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MENA Economic Divergence Set To Widen In 2014-Fitch
...REGIONAL MENA Economic Divergence Set To Widen In 2014-Fitch Fitch Ratings expects sovereign creditworthiness in the Middle East and North Africa (MENA) region in 2014 to remain stable overall. However prospects are far more favorable for the region’s oil exporters than fo...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports
...IRAN Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports Iranian President Hassan Rohani’s new administration will focus on tackling the twin problems of soaring inflation and unemployment in the year starting 21 March 2014. Outlining details of the 2014-15 budget, the fi...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
IMF: Kuwait Growth Slumps
...se of 3% in 2013. The forecast for overall average consumer price inflation is 3% in 2013. Fiscal and external surpluses are projected at 27% and 39% of GDP respectively in 2013, reflecting high oil prices, the IMF says. Looking ahead the IMF expects an improvement in the economic outlook in 2014 an...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...OMAN Oman Poised To Curb State Expenditure In 2014 Oman has taken the strategic decision to put the brakes on state expenditure in 2014 after three years of sharp post-Arab Spring spending hikes. Outlining details of the draft budget to the Majlis al-Shura (State Co...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Libya: Forex Reserves On The Slide
...onomy shrinking by 5% in 2014 in the event of the protests continuing, and suggested that in a worst case scenario Libya may seek foreign loans. (The IMF projects a contraction of 5.1% in real GDP in 2013 - MEES, 22 November.) Referring to these figures, the bank’s statement said that “the CBL de...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Iran Budgets For $100/B
...IRAN Iran Budgets For $100/B Iran’s draft budget for the Iranian year 1393, starting on 21 March 2014, will be based on an oil price assumption of $100/B, a member of the Majlis Budget and Planning Commission Hadi Qavami told the Iranian Students News Agency (ISNA) on 1 De...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...ojects are implemented and private sector confidence remains high. For 2014, the IMF projects an increase in oil production, which, coupled with steady non-oil growth, would yield an overall GDP growth rate of just over 4%. Curbing Energy Consumption Absent policy reforms, the IMF expects GCC do...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran: Rohani Slams Legacy
...mmitments this figure rises to some $133bn, he says. The country had entered a state of “stagflation” with year-to-year inflation in late September 2013 at 43%, but falling to 36% in the year to late October 2013. Mr Rohani is targeting a fall in the inflation rate to 35% by March 2014 and 25% by March 20...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Jordan Approves 2014 Budget, Spending Up 13%
...JORDAN Jordan Approves 2014 Budget, Spending Up 13% Jordan plans to raise its 2014 budget expenditure by 12.8% to JD8.096bn ($11.41bn at the fixed exchange rate of 1JD=$1.41) from the 2013 budget, according to the draft budget approved on 13 November. Revenue is slated to ri...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Dubai Set To Launch Plastics Futures
...UAE Dubai Set To Launch Plastics Futures Dubai Gold and Commodities Exchange (DGCX) announced early this week that it will launch the MENA region’s first plastics futures contract on 28 February 2014. The product to be traded is polypropylene, for which the exchange says gl...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Egypt Targets Lower Energy Subsidies
...lal, speaking to London-based daily Asharq al-Awsat on 9 November, stressed that cuts to energy subsidies – which total a whopping E£130bn ($18.8bn) in the budget for the current year ending June 2014 – will be introduced gradually over a number of years to avoid a shock to consumers. Food subsidies (E£30...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...ypt,” which weigh on confidence in the region’s oil importing countries. (For details of IMF separate growth forecasts for oil exporters and importers see MEES, 11 October.) Real GDP growth is expected to pick up in 2014 to 3.6% as global conditions improve and oil production recovers. The IMF also sa...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Iran: Official Inflation 40%, Real Rate May Be Double
...anian year on 20 March 2014. This would be done by curbing liquidity growth (which rose more than five times in the past seven years) and adopting suitable monetary and fiscal policies. Some officials claim that the payment of cash handouts under the subsidies reform plan, initiated by the former go...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Syria: 2014 Budget
...SYRIA Syria: 2014 Budget Syria’s draft budget law for 2014 envisages total expenditure of S£1,390bn ($10bn at the current official rate of $1=S£139), virtually unchanged from S£1,383bn ($9.9bn) in 2013. The 2014 budget consists of S£1,010bn ($ 7.3bn) for current ex...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
UAE Issues 2014 Budget
...UAE UAE Issues 2014 Budget The UAE cabinet on 27 October approved the 2014 federal budget with total expenditure of Dh46.2bn ($12.6bn), of which more than half is allocated to welfare. The original 2013 budget had projected expenditure at Dh44.6bn (Dh12.1bn), but the go...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Kuwait To Rethink Subsidies Policy
...t based on facts, and that a new plan – scheduled for implementation by April 2014 – is under study. The 2013-14 budget is expected to end up with a surplus, Shaikh Salim said, but less than that of 2012-13. The budget for the last fiscal year had an actual surplus of KD12.7bn ($45.1bn) be...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Egypt To Up Spending
...rangements are underway to raise the necessary funds to implement the increase in the minimum wage in the public sector to E£1,200 ($174) monthly, due to begin on 1 January 2014. Mr Jalal estimated the cost of the increase in the minimum wage at E£9bn ($1.3bn) for the second half of the current fiscal year (Ja...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...IRAQ Iraqi Budget Projects Record 2014 Expenditure Iraq plans to spend a record ID174,600bn ($149.2bn) in 2014, up 26.1% from ID138,425bn ($118.3bn) in 2013, according to the draft federal budget drawn up in September by the Ministry of Finance. The draft, which has re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...velopments and Prospects’ report. Post-Arab spring upheavals “continue to dominate economic activity and near term prospects.” The region’s economic outlook for 2013 and especially 2014 is shrouded in uncertainty and subject to a variety of risks, mostly domestic in nature and linked to political in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Algeria’s 2014 Draft Budget Ups Deficit By 12.4%
...ALGERIA Algeria’s 2014 Draft Budget Ups Deficit By 12.4% Algeria’s 2014 budget indicates a deficit of AD3,438bn ($43.6bn at $1=AD78.8), up 12.4% on 2013. The 2014 deficit will represent 18.1% of GDP, up from 12.8% for 2013. The draft law was presented to parliamentary co...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013