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Egypt Targets Lower Energy Subsidies
...lal, speaking to London-based daily Asharq al-Awsat on 9 November, stressed that cuts to energy subsidies – which total a whopping E£130bn ($18.8bn) in the budget for the current year ending June 2014 – will be introduced gradually over a number of years to avoid a shock to consumers. Food subsidies (E£30...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...ypt,” which weigh on confidence in the region’s oil importing countries. (For details of IMF separate growth forecasts for oil exporters and importers see MEES, 11 October.) Real GDP growth is expected to pick up in 2014 to 3.6% as global conditions improve and oil production recovers. The IMF also sa...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Iran: Official Inflation 40%, Real Rate May Be Double
...anian year on 20 March 2014. This would be done by curbing liquidity growth (which rose more than five times in the past seven years) and adopting suitable monetary and fiscal policies. Some officials claim that the payment of cash handouts under the subsidies reform plan, initiated by the former go...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Syria: 2014 Budget
...SYRIA Syria: 2014 Budget Syria’s draft budget law for 2014 envisages total expenditure of S£1,390bn ($10bn at the current official rate of $1=S£139), virtually unchanged from S£1,383bn ($9.9bn) in 2013. The 2014 budget consists of S£1,010bn ($ 7.3bn) for current ex...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
UAE Issues 2014 Budget
...UAE UAE Issues 2014 Budget The UAE cabinet on 27 October approved the 2014 federal budget with total expenditure of Dh46.2bn ($12.6bn), of which more than half is allocated to welfare. The original 2013 budget had projected expenditure at Dh44.6bn (Dh12.1bn), but the go...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Kuwait To Rethink Subsidies Policy
...t based on facts, and that a new plan – scheduled for implementation by April 2014 – is under study. The 2013-14 budget is expected to end up with a surplus, Shaikh Salim said, but less than that of 2012-13. The budget for the last fiscal year had an actual surplus of KD12.7bn ($45.1bn) be...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Egypt To Up Spending
...rangements are underway to raise the necessary funds to implement the increase in the minimum wage in the public sector to E£1,200 ($174) monthly, due to begin on 1 January 2014. Mr Jalal estimated the cost of the increase in the minimum wage at E£9bn ($1.3bn) for the second half of the current fiscal year (Ja...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...IRAQ Iraqi Budget Projects Record 2014 Expenditure Iraq plans to spend a record ID174,600bn ($149.2bn) in 2014, up 26.1% from ID138,425bn ($118.3bn) in 2013, according to the draft federal budget drawn up in September by the Ministry of Finance. The draft, which has re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...velopments and Prospects’ report. Post-Arab spring upheavals “continue to dominate economic activity and near term prospects.” The region’s economic outlook for 2013 and especially 2014 is shrouded in uncertainty and subject to a variety of risks, mostly domestic in nature and linked to political in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Algeria’s 2014 Draft Budget Ups Deficit By 12.4%
...ALGERIA Algeria’s 2014 Draft Budget Ups Deficit By 12.4% Algeria’s 2014 budget indicates a deficit of AD3,438bn ($43.6bn at $1=AD78.8), up 12.4% on 2013. The 2014 deficit will represent 18.1% of GDP, up from 12.8% for 2013. The draft law was presented to parliamentary co...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
IMF Downgrades MENA Growth Forecasts
...REGIONAL IMF Downgrades MENA Growth Forecasts Real GDP growth in the MENA region is expected to decline to 2.1% in 2013 from 4.6% in 2012, before rising to 3.8% in 2014, according to the IMF latest six-monthly World Economic Outlook released on 8 October. The 2013 pr...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Kuwait Finance Minister Calls For Leaner Public Sector And Reforms
...10 2011 *2012 *2013 (P) 2014(P) Oil and gas exports ($bn) 82.6 48.9 61.8 96.7 11...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Iranian Economy Shrinks By 5.4%
...bn in the year to 20 March 2014, from $50bn a year earlier, according to the NDF Deputy Director Qasim Hosseini. By law 20% of oil revenue is usually allocated to the NDF, which is intended to finance major development projects. In addition to the NDF, the Iranian government with pa...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Damage To Syrian Economy Tops $20Bn – Officials
...me buildings and infrastructure and that a further S£50bn ($365mn) have been allocated in the 2014 draft budget to continue reconstruction activities. Prime Minister Wail al-Halqi last month called for austerity and rationalization of current and investment expenditure in the 2014 budget an...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
APICORP Assets Hit $5bn
...cus on growing trade finance activities in the region, In the fourth quarter of this year, APICORP will be conducting an extensive exercise to develop a new five-year strategic plan for 2014-18 that will further support our mandate of raising capital access and enhancing the financial performance of th...
Volume: 56Issue: 39Published at Fri, 27 Sep 2013 -
Lebanon Seeks Aid
...5Bn The fallout from Syria’s conflict will cost Lebanon $7.5bn in cumulative economic losses by end-2014 ($1.1bn in 2012, $2.5bn in 2013 and up to $3.9bn in 2014), according to a World Bank report prepared ahead of the planned donors’ meeting on the crisis. “With the escalation of the Syrian co...
Volume: 56Issue: 39Published at Fri, 27 Sep 2013 -
IMF Awards Cyprus €85Mn After First Bailout Review
...2013 and 4% in 2014, led by domestic demand and a contraction of financial services and the construction sector (see graph 1). The relaxation of payment restrictions has facilitated transactions, but a higher reliance on cash transactions as people avoid the banking system could “create additional di...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Sudan Delays Ending Fuel Subsidies
...moderation and fiscal performance in the first half of 2013 exceeded budget projects, further action is needed.” Once finalized, the subsidy removal should take effect from January 2014, when its new budget is presented. Gasoline Retail Prices ($/liter, 2012) Turkey (hi...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Rohani Promises Iranians Better Days Ahead
...ES, 9 August). Iran’s real GDP fell 1.9% in 2012 and is projected to fall by a further 1.3% in 2013, before rising 1.1% in 2014, according to the IMF’s World Economic Outlook. Iranian Vice-President Ishaq Jahangiri has warned that about one-third of the Iranian budget for fiscal year ending on 20...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
Bahrain GDP To Hit 5.6%
...l production from Abu Sa’fa due to maintenance. The non-hydrocarbon sector is expected to rise by 4.4% in 2013. For 2014 real GDP is projected to grow by 4.0%. Due to its modest hydrocarbons endowments, Bahrain had managed to diversify its economy between 2000 and 2012, according to the Ye...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013