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Egypt’s Stretched Finances Boosted By Record Suez Canal & LNG Revenues
...untries,” the CBE says. 1: EGYPT'S TRADE BALANCE: 2021-22 SAW A RECORD $43BN DEFICIT DESPITE THE FIRST OIL & GAS SURPLUS SINCE 2011 SOURCE: CBE. MEES. 2: EGYPT’S SERVICES BALANCE: RECORD SUEZ CANAL REVENUES & DOUBLING IN TOURISM RECEIPTS ENABLED EGYPT TO NOTCH UP A 3-YEAR HI...
Volume: 65Issue: 41Published at Fri, 14 Oct 2022 -
Kais Saied’s Tunisia: Where Is It Headed?
...ndemic (MEES, 24 July 2020). Finances appear to be on the verge of collapse. Public debt has soared since the 2011 revolution (see chart 1), but Tunisia has little to show for it (MEES, 18 December 2020). Interest payments alone will eat up some 11% of projected government revenues this year, ac...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Lebanon’s ‘Revolution’ Upends Status Quo
...rved as a strong impetus for the protests. Beyond the tax announcement and the fires, the Lebanese had a long list of outstanding grievances against the ruling oligarchy: the country’s economy has grown at a measly 1.3% per annum since 2011 (see chart); state power operator Electricité du Liban (Ed...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Pakistan’s Oil & Gas Imports: Gulf Dependence Intensifies
...mand however (MEES, 22 February). IRAN ANOMALIES Officially Pakistan’s imports from Iran for both crude and key refined products have been zero since 2011-12. But a more detailed look at the customs stats throws up some anomalies. Pakistan imported 153,600 tons of ‘white spirit’ (customs co...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Gulf States Fund Allies
...Saudi Arabia, Kuwait and the UAE have pledged a $10bn financial aid package to support Bahrain’s fragile finances and finalized a $2.5bn financial assistance program to Jordan to shore up its ailing economy. Bahrain’s economy has struggled following protests in 2011 and the mid-2014 co...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Egypt Gets Debt Relief
...ost its dwindling forex reeserves after the 2011 revolution. Having fallen to $15.1bn in 2012, they hit a post revolution high of $36.5bn in September. Mr ‘Amir added that China has also agreed to extend the maturity of a $2.7bn three-year currency swap, signed with the People’s Bank of China last ye...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
US Lifts Sudan Sanctions
...cession of South Sudan in July 2011. Oil production was about 130,000 b/d in 2016, according to the latest data from the Sudan government. This is up compared to the previous four years, when output fluctuated in the 100,000-120,000 b/d range. But it is less than a third of the 462,000 b/d produced by th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...ble). The NDFI, which was established in 2011 to replace an earlier sovereign wealth fund, the Oil Stabilization Fund, is allocated by law a minimum 20% share of annual hydrocarbons revenue, with plans to increase this share gradually each year to a maximum of 30%. However, financial mismanagement and th...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Egypt Reserves Rebound, Currency Takes Further Pounding
...Egypt’s foreign reserves jumped by $3bn to $19.59bn at the end of September – the highest since June 2015 – according to latest figures from the Central Bank of Egypt (CBE). Egypt’s foreign reserves stood at $36bn before the January 2011 revolution, but the political unrest which followed has gr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...fined products consumption has grown at an average annual rate of 6.3% since 2011. Products exports could shrivel to zero by 2022, the IMF says. Though recent refinery expansions boosted Saudi Arabia’s refined products exports to a record 1.35mn b/d in August (see p11), if domestic demand continues to...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a decade, compared to a high of $119bn in 2011-12. But he is optimistic that Iran is getting ready for growth and an economic blossoming with the changing circumstances in the near future. IMF: REFORM A MUST The IMF says that for Iran to benefit from the landmark nuclear deal and the lifting of...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...change shortages (MEES, 16 October). Egypt is currently suffering from an acute shortage of foreign currency reserves, which have fallen to $16.3bn at the end of September, down from $36bn at the beginning of the Egyptian revolution in January 2011 (see graph). After managing to hold the official va...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: Desperately Seeking Finance
...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month. Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...pital could result in upward pressure on the real exchange rate, Mr Cerisola says. Iranian crude oil production is holding at around 2.9mn b/d, down from around 3.6mn b/d in 2011, before US and EU sanctions on the sale of its oil were introduced. But, the IMF warns that “risks to the outlook are si...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Russia Denies Syria $1bn
...plemented by Russian companies. Russia has provided Syria with economic and military aid, as well as political support, since the beginning of the uprising in Syria in early 2011. In particular, together with Syria’s other strategic ally, Iran, it has provided Syria with oil products. Russian credit to...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
GCC Countries Face Up To Falling Oil Prices
...porters: Fiscal Breakeven Oil Price ($/B, IMF Estimates) 2011 2012 2013 2014* 2015* Algeria 109.7 12...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
GCC Ramps Up Aid
...ve been hard hit by the ongoing economic malaise in the EU, traditionally both the largest source of investment and their key export market. Lebanon and Jordan have been hit by spillovers from the war since 2011 in neighboring Syria. Though overall official external aid to these countries has mo...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Egypt Announces Ambitious Macroeconomic Policy Targets
...om political turmoil following the overthrow of the Husni Mubarak regime in early 2011 and is only now beginning to show signs of recovery. There is however a growing recognition in the west of Egypt’s pivotal role in the Middle East as a relative island of stability in what is currently a sea of un...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Lebanese Economy Resilient Despite External Shocks
...LEBANON Lebanese Economy Resilient Despite External Shocks Despite domestic and external political shocks, and depressed economic conditions resulting from the ongoing civil war in neighboring Syria since 2011, Lebanon’s economy is proving resilient, ratings agency Standard and Po...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Egypt Bags More Aid Amid Gaping Budget Deficit
...tual vs ‘12-13 vs budget 11mths** (to May14) Budget 2012-13 2011-12 Revenue 54...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014