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Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports
...lumes were over 2.5mn b/d as recently as 2011. This suggests Tehran is not banking on dramatic near-term easing of sanctions following the landmark interim deal reached on 24 November between Iran and the P5+1. Mr Rohani’s relatively conservative oil export figure seems to be at odds with the pr...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
GCC Union Postponed
...REGIONAL GCC Union Postponed Leaders of the six Gulf Cooperation Council (GCC) states have postponed a decision on a proposal submitted by Saudi Arabia two years ago to move from the stage of “cooperation” to full “union” (MEES, 26 December 2011). GCC Secretary Ge...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...ys soaring government expenditure between 2010 and 2013 became a major challenge for the state, especially given that some 75% of the total went on current expenditure, which cannot be reduced easily. In the wake of the Arab Spring, Oman in early 2011 embarked on a policy of social spending in order to...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...owth prospects, and also a key ‘wild card’ necessitating the strengthening of fiscal buffers. The region is also vulnerable to volatility in global financial markets and broader Middle East unrest, the IMF says. Real GDP growth fell to 5.2% in 2012 from an “exceptionally strong” 7.7% in 2011 wh...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Jordan Approves 2014 Budget, Spending Up 13%
...dget 2013 Budget **2013 Actual 2014 vs (%) 2012 Actual **’13 vs ‘12 (%) 2011 Actual ‘13 Bud ‘13 Ac...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Syrian Bank Recapitalization To Cost Up to $16Bn
...rising in March 2011. At the same time Mr Mayyala attributed the recent strengthening of the local currency to a surplus of foreign exchange in the free market, from which the exchange bureaus could of late secure their foreign currency needs, rather than buying it from the CBS. In October the au...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Saudi, UAE Close To Top Of World SWF Rankings
....5 2002 Oil 10 23 Iran National Development Fund of Iran 54 2011 Oil & Gas 5 33...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...lls for subsidy reform in the MENA region, estimates that pre-tax energy subsidies – measured as the difference between the value of consumption at world and domestic prices – amounted to about $237bn in 2011. This is equivalent to half of the world’s subsidies, 8.6% of regional GDP and 22% of go...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Iran: Official Inflation 40%, Real Rate May Be Double
...re open about government finances, there could be more transparency with regard to the fund’s reserves. The NDF was established in 2011 to replace the Oil Stabilization Fund (OSF), a sovereign wealth fund which accumulated surplus oil and gas revenue....
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Syrian Economy Incurs $103Bn Losses
...fect of sanctions.) Oil Output Plummets In September oil production under government control was estimated to have hit a low of 19,000 b/d of light crude and condensate, compared to an average of 380,000 b/d before the start of the uprising in March 2011 (MEES, 4 October). Gas production in...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
UAE Issues 2014 Budget
...proved a three-year federal spending plan of Dh140bn ($38.1bn) for 2014-16, a 15% increase on the previous plan for 2011-13 (MEES, 9 November 2012). The three-year plan, first introduced in 2011, was intended to achieve sustained growth under the state’s strategic plan. The 2014 budget just announced is...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...12, the DFI had a balance of $18bn, the budget statement said. The expected budget deficits in 2011 and 2012 did not materialize, because actual oil prices exceeded the original projections, while at the same time there was underspending on investment projects. The draft budget projects an in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...REGIONAL World Bank Sees Decline In Post-Arab Spring MENA Growth The ongoing political and social upheavals which followed the Arab Spring of 2011 continue to weigh down economic activity across the MENA region, the World Bank says in its recently released ‘MENA Economic De...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Egypt Subsidies
...event the emergence of a black market or the smuggling of products (MEES, 31 May). Egypt’s Finance Ministry projects the 2013-14 (July ’13 to June ’14) cost of energy subsidies at E£100bn ($14.5bn). This compares with actual figures of E£120bn for 2012-13, E£95.5bn for 2011-12, E£67.7bn for 20...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Kuwait Finance Minister Calls For Leaner Public Sector And Reforms
...rpluses, recent domestic political developments have hit the Kuwaiti economy. The implementation of the 2011-14 development plan has lagged and generous increases in the public sector wages have undermined the government’s efforts to encourage Kuwaitis to join the private sector. The long-term objective sh...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Iranian Economy Shrinks By 5.4%
...around $70bn in 2012 from at $95bn in 2011 due to the effect of sanctions. Major economic reforms are needed in four sectors of the economy according to Mr Rohani’s economic advisor Masoud Nili. These are the foreign currency market, cash subsidy payments (to offset price increases), the pr...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Tunisia: Slow Growth
...ocks following the 2011 revolution. According to the IMF, real GDP fell by 2% in 2011, foreign direct investment declined by more than 30% year-on-year, and unemployment rose to a record 19%. Tunisia, the country which pioneered the ‘Arab Spring’, is today witnessing the problems associated with po...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Damage To Syrian Economy Tops $20Bn – Officials
...March 2011 to around $4-5bn at present. A report on the CBS website this week showed that forex reserves fell by just over a third at the end of 2011. The Syrian economy is only being kept (just about) afloat by the inflow of around $9bn in annual aid from Iran including regular fuel sh...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Sudan Delays Ending Fuel Subsidies
...er implementation of the controversial policy. Sudan’s economy is still reeling from the significant drop in state revenues associated with the loss of around 75% of its former 450,000 b/d crude oil production when South Sudan seceded in July 2011 (MEES, 11 July). Oil income was – and still is...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Kuwait Budget Surplus Falls As Spending Soars
...KUWAIT Kuwait Budget Surplus Falls As Spending Soars Kuwait realized a budget surplus of KD12.70bn ($44.45bn) in 2012-13, according to the finance ministry’s closed accounts. However, the net surplus falls to KD4.7bn ($16.45bn) – less than half the 2011-12 figure – after th...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013