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Jordan Looks To Slash Deficit In 2015 Budget
...rms. Jordan is currently hosting over 600,000 Syrian refugees, who fled their country after the 2011 uprising which has now morphed into a bloody war. This has severely burdened the kingdom’s economy, leading it to turn to the international community to cope with the extra cost. Traditionally Jo...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
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 -
Algeria Stares Deficit In The Face
...ojected only a moderate worsening to $10.4bn this year; the actual numbers for January-August suggest $7bn will be closer to the mark. Algeria posted a $20bn surplus as recently as 2011 (see graph). Oil Prices Down The key change has been the sharp fall in crude prices since July. The average pr...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Kuwait Boosts Surplus Despite Falling Revenue
...% 2011-12 REVENUE 31.81 32.00 -0.19 -0.6 18.10 +13.71 +75.8 30...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Is Iran’s Economy Turning The Corner?
...Raghfar added that the key drivers to generate real growth are increased output, improved productivity and higher efficiency in the economy. This growth should also be able to create new employment opportunities. Inflation Falls To 21%, Lowest Since 2011 On the inflation front the news is al...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Crisis-Proofing Middle East Oil Exporters’ Purchasing Power
...nance social welfare and infrastructure investment. The anxiety over popular discontent prompted the kingdom to increase social spending by $130bn following the ‘Arab Spring’ of 2011. Such expenses will only become more costly if alternative sources of revenue, such as manufacturing, tourism, and fi...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Syrian Economy Permanently Degraded
...aces block-to-block, along lines foreign to Syrians as recently as 2011. The extremists of the Islamic State control large swathes of territory in the east of the country. Kurdish militias have carved out enclaves for their constituents. The regime controls the capital, the coast, and several of the ke...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Algeria Maintains High Defense Spending In 2015
....3bn) is up 9.6% on the 2014 budget in nominal terms, following a higher increase still of 15.7% over 2013. The budget allocations for defense spending surged in 2011 by 49.5% over 2010. Total expenditure in the draft bill is projected to increase by 15.7% to AD8,858bn ($112.1bn), while total re...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Gunvor Mideast Push
...nce blossomed into a top bunkering and trading hub. Gunvor later followed the same path towards vertical integration when it bought two refineries in 2011: an 110,000 b/d plant in Ingolstadt, southern Germany and a 107,500 b/d refinery in Antwerp, Belgium. While most of the major trading firms now ha...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Tunisia Eyes Foreign Investment Tonic
...pends on stability and economic regeneration. Mr Jomaa told this week’s “Invest in Tunisia: Start Up Democracy” conference in Tunis “we forgot about the economy over the past three years but the economy did not forget us,” referring to the political and social crisis that has engulfed Tunisia since 2011...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Syria Eyes Iran For More Aid
...lumes to the Assad regime) its output volumes are thought to be way below nominal capacity levels (MEES, 25 July). Currency Pounded The local currency, which has depreciated since early 2011, has of late come under renewed pressure, losing value on both the official and black markets. On the of...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
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