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Tunisia Bags $10bn Aid
...is shortfall. The 2017 budget deficit is projected to fall to TD5.4bn ($2.3bn) according to the budget law. Tunisia plans to tap the international debt market with a €1bn Eurobond in January to cover the budget deficit, according to a government source. In August it raised a $500mn five-year Eu...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Saudi Delayed Payments Risk Slowing Economy Further
...nth confirmed that the Petro Rabigh 2 expansion had been pushed back to the second half of 2017 due to delays in the schedule and scope changes in the work program (MEES, 7 October). A contractual dispute with South Korea's SK Engineering & Construction led to the 400,000 b/d Jazan refinery being pu...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead
...ans to tap the international bond market for $2.75bn by the end of the year and can expect better terms after securing the IMF loan. Mr Kojak says Egypt is targeting 4-5% growth in 2017-18, rising to 6% over the medium-term which would help to reduce unemployment, projected to fall to 11-12% in 2017...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn
...e 2017 draft budget which is being debated in parliament – with current expenditure down 9% and capital spending down 31% in real terms. The draft budget also envisages a rise in the price of subsidized gasoline and diesel (MEES, 14 October). Mr Baba Ammi says that the government has yet to de...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Saudi Investment & Fundraising: What A Difference A Year Makes
...change reserves are unlikely to fall much beyond their current level in the coming years. “In terms of the fiscal position, we expect the kingdom’s budget deficit to narrow to around 7.5% of GDP in 2017. Meanwhile, the dollar revenues that the international bond sale brings will also help to finance th...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
IMF Poised To Approve Egypt Loan
...valued pound and to a higher Brent oil price than that assumed in the original budget. Electricity tariff rates will not increase before the beginning of the next fiscal year which starts on 1 July 2017, a spokesman of the Electricity Ministry says. But after the devaluation, the ministry will incur ad...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Kuwait Bonds On Track
...Kuwait’s plans to tap the international bond market to finance the 2016-17 budget deficit are firming up. Minister of Finance Anas al-Salih says Kuwait will raise KD2.9bn ($9.6bn) in dollar-denominated bonds in Q1 2017. The issue will not only diversify the sources of government revenue, it wi...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...The UAE cabinet has approved a federal budget of Dh48.7bn ($13.3bn at a fixed $1=Dh3.673) for 2017, which is part of a five-year budget of Dh 248bn ($67.5bn) for 2017-21, the Emirates News Agency WAM said on 30 October. The 2017 budget in nominal terms is virtually unchanged from the Dh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Algeria: Forex Down Again, On Track For $20bn Deficit
...w banks but said that it hopes to set up in Algeria joint ventures with large international banks. The country has sought to get to grips with declining revenue by, for the first time in years, adopting a realistic oil price assumption in its 2017 draft budget (MEES, 14 October). However, wh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Saudi: New Finance Chief
...eat confidence in the Saudi Vision 2030 “despite all the challenges.” The new finance minister’s first major task will be to put the finishing touches on the 2017 budget expected to be unveiled toward the end of the year. The Saudi government has introduced a series of austerity measures, in...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
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 -
Saudi Launches Record Breaking Bond Sales
...nk Jadwa estimated that energy subsidies had cost the Saudi government $61bn (9.3% of GDP) in 2015 (MEES, 8 January). The IMF estimates that the increase in energy and water prices to international/cost recovery levels over the five-year period 2017-21 would generate gross revenue gains of SR...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Debt Doubles, Further Rise Planned With Imminent Bond Launch
...e exact stake has yet to be decided upon. On timing, Mr Nasser says that the market is now recovering and “we expect it to recover even more in 2017, and I think the time in 2018 will be almost right.” All potential listing locations remain on the table for the kingdom, including New York, London, Ho...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...Algeria is finally adopting a realistic oil price of $50/B in its 2017 draft budget, instead of the $37/B “reference fiscal price” which was assumed in all previous budgets since 2009. This bore no resemblance to actual market prices, especially at times when the price of Algeria’s Saharan Bl...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...d the introduction of securities lending and covered short selling regulations. The proposed changes will be the subject of new regulations published by the CMA in the first half of 2017 (MEES, 20 May). “Whilst some of these amendments focused on loosening previous rules on participation and ow...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...The IMF says Iran’s economic reforms are on the right track. But Tehran has a fight on its hands to implement the reform plans before the 2017 presidential elections. The IMF concluded its second visit to Iran since May this week – and only its second since the 1979 revolution – and is...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Iraq Plans For $42/B In 2017, Exports At 3.75mn b/d
...Iraq is to base its 2017 draft budget on an oil price of $42/B and exports of 3.75mn b/d. Both figures look broadly realistic, albeit with some key caveats. The Iraqi government’s statement on the 2017 draft budget, released 27 September, adopts a $42/B oil price assumption that errs on th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Qatar Taps Debt Market
...e budget was almost balanced in 2015, a fiscal deficit of 5.3% of GDP is projected in 2016 ($8.7bn) and 2.2% in 2017 ($4.1bn), before recovering to near balance in 2018. The QNB estimate for the 2016 deficit is almost half the $17.8bn projected by the Ministry of Development Planning and Statistics (ME...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016