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Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead
...e January 2011 revolution. Egypt then went to the IMF seeking a loan facility of around $3bn, which was later raised to $4.8bn, but intermittent negotiations for two years or so failed to lead to any results, because Egypt and particularly its military were not in a position to bite the bullet and ac...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...nstruction sector in Dubai has been a key driver of non-oil growth in the UAE, although activity in this sector has slowed down in the past two years or so. According to an FT report in July, property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 tr...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...ble). The NDFI, which was established in 2011 to replace an earlier sovereign wealth fund, the Oil Stabilization Fund, is allocated by law a minimum 20% share of annual hydrocarbons revenue, with plans to increase this share gradually each year to a maximum of 30%. However, financial mismanagement and th...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Egypt Reserves Rebound, Currency Takes Further Pounding
...Egypt’s foreign reserves jumped by $3bn to $19.59bn at the end of September – the highest since June 2015 – according to latest figures from the Central Bank of Egypt (CBE). Egypt’s foreign reserves stood at $36bn before the January 2011 revolution, but the political unrest which followed has gr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Egypt Struggles To Raise Money For Imf ‘Bilateral Financing’
...mewhat from $39.1bn for 2014-15 to $37.6bn for 2015-16 due in part to sustained low oil prices. • With the rise in the current account deficit, Egypt’s foreign exchange reserves remain under pressure. The $16.6bn end-August figure is less than half their level before the January 2011 revolution....
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
IMF To Assist Egypt In Raising Bilateral Aid
...e first seven months of 2016, down 2% from the same period of 2015 and 7% from the same period of 2014 (see chart 2). At least this ‘fall’ can be put down to the strength of the dollar. The same cannot be said for tourism revenues which have been in free fall since the January 2011 revolution. Re...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...nishment through higher fines and prison sentences. Egypt’s economy has been struggling since the 2011 revolution which brought with it political instability, driving away tourists and foreign investors, who provide a major source for foreign exchange. Egypt’s foreign currency reserves are down by more th...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...ciety.” After the 2011 revolution, the government bowed to popular pressure and hired some 900,000 people in civil servant jobs, which were not needed, raising the wage bill by an annual E£150bn ($16mn at current rates). There is therefore a need to reduce this “over employment” in the civil service to cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Tunisia Launches $500mn bond
...cured a favorably low yield of 1.416% per annum thanks to the US guarantee. This is the fifth time that Tunisia has tapped the international debt market since the ouster of former dictator Zine al-Abidine Ben Ali in January 2011. Tunisia, the first country to usher in the ‘Arab Spring’, is struggling to co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Seeks IMF Rescue Package As Pound Collapses
...turn to economic stability and to support strong, sustainable and job-rich growth,” he added. THE IMF: A LAST RESORT? The government has finally decided to knock at the IMF’s door seeking financial support after repeatedly failing to reach an agreement on a suitable package since the January 2011...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Iran: Payments Start Flowing But Fear Factor Remains
...ese were tightened further in 2011 which led its roughly $420bn economy to shrink by about 9% in the two-year period that ended in March 2014, according to the IMF. From then until January 2016, when sanctions were broadly lifted in return for nuclear curbs, Iran’s ability to continue trading oil pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...rrent 32GW capacity includes 46% gas-fired and 43% gas or oil) – though the share of both renewables and coal has been increasing as the country’s chronic gas shortage since 2011-12 has forced it to seek alternatives. Massive power cuts in 2012 and 2013 helped catalyse protests that led to the ov...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...Egypt has resumed “preliminary” loan negotiations with the IMF, local daily Al-Masry Al-Youm says, citing government sources. The amount has yet to be determined but Cairo conducted drawn-out discussions with the IMF with a view to finalizing a $4.8bn loan in the aftermath of the country’s 2011...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Tunisia: IMF $2.8bn Loan
...rticularly for the youth,” Mr Matti says. Tunisia, the first country to usher in the 2011 Arab Spring, is struggling to cope with the political and economic transition as the influx of refugees from neighboring Libya and a series of terrorist attacks have led to the collapse of the tourism industry. Oil an...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...lks with the IMF and said that Egypt had recently put forward its development program and has no problem to deal with any institution on the basis of this program. For around two years after the January 2011 revolution, Egypt held intermittent talks with the IMF to obtain a loan. This did not ma...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Imports Of Iranian Crude & Condensate Rise Strongly; But Is It Sustainable?
...• South Korea imported 243,000 b/d from Iran in March. Though this was down a touch on February’s 267,000 b/d it marked the third straight month over 200,000 b/d with first quarter imports from Iran at the highest quarterly level since Q3 2011, just before sanctions were tightened (see p21 fo...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Comes To Egypt’s Rescue Again Signing $55bn-Plus Of Deals
...ighbors around them. Egypt as a transition state after the 2011 revolution is in need of all the financial and economic assistance that Saudi Arabia can afford to help in reviving its ailing economy. As collated from various sources, Egypt has signed agreements and MoUs worth some $55bn, although a co...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
More Aid For Jordan, Lebanon And Tunisia
...Lebanon and Jordan were this week promised new loans totaling $573mn to help them cope with the cost of hosting Syrian refugees who have fled their country since the start of the civil war in 2011. Lebanon has signed five loan agreements for $373mn with the Islamic Development Bank (IDB) to...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016