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Cyprus Economy Still At Risk From Bad Loans And Unemployment
...ze enterprises. With rising unemployment, falling credit, and increasing non-performing loans (NPLs), Cyprus’ outlook “remains challenging,” according to the IMF. The fund has left its growth projections unchanged, with “a deep contraction expected in 2014 and a modest and credit-less recovery ta...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014 -
Algeria Returns To Expansionary Budget In 2014
...ALGERIA Algeria Returns To Expansionary Budget In 2014 Algeria has adopted an expansionary budget for 2014 after cutting 2013 budgeted spending. But the projected 2014 spend is still well down on the bumper 2011 spend, when Algiers attempted to stave off calls for po...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Kuwait Eyes 2014 Surplus
...KUWAIT Kuwait Eyes 2014 Surplus In its 19 March Economic Update, the National Bank of Kuwait (NBK) projects a surplus of KD9.3bn ($22.0bn) for Kuwait’s 2014-15 draft budget before allocation of the mandatory 25% of budget revenue to the Reserve Fund for Future Generations (RF...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Morocco Targets Further Subsidy Reductions
...cluding further cuts to subsidies and public sector pensions, the IMF says. 2014 Budget Projections Morocco’s 2014 budget, approved by parliament last November, projects total expenditure of MD367.20bn ($43.2bn), total revenue of MD335.18bn ($39.4bn), and a resulting deficit of MD32.02bn ($3....
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Kuwait Set To Double Budget Surplus
...13-January 2014 Kuwait posted a surplus of KD9.39bn, after allocation to the Reserve Fund for Future Generations (RFFG), already comfortably ahead of the KD4.69bn surplus for the 2012-13 financial year. This is despite average prices for Kuwait’s crude exports having fallen by close to $3/B over the same pe...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Fitch Ups Saudi Rating
...for a prolonged period of time with lower oil prices, without undermining the fiscal and external positions. Saudi bank NCB, in its latest Saudi Economic Review, says Saudi Arabia’s breakeven oil price is $86.8/B for 2014, up from $81.1/B in 2013. It predicts state sovereign wealth fund SA...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Tunisia Pledges Cuts To Avoid Economic ‘Catastrophe’
...crifices. This could be through rationalizing subsidies, but without touching the poorer classes,” he said in an interview with state television. He added: “We expected to borrow TD7bn ($4.4bn) in 2014,” but because of the economic crisis and the steep rise in the deficit, Tunisia’s foreign borrowing needs wi...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Moody’s Projects Firm GCC Growth in 2014
...REGIONAL Moody’s Projects Firm GCC Growth in 2014 Gulf Cooperation Council (GCC) economic growth will remain firm overall in 2014 at 4.3% supported by the non-hydrocarbon sector, but inflation will rise, Moody’s Investors Service says in a 4 March report. GCC countries ov...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
IMF: Cyprus On Track
...gures. This is almost two percentage points less bad than the figure given in the Troika’s previous review two months’ earlier (see graph). But 2014 growth estimates have been revised down to -4.8% from -3.9% in September’s first review (MEES, 20 September 2013). For 2013, private consumption co...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
UAE: Bonds Not Needed
...UAE UAE: Bonds Not Needed The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget. But he said that the government, together wi...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Advances Subsidies Reform
...ipulated minimum will have to pay a penalty of three times the amount of the subsidies received. $2bn Savings The government expects the reform to translate into savings of IR480,000bn ($19.2bn) over the 2014-15 Iranian year. However, almost 90% of these ‘savings,’ some IR425,000bn ($17bn), has be...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt Banks: Moody’s Wary
...pply 150,000 tons of gasoline and diesel every month with effect from 1 March until the end of 2014, as part of the Kuwaiti grant to Egypt. Dimian Heads Finance Minister Prime Minister Ibrahim Mahlab has appointed Hani Qadri Dimian as Finance Minister, replacing Ahmad Jalal. Mr Dimian was as...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Reserves Hit $753Bn But Trade Surplus Falls
...udi economy, notes that the growth in the 2013 reserve accumulation is lower than in 2012 and 2011, a reflection of a 7% decline in oil export revenues and a high appetite for imports which rose 8% in value last year. Looking ahead, Samba is forecasting an increase in foreign assets to $823bn in 2014...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
US $1Bn Jordan Fund
...robond, which was snapped by investors, and came in oversubscribed at $2.2bn. The issue was arranged by Citigroup, HSBC Holdings and JP Morgan Chase (MEES, 1 November 2013). Energy Bill 40% Of Budget Jordan’s 2014 budget envisages the inflow of JD1.151bn ($1.62bn) in foreign grants from the GCC, th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Egypt: New UAE-Fueled Stimulus Package
...r this purpose was signed by the SFD and the Egyptian Ministry of International Cooperation. A source at the Central Bank of Egypt (CBE) said last month that Egypt will return a further $3bn to Qatar by the end of 2014 - $500mn in October and $2.5bn in November. This would then reduce Qatar’s ai...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Budget Ratification Boosts Rohani’s Prospects
...eakeven for 2014 (MEES, 11 October). When Mr Rohani first presented his budget to parliament on 8 December, he said that it aimed to curb recurrent spending and focus on capital investment. The general budget allocates IR200 trillion ($8bn) for development, with priority for the completion of semi-fi...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
IMF Visits Tehran
...ntraction to diminish in the second half of the year, so that the full year decline in GDP is 1-2%. The IMF also points out that 12-month inflation has dropped rapidly from about 45% in July 2013 to below 30% by end-year. Optimistically it adds that inflation could fall to 20-25% by March 2014. Lo...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
IMF Approves $507Mn Credit To Tunisia
...netary target, Ms Shafik pointed out. Furthermore, the end-December primary deficit was lower than programmed, mainly as a result of under execution of the budget and deferred cash payments. The IMF official also noted that fiscal consolidation for 2014, which had been postponed to allow space for pr...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Jordan’s Budget Challenges: Energy And Refugees
...JORDAN Jordan’s Budget Challenges: Energy And Refugees The Jordanian government will face three main challenges in its 2014 budget – the energy bill (given that the kingdom imports more than 90% of its needs and its energy bills absorb 40% of the state budget), the cost of...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Dubai Securities
...r investments, she says. IMF Points To 4.5% UAE Growth UAE real GDP growth is expected to remain firm at 4.5% in 2014, unchanged from a similar estimate for 2013, the IMF said on 30 January following a mission to the UAE led by Harald Finger. The economy is supported by “tourism, ho...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014