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Jordan Slashes Spending In Bid To Halve Deficit
...l prices remain at their current level of around $60/B, Nepco’s 2015 losses would fall to around JD600mn ($846mn), he says. Jordan imports around 96% of its energy needs. Nepco has suffered cumulative losses of JD4.5bn ($6.3bn) since Egyptian gas supplies began to dwindle in 2011. To make up...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond
...oblems, Lebanon finds itself in the eye of the Middle East storm, as it struggles to cope with the influx of some 1.6mn Syrian refugees (both official and unofficial), who have fled their war-torn country since the start of the uprising in early 2011. Yet despite these external shocks, which slowed GD...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Economy Begins To Turn The Corner
...EGYPT Egypt’s Economy Begins To Turn The Corner Egypt’s structural and monetary reforms are starting to bear fruit, following four years of political and economic slowdown since the ouster of the Husni Mubarak regime in 2011, the IMF says in its latest Article IV consultation with Eg...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Syria’s Economic Woes Only Set To Intensify
...oduction in the government-controlled areas in 2014 slumped to 9,329 b/d, the Syrian Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas announced this week. This output is a mere 2.4% of average production of 385,000 b/d before the start of the uprising in March 2011 (MEES, 8 August 2011). In th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Lebanon Plans $1Bn Eurobond
...banon’s finances are over-stretched as it struggles to cope with the influx of some 1.5mn Syrian refugees who fled their war-torn country since early 2011. International aid to help these refugees has been minimal, and the cost of hosting them is mounting. The political impasse and spillovers from the Sy...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
MENA Youth Unemployment Chronic-ILO
...r 2015, this “will not be sufficient to reduce the persistently high unemployment rates.” ARAB SPRING HANGOVER The MENA region has yet to recover from 2011’s ‘Arab Spring’ political instability. The MENA region’s average unemployment rate rose to 11.6% in 2011 from 10.8% for 2010. Yo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...rrowing, given that Egypt has been absent from the debt market since the January 2011 overthrow of Husni Mubarak. The dollar-denominated issue will likely be split into two tranches – one for 10 years and the second for a longer period finance ministry official Hanan Salim told Reuters. “This will be Eg...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Algeria Ignores Storm Clouds With 2015 Budget
...amework should be revamped and fiscal policy should be placed on a more sustainable footing (MEES, 28 March 2014). ALGERIAN BUDGETS: 2011-15 (AD BN) 2015 vs ‘14...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ojected at OR9.16bn ($23.8bn), or 79% of total revenue, level with 2014 but well down on the 85% average for 2011-13. Thus the 2015 budget projects a record deficit of OR2.5bn ($6.5bn), equivalent to 21.6% of revenue and to 8% of GDP (see graph). OMAN’S FINANCES 2006-15 (OR BN)* OM...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia Budgets For $39Bn 2015 Deficit Despite Spending Cut
...d yearly since the 2011 Arab Spring uprisings. Commenting on the new budget, Saudi Minister of Economy and Planning, Muhammad al-Jasir said that the government is maintaining expenditure on large infrastructure projects currently under implementation, like railways, desalination and power pl...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...7mn b/d for 2013 and almost 2.5mn b/d in 2011, before sanctions started to bite (see graphs). That year Iran’s oil export earnings hit a record $255mn per day, that is to say $93bn for the year as a whole – the height of former president Ahmadinejad’s spending largesse, spending that with hindsight is se...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...eir revenue since prices hit their peak in mid-June. The OPEC basket then briefly topped $110/B; since OPEC decided against cutting output on 28 November its value has fallen below $70/B. Current prices (OPEC Basket) of around $68/B are 37% down on the $107/B that they averaged between January 2011...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...r January-October), the fact that they have fallen below the $85/B mark since mid-October and are now well below this has sounded the warning bells. Current $72/B prices for Oman crude are down by 35% from their $110/B June peak (see p20). Prices averaged a buoyant $105-110/B for 2011 through 2013, gi...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...me on its hands to formulate a response to the evolving LNG market – welcome breathing room for Qatargas and RasGas, which seemed almost resigned to a lesser role in the market in the years ahead. Qatar has controlled about a third of the global LNG market since completing its last train in 2011 and no...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt: IMF Praise
...July). Instability after the January 2011 revolution delayed these politically-sensitive cuts for some time. For the IMF energy sector reforms and sizeable investments will be critical to reduce energy supply bottlenecks and boost growth. Mr Jarvis says that Cairo is seeking to reduce the bu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...ssion Chief to Jordan Kristina Kostial who said earlier this month that the kingdom’s indebtedness could reach 89% of GDP by end 2014, from 71% in 2011. Ms Kostial added that to address this problem, the authorities have to control public finances, especially those related to the central government and se...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Kuwait Budget Surplus Down 25%
...dget) 1H14-15 KD BN % Nominal % Real 1H13-14 2013-14 2012-13 2011-12 REVENUE 15.09 -0....
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Dow Petchems JVs To Be Floated On Kuwait Exchange
...tar, and the UAE - approved in March 2011. The four also pledged $10bn to Bahrain to help ease social tension and promote economic development in the aftermath of the Arab Spring uprisings. Jordan and Morocco also received grants of $5bn each from the four GCC countries post-Arab Spring. These fo...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...taled E£701.5bn ($109.4bn), virtually level with the previous year (+0.5%) in real dollar terms. The 2013-14 spending equates to 35% of GDP. Egypt has seen close to four years of political turmoil following the February 2011 overthrow of Husni Mubarak. The 2013-14 fiscal year began with the July 2013 ou...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014