- Sort by:
- Score
- Published ▼
-
Iraqi Cash Shortage Deepens As Bond Issue Pulled
...port volumes of 3.05mn b/d for September, Iraq pocketed a mere $3.69bn for the month’s crude exports, less than half monthly takings for the first half of 2014 (see graph). Iraq received just $40.33/B for its September exports, the lowest figure since February 2009. Oil revenue accounts to around 83...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...facing the problem of high non-performing assets” which have resulted in unsustainably high real interest rates and stagnant credit in the economy. Unemployment has remained at 10.5%, level with December 2014. OIL: THE DRIVER The IMF says the Iranian economy may have contracted during the fi...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oman: Debut Sukuk
...gher growth trend of 4.9% on average between 2005 and 2014. Offsetting this strength is the likely sharp fall in nominal GDP in 2015, as a result of the collapse in oil prices. Moody’s base case scenario for oil market trends is a Brent crude oil price of $55/B on average in 2015, rising gradually to...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Qatar Planning $35Bn US Investments
...isse and other big-name European industry and financial institutions. Under Shaikh Hamad, QIA was seen as a foreign policy tool to boost Qatar’s influence and prestige (MEES, 7 November 2014). But the diversification towards the US coincides with some unconfirmed reports that QIA is undergoing some ki...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Iraqi Kurdistan Eyes New Oil Deal With Baghdad
...dependence in selling its oil. He also called for the establishment of a productive economic system in the province that could generate non-oil revenues. An agreement signed by the KRG and the Iraqi federal government in December 2014 which had the potential to lead to an end to years of wrangling over Ku...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
IMF Calls On Kuwait To Cut Spending As Lower Oil Prices Linger
...owed growth in 2014-15 to almost zero, the IMF says. The slide in oil prices to below half year-ago levels saw the emirate post an ‘actual’ budget deficit for the first time since 1999-2000 as crude revenues for the year ending 31 March 2015 fell to KD22.5bn, from KD29.5bn in the previous year. In it...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
US Pledges $400mn Aid To Jordan
...ama and the Jordanian monarch in December 2014. Acknowledging the role of Jordan in accommodating displaced Syrian refugees, the White House announced it will grant Jordan a further $44mn to help with the refugee effort. These pledges come in addition to the $250mn financial package by the World Ba...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Saudi Oil Output To Top 10Mn B/D Through 2016
...ilst exports will be targeted above 7mn b/d,” Jadwa says. For 2015 Jadwa is forecasting an oil price of $52/B for Saudi crude, down 46% from 2014, and a slight increase to $57/B in 2016. Arab Light prices averaged $54/B for January-August 2015. The Jadwa report has revised up slightly its 20...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Saudi Arabia To Cut ‘Unnecessary’ Spending
...bn (8.6%) to $669bn at the end of July from $732bn at the end of 2014. To finance the deficit, the government has raised $4bn in bonds from the local market in July and $5bn in August, with plans to issue more debt on a monthly basis until the end of the year (MEES, 21 August). Saudi state-owned fi...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
S&P Junks Iraqi Bond
...GDP in 2014. S&P is also projecting public debt to rise to 65% of GDP in 2015-18 from about 39% in 2014. With the collapse in oil prices, the agency expects the current account which had an average surplus of 10% of GDP in 2011-14 to turn to a deficit averaging 3% of GDP in 2015-18. Iraq plans to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Libya: Central Bank ‘Budget’ Poses More Questions Than Answers
...ternal or external obligations incurred by the Baida-based administration. TERRITORY DOWN, SPENDING DOWN So the fact that spending is, according to the CBL figures, down by 37% from January-July 2014, and by a massive 52% from the same period in 2013, reflects the fact the spending figures for Ja...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Lebanon To Tap Bond Market For $1.3bn As IMF Warns On Debt Levels
...e political deadlock, EFG Hermes says in a recent report. This inflow was estimated at $7.7bn in 2014, according to the World Bank (MEES, 27 February). The country has been without a head of state since President Michel Sulaiman’s term expired in May 2014, and parliament has been unable to agree on...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
UAE Trims Market-Linked Fuel Prices
...ckling high energy consumption through a conservation campaign begun in 2014. Last week Riyadh told the IMF that it does not intend to adjust energy subsidies until a national public transport system is completed (MEES, 28 August). Kuwaiti finance ministry official Khalifa Hamadah told the Kuwait Ti...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Egypt Cuts Tax Ceiling
...0,000. As part of the same move, Egypt has also suspended for two years a 10% tax on capital gains and abolishes the supplementary tax levied on individual incomes exceeding E£1mn introduced in 2014-15 (MEES, 13 June 2014). The amendment is intended to make the taxation system more progressive and to re...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
The Only Way Is Down For Algeria’s Trade Balance
...0). Brent - which is of a similar quality and trades within a similar price range to Algeria’s Saharan Blend export grade – has averaged $48/B for August so far, some $9/B or 15% down on the average July price and less than half the average 2014 Saharan Blend price of $99.68/B. MEES analysis ex...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...om the sharp drop in oil prices, which began to take its toll in 2014, has delayed Baghdad’s payments to the IOCs, reducing their profit margins and leading to cuts in planned investments at the request of the Ministry of Oil. “Apart from the developments in Iraq, currently the IOCs are generally le...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...count surplus declined to 10.9% of GDP in 2014, but is expected to move into a small deficit (-0.9 of GDP) in 2015, before returning to surplus during 2016-20, the IMF adds. As for real GDP, the IMF is projecting it to slow to 2.8% in 2015 and to 2.4% in 2016, as government spending begin to adjust to lo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq ‘Below Investment Grade’ Ahead Of Bond Issue
...ttlenecks remain a constraint and investment plans were set back by payment arrears in 2014,” Fitch adds. The rating agency notes that the fiscal position has deteriorated rapidly since 2013, with double-digit fiscal deficit forecasted for 2015, as a result of lower oil prices, higher military spending an...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Saudi Turns To Debt Market
...nds, a board member of Bank Albilad says. Other bankers have expressed concern however that this could tighten liquidity in the sector over the coming months. Given the low level of public debt in Saudi Arabia – SR44bn ($11.7bn) at the end of 2014, or 1.6% of GDP – bankers are not overly concerned ab...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Libya Looks To Recover Overseas Cash
...mbia and Niger – is the latest in a series of LIA court actions as part of a renewed effort to exert some authority over the fund and its assets, at a time when the country’s financial resources are dwindling rapidly. According to Hasan Buhadi, the chairman of the LIA appointed in October 2014 by th...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015