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GCC Ratings Under Pressure From Oil Price Slide
...st $80/B in 2015-17, compared with a slow decline to $95/B in 2017 in the firm’s previous forecast. In a report issued on 1 July S&P noted that key Gulf producers would find themselves in a complicated fiscal position if oil prices turned south – which indeed they did, just weeks after S&P pu...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Qatar Looks Resilient To Lower Oil Prices
...ile lower oil prices will sooner or later feed through into lower LNG revenue, Qatar, with its already established infrastructure, is in a much stronger position than the nascent competition. Australia is set to overtake Qatar as the world’s number one LNG producer by 2017 on their way to pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...760mn) for current spending an JD1,175mn ($1,657mn) for capital expenditure. With inflation estimated at 2.4% in 2015, total spending is slated to rise by less than 1% in real terms. Real GDP is expected to grow at 4% in 2015 and 4.5% in each of 2016 and 2017. The Economy In 2014 Reviewing the cu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Looks To Slash Deficit In 2015 Budget
...e objective of controlling and boosting the efficiency of public spending. The budget estimates annual GDP growth at 4% in 2015 (in line with the IMF’s latest estimate) and 4.5% for 2016 and 2017. On the expenditure side, current spending is estimated at JD6.9bn ($9.729bn), up 2.9% from 2014, ma...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Lebanese Economy Resilient Despite External Shocks
...rther $4.4bn in Eurobonds in several tranches to meet its fiscal needs in 2015, 2016 and 2017. A draft law has been sent to parliament to seek approval for the larger Eurobond issue by November, the minister said. The ratification of such a law is essential for debt refinancing. Mr Khalil expects th...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Morocco Bags IMF, EU, Qatari Cash
...dustrial users and reduced the per-unit subsidy on diesel, with further reductions planned for the remainder of the year. Subsidies are to fall to MD35bn ($4.20bn) in 2014 (3.7% of GDP) from MD42bn ($5.04bn) in 2013 (4.7% of GDP), with a fall to 3% of GDP by 2017, according to the IMF and the Ministry of Ec...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Cyprus: IMF Calls For Banks, Energy Restructuring
...osed a tender to import average volumes of between 0.6 and 1bcm/year for up to 10 years with first gas to be delivered between 1 January 2016 and 30 June 2017. Awarding a tender this year is unlikely (MEES, 18 April). Resource Fund The IMF review also calls for “an institutional framework for th...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Saudi Arabia Ponders Creation Of ‘National Reserve Fund’
...e end of 2017 – a sum that would in theory catapult the fund into second place on a ranking of the world’s top SWFs (see table). Dr Mariq says the aim of establishing the fund, also known as the “National Reserve Fund” is to accumulate financial surpluses and invest them to realize maximum returns. Th...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Sisi Promises Economic Reforms
...esidential candidate Field Marshall Abdel Fatah al-Sisi, who is widely expected to win, has said that he will target a GDP growth rate of 7%, and a decrease in the unemployment rate to 8% by fiscal year 2017-18, targets which appear to be highly ambitious, considering current circumstances. He says he is al...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Morocco Targets Further Subsidy Reductions
...e predicted to fall below 3% of GDP by 2017 (see graph). Rabat in February ended subsidies on gasoline and fuel oil and started to cut diesel subsidies significantly as part of its drive to lower the deficit (see table). Last September the authorities started to implement a mechanism to index th...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014