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Egypt’s New Budget Targets 14.5% Deficit Cut
...r a return to democracy by early 2014; and the recent containment of the government’s debt-financing costs, below post-revolution peaks. Moody’s added that the maintenance of the negative outlook on Egypt’s Caa1 rating is driven by Moody’s view of the country’s considerable economic and political ch...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013 -
Jordan Bags $500mn Aid
...ported that the US government is to increase its annual economic assistance to Jordan by $340mn as of 2014, raising total US financial aid to the kingdom to $1bn/year. Jordan currently receives $360mn in financial aid and $300mn in military aid. Petra added that the US Congress is expected to ap...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Qatar GDP Growth Projected At 6.5% In 2013
... QATAR Qatar GDP Growth Projected At 6.5% In 2013 Qatar’s GDP growth is expected to accelerate during the remainder of 2013 to reach 6.5% for the full year and 6.8% in 2014, supported by large infrastructure investments and associated population growth, according to th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
China Crisis Would Threaten Saudi Economy
...udi GDP undershooting by 0.3-0.4% one year hence, according to the IMF’s findings. The IMF itself was predicting 8.1% 2013 GDP growth for China – and 8.3% for 2014 – as recently as its April World Economic outlook; by the time of the 9 July update these figures had been slashed to 7.8% and 7.7% re...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Gulf States Finalize Rescue Package For Egypt
...Cairo. Ankara was not only supportive of Mr Mursi but (more so than Qatar), Turkey’s Prime Minister Erdogan has been highly critical of his ouster. More Cash Needed Egypt badly needs between $14-19bn in external financing in the fiscal year to June 2014, analysts of the Egyptian sc...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Jordan Hit By Syrian Overspill, Moody’s Downgrades Two Notches
...12, compared to an average deficit of 4.6% of GDP over the period 2005 to 2008. But the ratings agency expects an improvement in the deficit in 2013 and 2014, which is to remain high at over 5% of GDP and is “highly dependent on a successful fiscal-consolidation strategy.” *An acceleration in...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...oil production to around 2%, after two years of substantial expansion, as growth in global demand remains weak amid expanding global supply. For the period 2014-18, the GDP growth rate in real terms is projected at around 3.5%. The IMF goes on to point out that in the medium term di...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
GCC Measures Against Hizbollah Could Undermine Lebanese Economy
...banese GDP Growth Cut To 2% In its latest Global Economic Prospects the World Bank revised Lebanon’s real GDP growth in 2013 downward to 2% from 2.8% in January. It is now estimating growth at 1.5% in both 2011 and 2012 and is projecting a rise to 2.3% in 2014 and possibly 4.0% in 2015. The World Ba...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Yemen Oil Revenues Take Nosedive
...proving the business climate. An IDB statement said that it is giving Tunisia a financial guarantee to issue a sukuk worth $600mn before 2014. Tunisia hopes to raise its first sovereign sukuk of $700mn later this year. The IMF recently approved a $1.74bn loan for Tunisia for 2013-15. The program aims to st...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
IMF Approves $1.74Bn Reform Loan For Tunisia
...record levels of 18.9%. But, following the sharp economic decline, the economy began a moderate recovery in 2012. The IMF predicts GDP growth will strengthen to 4.0% in 2013 and 4.5% in 2014. However debt has continued to grow, with the budget deficit set to hit 6.4% of GDP this year (see gr...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
Yemen Seeks $500Mn Loan From IMF
...s said. But in its 21 May MENA update, the IMF projects lower real GDP growth of 4.4% in 2013, rising to 5.4% in 2014. Reduced oil output is set to tip Yemen’s current account into a deficit of over 4% of GDP this year, the IMF predicts, with the country needing a wholly unrealistic average price of...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Lebanese Officials Upbeat Despite Warnings
...ency explained that in addition to the war in Syria, the downgrading in outlook reflects Lebanon’s already high debt burden in 2013 and 2014, political instability and limited economic growth. Moody’s added that the prolonged civil war in Syria has adversely affected investment, trade and tourism in Le...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Calls Mount To Change Saudi Subsidies
...oducts importer (MEES, 3 May). This fuel is purchased at market price internationally, yet it is then sold in the domestic market at the subsidized level. An end to transportation fuel imports should come with the start-up of two key refineries in 2014. French major Total will sell its own sh...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Fragile Economy Dominates Upcoming Iranian Elections
...e IMF’s World Economic Outlook, April 2013, Iran’s real GDP, which fell 1.9% in 2012, is projected to fall by a further 1.3% in 2013, before rising 1.1% in 2014. Consumer prices rose by 30.6% in 2012 and are to increase by a further 27.2% in 2013 and 21.1% in 2014. As for unemployment, the rate, wh...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Kuwait Grants $215Mn For Jordan LNG Terminal
...frastructure facilities, marine equipment and installations, a floating storage and regasification unit, and servicing of LNG vessels. The LNG terminal, projected for completion in the second half of 2014, will allow Jordan to diversify its sources of energy, which previously depended on Egyptian gas su...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
IMF: Diversification Key For Sudan With Oil Revenues Imminent
...thorities have taken some useful measures thus far, but they have to do more,” Mr Jenkins said. “We are quite encouraged by the oil revenue agreement. It will bring, we believe, just under $500mn to Sudan this year, and around $1.5bn in 2014,” he said on the basis that the IMF sees South Sudan ramping up it...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Oil Exporters/Importers Performance Gap Shrinking, Says IMF
...lf Cooperation Council (GCC) countries. The report says additional oil supplies from Iraq and Libya are expected to more than offset a decline in oil exports from Iran in 2013, while lower net demand for Saudi crude exports could result in marginally lower production. Looking ahead at 2014, ov...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
SAMA Projects 4.2% GDP Growth In 2013
...MA’s 48th Annual Report, Dr Mubarak declined to give a forecast for Saudi economic growth and said that SAMA will take guidance from the IMF predictions of 4.2% in 2013 and 3.8% in 2014. The governor noted that in 2012 the kingdom achieved an actual budget surplus of SR386bn ($103bn) and said th...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
IMF: Libyan Economy Growing But Challenges Remain
...owth in the non-hydrocarbon sector in 2014. Inflation fell to 6% in 2012 and a further decline is expected in 2013. As for the financial sector the situation began to normalize after most of the UN sanctions that had frozen Libya’s foreign assets were lifted on 16 December 2011. This allowed th...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
GCC Aid Flows To Bahrain And Morocco
...0bn) in 2014. And Bahrain needs an oil price of $122/B for 2013 and $126/B for 2014, higher than the budget’s $90/B oil price assumption, the Undersecretary of the Bahrain Ministry of Finance, ‘Arif Khamis, said in November when the budget was first announced (MEES, 23 November 2012). Ba...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013