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Sisi Lays Out Egypt’s Economic Challenges
...0,000)/year, to be implemented for a three-year period starting 2014-15 (year beginning 1 July 2014). The 5% tax will also now apply to some companies; initially officials said companies were to be exempt. Mahlab To Form New Government In a bid to maintain economic continuity Mr Sisi has re-ap...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Jordan Plans $1Bn Bond
...reign grants to reduce its budget deficit. It expects to receive JD1,151mn ($1,623mn) in foreign grants in 2014, up from JD982mn ($1,385mn) in 2013 (MEES, 21 March). Gas Shortage Jordan’s fiscal situation worsened after the 2011 Egyptian revolution, which led to a disruption in Egyptian gas su...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Kuwait Considers Ending Diesel Subsidy
...iving government efforts to eliminate diesel subsidies. Kuwait spent $5bn on oil subsidies in 2012, while the country’s total fossil fuel subsidies that year amounted to about $4,000 per person, the world’s highest level, according to recently-released IEA figures (see graphs and MEES, 23 May 2014). De...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Algeria’s Development Plan Projects 7% Growth
...each of the last four years, and Mr Sellal acknowledges volumes have continued to fall in early 2014. With domestic gas demand rising strongly export volumes and revenue are also down (see table). Sonatrach’s Chief Executive ‘Abd al-Hamid Zerguine said at the beginning of this year that the te...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Tunisia $500Mn US Guarantee
...4mn (MEES, 23 May). The World Bank, meanwhile, announced a loan program of $1.2bn in 2014. Tunis plans to raise around $1.8bn in foreign bonds helped by guarantees from the US and Japan, and to issue $435mn worth of Islamic sukuk. Moody’s this week said that although the political situation had im...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Sisi Promises Economic Reforms
...vying an additional 5% tax on all individuals whose income exceeds E£1mn ($140,450). The minister said Egypt could stand to save 20% on its energy bill in 2014-15 by reducing energy subsidies – a process which would continue over the coming three to five years. Smart Cards Egypt is planning to...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
IMF: Cyprus On Target
...nances on 17 May. The IMF says that Cyprus’ program remains on track, and that “fiscal targets for the first quarter of 2014 were met with considerable margin, reflecting better-than-projected revenue performance and prudent budget execution.” The recession in 2015 is expected to be less severe than in...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Libya: 14% Budget Cut
...LIBYA Libya: 14% Budget Cut The 2014 Libyan budget has been cut to LD58.9bn ($47.9bn) from an earlier figure of LD68.6bn ($55.8bn), a member of the planning and finance committee of the General National Council (GNC) Huda al-Banani has confirmed. Total revenue is now pr...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Iran: Hope All-Pervasive, But Is It Justified?
...ess codes, prompting some women to be more daring with their attire and hijab. However this is only a phase which could be reversed. The construction sector in Tehran does not seem to have suffered from the lack of economic growth – the economy contracted by 1.7% over the year to March 2014 and by ov...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Saudi 2015-19 Plan Targets 5% Growth
...re 8.35mn b/d, up over 500,000 b/d from the 4Q 2012 figure of 7.83mn b/d. Samba says Saudi growth was 3.8% for 2013 as a whole. It projects a fall to 3.1% in 2014, 2.8% in 2015 and 2.6% in 2016. According to Samba, net foreign assets, which stood at $753bn in 2013, are projected to rise to $83...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
IMF: Boost For ‘Transition Economies’
...the fund’s ‘Toward New Horizons Arab Economic Transformation Amid Political Transitions,’ warned “2014 is likely to be another year of tepid economic activity” for the region’s oil importers with average economic growth “slightly short of 3%.” Such growth is “inadequate to deal with the fu...
Volume: 57Issue: 18Published at Fri, 02 May 2014 -
Iran Kicks Off Phase II Of Subsidy Reform
...pular support for Mr Rohani into the new year. Under the first phase of the plan, which began in December 2010, the cash handouts paid out exceeded the savings from reduced subsidies. This raised the already existing budget deficit. In the year which ended on 20 March 2014, the government paid $18bn in...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Libya: Oil Income Slips
...LIBYA Libya: Oil Income Slips Libya’s oil revenue in the first quarter of 2014 was “less than $4bn,” Acting Oil Minister ‘Umar Shakmak says. This implies average oil exports of around 400,000 b/d. The minister is optimistic that production can be quickly raised to 1....
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
IMF Downgrades MENA 2014 Growth Projections
...REGIONAL IMF Downgrades MENA 2014 Growth Projections Real GDP growth in the MENA region will be 3.2% for 2014 and 4.5% for 2015, according to the IMF’s six-monthly World Economic Outlook (WEO) released last week. The projection for 2014 growth is downgraded from the figure of...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Libya Denies Shortage of Cash Reserves
...st July. Dwindling export volumes have led the IMF, in its latest World Economic Outlook, released last week, to raise its budget breakeven oil price forecast for Libya for 2014 to almost $190/B. “We have enough funds for three years without getting a single cent from oil,” the head of the CB...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Jordan Considers Long-Term Economic Blueprint
...owth rate of 3.3% in 2013, it expects Jordan’s economy to grow by 3.5% in 2014 and 4.5% in the medium term. She added that inflation is expected to decline to about 2.5% at the end of 2014 and to 2% in the medium term, while the current account deficit (including grants) would gradually improve to 4....
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Egypt’s Financial Indicators Improve On The Back Of Gulf Cash
...rvices. The second, for E£33.9bn ($4.8bn) and financed by a grant from the UAE, was unveiled in January 2014, and included an extra E£20bn ($2.9bn) for infrastructure. EGPC late last year struck a deal with international oil companies (IOCs) operating in the country to settle outstanding arrears of $6b...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Iran Braces For 20-30% Utility Price Hikes
...ur years earlier at the beginning of the 2012-13 Iranian year when international sanctions began to bite. Energy price rises will be more gradual that those anticipated in the 2014-15 budget, according to Finance Minister Ali Tayebnia. Price hikes of around 25% will accompany the implementation of th...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Qatar Announces Record Budget But Curbs Expenditure Growth
...QATAR Qatar Announces Record Budget But Curbs Expenditure Growth Qatar has unveiled yet another record budget for the 2014-15 financial year. But while expenditure growth is set to slow significantly relative to previous years, the allocation for infrastructure projects is...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014 -
Bahrain: Government Debt To Keep Rising
...n-oil GDP growth is projected to pick up to about 5% in 2014, driven by capital spending, while oil GDP is expected to be flat. For the full year the IMF projects overall growth at around 3%, reflecting continued weak investment sentiment in the non-oil sector and limited growth in the oil se...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014