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Eni’s Egypt Receivables Down Markedly From Mid-2024 Peak
...PAYMENT PLAN HELPS REDUCE DUES BY 24% TO $992MN AT THE END OF JUNE *NO FIGURES PROVIDED BETWEEN 2017-2022. ORIGINAL NUMBER GIVEN IN EUROS, CONVERSION USES EXCHANGE RATE ON LAST DAY OF REPORTED PERIOD. SOURCE: ENI, MEES CALCULATIONS. 2: EGYPT NET OUTPUT: BOTH GAS AND OIL SLUMPED TO SEVEN-YE...
Volume: 68Issue: 41Published at Fri, 10 Oct 2025 -
Saudi Arabia Doubles Deficit Forecast For 2025
...reseeable future, but strong economic growth in recent years means that as a share of GDP, the deficits are expected to be considerably less than over the 2014-2020 period. By way of comparison, this year’s forecast $65.3bn deficit is comparable with 2017’s $63.6bn figure. But while the 2017 deficit was eq...
Volume: 68Issue: 40Published at Fri, 03 Oct 2025 -
Oman’s Divestments Fund Economic Diversification, Lift Credit Rating
...tch below investment grade. Moody’s last changed its outlook to positive on 29 August while keeping its rating at Ba1, while Fitch has yet to update its rating since it affirmed BB+ on 24 May. S&P was the first of the agencies to junk Oman back in 2017 (MEES, 24 November 2017), with Fitch and Moody’s on...
Volume: 67Issue: 41Published at Fri, 11 Oct 2024 -
Egypt: Current Account Deficit Soars Amid Tourism Collapse & Record Trade Bill
...overall surplus of $1.9bn for 2020-21, the first such surplus since 2017-18, thanks to a 4-year high $18.3bn of “grants and other net investment” (see chart 4). 4: EGYPT’S BALANCE OF PAYMENTS SWUNG TO A SURPLUS FOR 2020-21 MAINLY DUE TO AN INFLOW OF IMF CASH, HELPING OFFSET A RECORD CU...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Iraq Looks To Tap Unbanked Savings With Domestic Bond Issue
...rket. In August 2017, it issued $1bn in its first independent bond offering at an annual rate of 6.752% which is due in 2023. In January of the same year, Baghdad – with the full guarantee of the United States government – issued another $1bn at 2.149% which is due in January next year. Previously, a $2....
Volume: 64Issue: 40Published at Fri, 08 Oct 2021 -
Saudi Deficit Falls To $11bn For Q3 As Non-Oil Sector Surges
...venues stay flat then the deficit could conceivably come in above $80bn. Q4 deficits in both 2017 and 2018 were more than $30bn. FINANCING THE DEFICIT In order to finance last quarter’s $10.9bn deficit, the government turned to domestic debt. Overall, it raised $11.2bn domestically, opting en...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Qatar Government Revenues Drop in Q3
...rink by 4.5% this year. This would be the first time that the economy has shrunk on an annual basis since 2017, and this year’s decline is expected to dwarf that year’s 1.5%. The latest government figures show that the economy shrank by a massive 6.1% in Q2 versus a year earlier (see chart 1), and wh...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Pakistan’s Oil & Gas Imports: Gulf Dependence Intensifies
...minant. Given the dire state of relations between Qatar and the other two since 2017 this has at times put a strain on Pakistan’s regional diplomacy. Pakistan imported just shy of 400,000 b/d of crude and key oil products in the financial year to June 2019. Of this, over 94% came from Gulf countries wi...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...ve only seen a marginal increase to $250bn. The PIF program’s four key objectives are “growing and maximizing PIF’s assets; launching new sectors; localizing advanced technologies and knowledge, and building strategic economic partnerships” (MEES, 27 October 2017). Therefore, the decision by a ho...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
US Crude Still Big In Asia But China Volumes Fall To Zero
...r January-August). As for Iran, though August volumes were down on the January-August average (578,000 b/d), they are actually slightly higher than the 2017 average of 484,000 b/d. That each of India’s top three suppliers saw volumes dip in August is in part a function of US volumes which hi...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Saudi Steps Up Spending In Bid To Boost Economy
...lf of 2018 that will see the budget deficit nearly quadruple from 1H 2018. Nevertheless, the expected $39.5bn deficit announced in revised Ministry of Finance figures is still considerably less than 2017’s $63.6bn. Government figures show that the kingdom accrued a deficit of $11.1bn in the first ha...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Saudi Calls For Dreamers To Radically Reshape Economy
...s funding is derived from external sources, would leave a big gap in the kingdom’s finances. The kingdom is on track for a $40.7bn deficit in 2017 alone. But perhaps the more serious challenge to Vision 2030 is the willingness of the average Saudi citizens to alter their way of life and culture in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Bahrain’s Nogaholding Raises $1bn
...18. With the plunge on oil prices since mid-2014 Bahrain is increasingly facing financial pressure to balance its fiscal deficit which is projected to hit $7.1bn in its two-year budget for 2017-18. The oil price assumption for the two years is $55/B, which looks feasible. But the government says it ne...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Iran’s Budget Deficit Set To Soar To $13.3bn This Year
...Iran is on track to record a steep increase in its budget deficit to $13.3bn in the fiscal year 2017-18 (from 21 March), up 39% from last year’s $9.6bn deficit (MEES, 21 July). This is based on government figures for the first five months of the year, when Iran already racked up a $5.6bn de...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
IMF On Saudi: Reform Needed But Not Too Fast
...nsolidation is beginning to bear fruit, reforms to improve the business climate are gaining momentum; and a framework for accountability and transparency in the government sector is largely in place. The IMF expects the Saudi fiscal deficit to fall to 9.3% of GDP in 2017, substantially lower than 2016’s 17...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...Algeria is on its third strategy in as many years for ‘dealing’ with low oil prices. 2015-16 saw ‘full steam ahead’ with fingers crossed prices would rapidly rebound. 2017 saw it slam on the brakes as the coffers ran dry. Now Algiers plans to totally reverse course, firing up the printing pr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mena Top 3 For 2017-22 ‘New Renewables’ Growth*
...CAPACITY GROWTH (GW): UAE & MOROCCO PLAN IMPRESSIVE-SEEMING SOLAR AND WIND ADDITIONS... ...BUT MOROCCO IS THE ONLY COUNTRY WHERE RENEWABLES WILL BE A KEY PART OF THE 2022 POWER MIX (GENERATION BY SOURCE, TWh) *IRAN IS TOP INCLUDING HYDROPOWER. SOURCE: IEA ‘RENEWABLES 2017...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Abu Dhabi In $10bn Bond, Prices Tighter Than Saudi
...bt to help bridge budget deficits brought about by low oil prices since mid-2014. At the same time investor demand for GCC bond issues remains strong. According to reports quoting the Abu Dhabi bond prospectus, the emirate expects its fiscal deficit to narrow to $3.74bn in 2017 from $7.05bn in 20...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Iran’s Banking Reform Bills Stalled
...d will elicit a major tussle with government. Mohammad Reza Pour-Ebrahimi head of the Majlis Economic Commission said on 22 October that he expects parliament to approve the final draft of a new banking reform bill by the end of the current fiscal year in March 2017. Although a first draft of th...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Jordan Raises $1bn New Eurobond As It Bags More Aid
...reign grants of JD814mn ($1,148mn). It will also help Jordan carry on with its economic reforms and the restructuring of its debt, he added. The World Bank also has approved an aid package of $1.4bn for Jordan for the period 2017-22 under the Country Partnership Framework (CPF). This package was of...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016