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Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...oblems remain. Output has been in long-term decline, the result of a collapse in exploration. The country had over 50 active exploration permits at the start of the decade. The number fell after instability rose following the revolution at the start of 2011, which also saw key officials ousted and ot...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Egypt Gets Debt Relief
...ost its dwindling forex reeserves after the 2011 revolution. Having fallen to $15.1bn in 2012, they hit a post revolution high of $36.5bn in September. Mr ‘Amir added that China has also agreed to extend the maturity of a $2.7bn three-year currency swap, signed with the People’s Bank of China last ye...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
US Lifts Sudan Sanctions
...cession of South Sudan in July 2011. Oil production was about 130,000 b/d in 2016, according to the latest data from the Sudan government. This is up compared to the previous four years, when output fluctuated in the 100,000-120,000 b/d range. But it is less than a third of the 462,000 b/d produced by th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...ndraising to finance its fiscal deficit rather than deplete its foreign exchange reserves. But though the rate of decline here has slowed, Saudi reserves continue to fall, hitting $487.7bn at end-August, the lowest level since early 2011 and down a third from $732bn at end-2014. In addition to the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...17, and a whopping 95% of export earnings, to $27.1bn last year from $71.4bn in 2011. The amendments, part of a “crisis plan” for which recently-appointed Prime Minister Ahmed Ouyahia will seek parliamentary approval on 17 September, were adopted at a 6 September cabinet meeting chaired by Pr...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...The conflict which has ravaged Syria since 2011 has taken an extraordinary human toll, with more than 400,000 killed and millions displaced. The destruction has also leveled much of the country’s infrastructure, inflicting cumulative GDP losses estimated at $226bn (in 2010 prices) by the end of...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...-Hoceima and Imzouren. Over 100 were arrested. Such instability brings into question Moroccan King Mohammed VI’s response to the Arab Spring protests which shook the region in 2011. A constitutional referendum later that year increased the powers of the elected parliament, though the country re...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...ough there remains some way to go. Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission compared to $23.5bn in 2011, when oil prices were of course substantially higher (MEES, 7 April). …BUT INVESTMENT STALLED… The biggest Iranian energy de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...anwhile latest statistics from the Saudi Arabian Monetary Agency (SAMA) show that the kingdom’s foreign reserve assets have shrunk to $500bn at end-April from $508.7bn at end-March, the lowest since May 2011 (see charts). Reserves have continued to fall despite the raising of $9bn in Islamic sukuk by the ki...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Libya Wins $1bn From SocGen, But Cases Highlight Shambolic Economic Governance
...nctions imposed on Libya in 2011. Ali Mahmud Hasan, who heads the LIA steering committee appointed by the GNA, has complained that the fund is losing money due to a lack of control over its equity and bond investments. But the unfreezing of the funds continues to be undermined by disputes over the le...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Investment Authority: A History Of Legal Wrangles
...rth $31mn, as the Libyan regime is prevented under sanctions from recovering unpaid debts. The LIA argues that as the debt pre-dated the imposition of sanctions in March 2011, it should not be subject to such restrictions. ...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...ll trade data). It is, however, notable that surpluses were already shrinking rapidly from the bumper $26.24bn notched up in 2011 even whilst oil prices remained at $100/B-plus as Algiers sought to use public largesse to counter fears of Arab Spring ‘contagion’. By the same token the fact that th...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...untry’s other means of covering its deficit is to draw down its foreign reserves. These had shrunk to $514bn at end-February – the lowest since 2011: they were $593bn a year earlier and peaked at $732bn at end-2014 (see chart). The sukuk helps to alleviate pressure on these foreign reserves. Moody’s as...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Egypt Foreign Reserves Hit Six-Year High But Still Long Way To Go
...Egypt’s foreign reserves rose by just shy of $2bn to $28.5bn in March, the highest since March 2011, as the influx of around $10bn in foreign aid and loans since November last year has helped the country’s ailing economy get back on its feet (see chart). Egyptian President Sisi’s trip to Wa...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...2015 4Q16 vs 4Q15 4Q15 2014 2013 2012 2011...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Reserves Up Again As Cairo Pockets World Bank Cash
...Egypt’s foreign currency reserves rose by a further $200mn last month to stand at $26.6bn at the end of February, their highest level since 2011 (see chart). And reserves will likely have risen further during March with Egypt’s receipt of the second $1bn tranche of a $3bn World Bank loan. Th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Egypt’s Economy: Looking Shaky Despite Cash Inflows
...nth earlier, the highest level since 2011 (see chart). The central bank says post-devaluation some $11.7bn of foreign currency has flowed into Egyptian banks as well as investment in the local stock market and treasury bills, boosting forex reserves to six months’ import cover. The pound has edged hi...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017