since 2011 – until 15 February 2025, with the intent to provide the Council with a final report “no later th...
Volume: 67Issue: 32Published at Fri, 09 Aug 2024 -
Saudi Arabia Posts Strong Q2 Growth
...Saudi Arabia’s economy is booming, with GDP growing at its fastest pace since 2011. Inflation remains under control and foreign reserves are being rebuilt. Saudi Arabia’s economic rebound continues apace, with growth accelerating to 11.8% last quarter. Preliminary government figures for Q2...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Libya Oil Revenues Soar But Still Short Of Central Bank Target
...VENUES* AT $11.6BN IN THE FIRST SEVEN MONTHS OF 2021 ARE ALREADY DOUBLE THE FULL YEAR 2020 FIGURE OF $5.9BN *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 AND 2017 DUE TO ABSENCE OF NOC DATA. ^INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES. ^^INCLUDES SMALL VOLUMES OF CONDENSATE. SOURCE: OPEC ASB, CB...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Libya’s Forex Reserves Fall 21% In 2020
...e inaccessible to Libya due to strict UN sanctions that have been in place since 2011.The idea is that sanctions will be removed once Libya has an accountable government. But the country is still deeply divided. Libyan actors are still squabbling over the legal basis for elections that are sc...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Egypt’s Debts To IOCs Again On The Rise
...rther investment as it did in the years following the 2011 revolution. Egypt has turned again to the IMF for $8bn, bagging $2.8bn via a rapid financing instrument (RFI) and the initial $2bn of a hastily-arranged $5.2bn Stand-by Arrangement (MEES, 12 June). This saw the country’s foreign reserves ri...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Algeria Halves Trade Deficit, Thanks To Higher Oil Prices
...200,000t set in 2011 (2017, with 190,000t, was just shy of the record) Elsewhere in Asia, Korea has yet to fall for Algerian LNG with just two cargoes imported for 2017 and none so far in 2018. But the country’s import stats for the first seven months of 2018 showed that it took 40,600 b/d of Al...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Iran: Rohani Under Fire As Economic Pressure Mounts
...esidents are no stranger to second term woes and Mr Rohani will have to strive to eclipse the drama of his predecessor’s efforts. Mr Ahmadinejad’s relationship with Supreme Leader Khamenei collapsed in 2011 after the latter re-installed a sacked intelligence minister against his will, prompting the pr...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Record Products Sales And VAT Bolster Saudi Economy
...18. B =BUDGET (JADWA EST. FOR BUDGET OIL PRICE, OUTPUT). SOURCE: FINANCE MINISTRY, SAMA, JADWA, OPEC, IMF, MEES. SAUDI ARABIA JUNE 2018 OIL DATA (‘000 B/D): OIL STOCKS HIT LOWEST SINCE NOVEMBER 2011, JUNE SUPPLY TO MARKET HIGHEST SINCE DECEMBER 2016 CHANGES EXPRESSED IN PE...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...nual statbook does not provide unemployment figures, nor use the term ‘unemployment’ once. Sultan Qaboos managed to quell considerable upheaval in 2011-12 during the Arab Spring; conditions have since grown worse. And with oil prices a far cry from the $105/B days of 2011-2013, throwing money at th...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...ciety.” After the 2011 revolution, the government bowed to popular pressure and hired some 900,000 people in civil servant jobs, which were not needed, raising the wage bill by an annual E£150bn ($16mn at current rates). There is therefore a need to reduce this “over employment” in the civil service to cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Tunisia Launches $500mn bond
...cured a favorably low yield of 1.416% per annum thanks to the US guarantee. This is the fifth time that Tunisia has tapped the international debt market since the ouster of former dictator Zine al-Abidine Ben Ali in January 2011. Tunisia, the first country to usher in the ‘Arab Spring’, is struggling to co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
The Only Way Is Down For Algeria’s Trade Balance
...cord surpluses of over $20bn for 2011 and 2012 (see table). And MEES analysis suggests that the situation is going to get worse with the country on course to rack up a $20bn deficit for the year as a whole. The collapse of Algeria’s trade balance is inevitable given the slump in global oil pr...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Libya Looks To Recover Overseas Cash
...rgesse with the aim of garnering support. Post-Qadhafi’s 2011 downfall this has left the LIA with a haphazard portfolio of investments across more than two dozen African countries, mainly in the telecoms, agriculture, mining and hotel sectors. The move against the four countries – Rwanda, Chad, Za...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Jordan Taps Bumper Aid; IMF Praises Energy Policy
...a downward path. He also said there is a need to implement structural reform geared to job creation, labor market reform and improvement in the business climate. Jordan was badly hurt when the flow of Egyptian gas, which fuelled electricity generation in the kingdom, was severely reduced after the 2011...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Arab Bank In Court
...nks – like France’s BNP Paribas – have faced US charges for doing business with countries against which the US has sanctions in place. The case may have implications for banks elsewhere in the Middle East. Lebanese banks, for instance, are notoriously secretive. In 2011, US Treasury Department ac...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Saudi Set For $28bn 2014 Surplus
...13 2012 2011 2010 2009 Actual* vs13% Bud. Actual Bu...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Jordan: $1bn Eurobond
...F-backed economic reforms which are aimed at reducing state subsidies. Until 2011 Jordan received cheap Egyptian gas; but Egypt no longer has enough gas for export. Meanwhile fighting between ISIS Jihadists (now IS) and Baghdad in Iraq’s Anbar province bordering Jordan put an end to the import of...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Morocco Bags IMF, EU, Qatari Cash
...s *INDIRECTLY, THROUGH PUBLIC TRANSPORTATION. **REDUCED IN THE CASE OF DIESEL. SOURCE: IMF. €890MN EU Grant The EU will grant Morocco €890mn over 2014-17 “to advance growth in the Moroccan economy” as part of its European Neighborhood and Partnership Instrument. For the previous period of 2011...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Egypt To Extend Gas Grid With World Bank Help
...in 2011, Tunisia appears to be moving towards more liberal forms of governance and more citizen participation. “Tunisia has embarked on the historic task of reorganizing the way decision making in response to citizen needs and priorities is distributed, putting decentralization at the heart of its ne...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014