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Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...rdan’s $32bn end-2015 stock of public debt, a full $7bn is due to accumulated Nepco losses. All in all a conservative estimate would be that Jordan will add at least 5% of GDP to its national debt in 2016, and likely somewhat more. This follows a five-year period corresponding with the “Arab Spring” (2011...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Egypt Devalues Currency: Will It Bring Stability?
...serves. Egypt has received massive external support from GCC monarchies since President Sisi took power in mid-2013. But with Gulf states themselves facing stretched finances such inflows are likely to slow this year. Egypt’s external debt has risen by $13.2bn to $48.1bn since the country’s 2011 re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...til it has taken stock of its available assets. Oil revenue in the 2016-17 budget is projected at $22bn, a mere 18% of Iran’s oil revenue of $119bn in 2011 (MEES, 19 February). Iran is looking to tap foreign direct investment (FDI) for many of its planned projects in the post-sanctions era. The ne...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Bahrain Raises $600mn Despite Downgrade, Oman Plans Issue
...rch and May to help finance the budget deficit, according to a Reuters report on 19 February. Tunisia, a country in political transition after pioneering the 2011 Arab Spring revolts, is currently engaged in talks with the IMF to negotiate a new credit program worth around $1.7bn (MEES, 19 Fe...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
S&P Downgrades GCC Ratings On Back Of Tumbling Oil Prices
...hrain’s public finances. S&P highlights that public spending has remained elevated since the outbreak of mass civil unrest in 2011, with wages, salaries and subsidies accounting for 72% of spending. Despite Bahrain’s financial woes, however, the agency believes that economic support from neighboring Saudi Ar...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...lay is that Mr Rohani waited for the lifting of international sanctions against Iran on 16 January to unveil the 2016-17 budget the next day (MEES, 22 January). The budget projects oil revenue at $22bn, based on an oil price assumption of $35-40/B; oil revenue hit a record $119bn in 2011 wh...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
The $100bn-Plus Cost Of Syria’s Civil War
...bn. This is almost as large as Syria’s pre-war GDP, the Bank notes in its latest Mena Quarterly Economic Brief. In addition, damage caused by the war to the “capital stock” in Syria between 2011 and 2014 was estimated at $72bn, the World Bank said, quoting a report by the local Syria Center for Po...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Ministry Claims $60bn Oil Sector Losses
...Syrian oil minister Sulaiman al-Abbas says that the country’s oil and gas sector has suffered “direct and indirect” losses of $60.4bn between 2011 and end-2015. The minister said that oil production from government-controlled areas averaged 9,500 b/d in 2015, just 2.5% of the pre-civil wa...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Cuts 2016-17 Budget In Real Terms Despite Expected Boon Of Sanctions Relief
...cause it focusses more on the issue of defense and security. It reportedly allocates nearly $40bn over the plan period to upgrade Iran’s military capabilities in order to deal with regional volatility. IMPORTERS OF IRANIAN CRUDE 2011-2015 (MN B/D) ...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Shell, Iran Clear Debt
...troleum Contract (IPC - MEES, 4 December 2015). The debt stems from purchases of Iranian crude in 2011 and 2012 for which Shell was unable to pay due to the imposition of fresh sanctions in 2012. In the firm’s 2012 annual report, it said that “Currently, we have approximately $2,336 million pa...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Algeria Faces Record $14bn Trade Deficit
...14 2015(a) 2015(b) $bn % 2014 2013 2012 2011 Imports 51...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Lebanese Politicians Pass Essential Financial Laws
...oductive cabinet. LEBANON: KEY ECONOMIC INDICATORS -IMF 2011 2012 2013 2014 2015 est. 2016 est. 2017 est. GDP Gr...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...nefited from project aid from the $5bn GCC development fund set up in December 2011 by Saudi Arabia, Kuwait, Qatar and the UAE following the eruption of the Arab Spring, with each country pledging $1.25bn for the kingdom (MEES, 10 May 2013). He notes that this fund has already disbursed JD456mn in 20...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...fined products consumption has grown at an average annual rate of 6.3% since 2011. Products exports could shrivel to zero by 2022, the IMF says. Though recent refinery expansions boosted Saudi Arabia’s refined products exports to a record 1.35mn b/d in August (see p11), if domestic demand continues to...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a decade, compared to a high of $119bn in 2011-12. But he is optimistic that Iran is getting ready for growth and an economic blossoming with the changing circumstances in the near future. IMF: REFORM A MUST The IMF says that for Iran to benefit from the landmark nuclear deal and the lifting of...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...change shortages (MEES, 16 October). Egypt is currently suffering from an acute shortage of foreign currency reserves, which have fallen to $16.3bn at the end of September, down from $36bn at the beginning of the Egyptian revolution in January 2011 (see graph). After managing to hold the official va...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: Desperately Seeking Finance
...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month. Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...pital could result in upward pressure on the real exchange rate, Mr Cerisola says. Iranian crude oil production is holding at around 2.9mn b/d, down from around 3.6mn b/d in 2011, before US and EU sanctions on the sale of its oil were introduced. But, the IMF warns that “risks to the outlook are si...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
S&P Junks Iraqi Bond
...GDP in 2014. S&P is also projecting public debt to rise to 65% of GDP in 2015-18 from about 39% in 2014. With the collapse in oil prices, the agency expects the current account which had an average surplus of 10% of GDP in 2011-14 to turn to a deficit averaging 3% of GDP in 2015-18. Iraq plans to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
The Only Way Is Down For Algeria’s Trade Balance
...cord surpluses of over $20bn for 2011 and 2012 (see table). And MEES analysis suggests that the situation is going to get worse with the country on course to rack up a $20bn deficit for the year as a whole. The collapse of Algeria’s trade balance is inevitable given the slump in global oil pr...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015