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Arabs To Offset Loss Of Western Aid To Egypt
...timated, by economics professor Fakhri al-Fiqqi, that Egypt has received a total of $26bn in aid since the revolution of 25 January 2011 - $14bn before 30 June 2013; and $12bn after. Around 900 people are said to have died after Egyptian security sources on 14 August assaulted the supporters of de...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
Syria Bans Transactions In Foreign Currency
...ohibits the pricing of commodities or services in currencies other than the local currency, which has lost more than half its value on the official market since the beginning of the uprising in March 2011. Commenting on the decree, the Governor of the Central Bank of Syria (CBS) Adib Mayyala sa...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Gulf Aid Boosts Egypt’s Reserves To $19Bn
... EGYPT Gulf Aid Boosts Egypt’s Reserves To $19Bn Egypt’s foreign exchange reserves soared to $18.9bn at the end of July from $14.9bn at the end of June, the Central Bank of Egypt (CBE) announced on 5 August. The latest figure is the highest since November 2011, an...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Yemen’s 2012 GDP Rises But Challenges Remain, Says IMF
... YEMEN Yemen’s 2012 GDP Rises But Challenges Remain, Says IMF After contracting by more than 12% in 2011 due to the political upheaval in the country, Yemen’s real GDP growth is estimated to have risen by 2.4% in 2012, reflecting an easing of supply bottlenecks and ut...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Oman Budget Heading For Surplus Despite Temporary Deficit
...rm outlook remains positive with robust non-oil growth and moderate inflation, fiscal and external balances are projected to turn to deficit. It added that recent spending initiatives, including government job creation in 2011-13 have increased expenditure by 70% over the period 2010-12 and “reduced th...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Oman Reviews Fuel Subsidies
...12). Any savings from subsidy cuts will be used by the government for other purposes, including youth training or investment projects that could generate new employment, the minister said. The Omani government has already boosted spending on welfare and job creating initiatives in 2011 in an attempt to qu...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Iran To Syria’s Financial Rescue, Again
...en secretive about his country’s finances since the beginning of the uprising in March 2011, announced an Iranian concessionary aid package of around $7bn, consisting of a $3bn credit line to import crude oil and petroleum products, a $3bn concessionary loan and a further $1bn credit line (MEES, 31 Ma...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013 -
Syria: $12Bn Oil Losses
...ditionally lost S£86.6bn ($878mn) from the damage of infrastructure and equipment, raising total direct losses to S£156bn ($1.58bn). According to the ministry, indirect losses between the March 2011 start of the uprising and end-June 2013 were around S£1,000bn ($10.1bn). This is based on lost re...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Kuwait’s 2013-14 Budget Eyes Surplus
...dget Based On $70/B Oil Price The Kuwait budget is based on a conservative oil price of $70/B, Khalifa Hamad, Ministry of Finance Undersecretary, said on 17 July, when he unveiled the budget details. The new oil price is higher than the $65/B in 2012-13 and $60/B in 2011-12, although even th...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
New Egyptian Government Faces Daunting Economic Challenges
...w Cabinet Interim Prime Minister Hazim al-Biblawi is a well-known economist who served as a finance minister and deputy prime minister in one of the first cabinets formed after the 2011 uprising which deposed Husni Mubarak. He also headed the UN’s Beirut-based Economic and Social Commission for We...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Saudi Economic Growth Set To Slow: IMF
...e 2011 pre-tax subsidies for petroleum products accounted for 7.46% of GDP, while that for electricity was 2.48% of GDP. Private sector growth is expected to be robust, while government spending growth may slow. With falling international food prices, inflation is expected to ease toward th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
China Crisis Would Threaten Saudi Economy
...uld such a shock to the Saudi economy already be in the works? Chinese economic growth dipped to 7.5% for the second quarter 2013, the lowest rate in more than a decade down from 9.3% as recently as 2011. An indication of how far consensus expectations of Chinese growth have dipped is provided by...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Gulf States Finalize Rescue Package For Egypt
...tar, the key foreign financial backer of the Mursi regime, has been notable by its absence (see table). Regional Aid To Egypt Since 2011 Revolution ($Bn)* Mursi Rule (2012-13) 14.75 Qatar 8 Sa...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Syria Crisis Drags Down Whole Levant Economy
...e influx of the Syrian refugees, but the balance of trade was in deficit to the tune of 30-40% of GDP, as a result of the Syrian crisis which slowed down transit trade across Syria. With regard to tourism, the number of incoming tourists fell by 24% between 2010 and 2011, by 18% between 2011...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Iran Slashes Rial’s Official Value In Bid To Unify Exchange Rates
...we include gold reserves,” adding that this “is a gift form the current administration to the next administrations.” IMF figures put Iran’s reserves at $101bn as of the end of 2011 but projected that they had dipped to $89bn by the end of 2012 (see graph). Iran’s Exchange Ra...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
WB Backs $600Mn Power Project
...ypt’s 2011-13 political and economic upheavals. Investments have not kept pace with 6%/y demand growth and there have been rolling blackouts and frequent service interruptions. This has particularly hit small enterprises and households. The project is part of a program of investment in power ge...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Jordan Hit By Syrian Overspill, Moody’s Downgrades Two Notches
...the upward trend in general government debt, which Moody’s says increased by almost 10 percentage points of GDP between 2011 and 2012. The agency expects the debt-to-GDP ratio to reach close to 90% in 2014. This echoes IMF predictions, although the IMF predicts the ratio will then ease to 80% by 20...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Iran: New President Faces Soaring Inflation, Other Economic Challenges
...ficit which needs to be financed by borrowing from the CBI. The IMF predicted an Iranian deficit equivalent to 3.5% of GDP for 2013, up from 2.3% of GDP last year and a surplus equivalent to 4% of GDP for 2011 (see graph 3) A senior deputy in the Iranian parliament Ahmad Tavakoli has called on pa...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...lated to Dubai World and Nakheel which will begin to mature in 2015-16. Abu Dhabi 2012 GDP Estimated At $248Bn The GDP of the largest emirate in the UAE federation, Abu Dhabi, rose by 7.7% in 2012 to Dh911.6bn ($248bn) at current prices from Dh846.7bn ($231bn) in 2011, according to fi...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
GCC Measures Against Hizbollah Could Undermine Lebanese Economy
...banese GDP Growth Cut To 2% In its latest Global Economic Prospects the World Bank revised Lebanon’s real GDP growth in 2013 downward to 2% from 2.8% in January. It is now estimating growth at 1.5% in both 2011 and 2012 and is projecting a rise to 2.3% in 2014 and possibly 4.0% in 2015. The World Ba...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013