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Crunch Time For GCC Fiscal Reforms
...expected to hit 21% of GDP in 2015, but to narrow in 2016 and 2017, according to NBK. Oman has partially offset the drop in oil prices by boosting liquids production to record levels, hitting 1mn b/d in July. BAHRAIN Bahrain like Oman is also among the most vulnerable GCC countries to weak oi...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Qatar 2016 Budget: $13bn Deficit, The First In 15 Years
...rther fall in prices is in the works. As such the deficit is likely to substantially exceed the planning ministry’s estimate. The report sees oil and gas prices rising marginally in 2017 (see table), with Qatar running a second consecutive deficit of 3.7%. The QEO expects Real GDP growth 3.7% in 20...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Egypt Secures $1bn Funding For Gas-Fired power, $500mn For Energy Reforms
...0mn to support “ongoing bold economic reform” and sustain economic growth. AfDB says this will be the first of three loans, with others to come in 2016 and 2017, under its Governance and Energy Support Project. AfDB says the project will target three critical areas of reform: increasing government re...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Scraps Plan To End Energy Subsidies
...2% in fiscal 2014-15, up from 2.2% in the previous year. Mr Isma’il says the government is targeting GDP growth of close to 6% and a reduction in the budget deficit to 8.5% by the end of the 2017-18 fiscal year. EGYPTIAN REVENUE AND SPENDING (E£ bn) FIGURES ARE FOR FINANCIAL YEARS ST...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Lebanese Politicians Pass Essential Financial Laws
...oductive cabinet. LEBANON: KEY ECONOMIC INDICATORS -IMF 2011 2012 2013 2014 2015 est. 2016 est. 2017 est. GDP Gr...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...14 and JD520mn in 2015, and that Jordan will receive a further JD460mn in 2016 and JD400mn in 2017. But the draft 2016 budget omits a tranche of the $1.25bn originally pledged by Qatar after the latter failed to honor its pledge in the past year. Mr Tuqan blames this shortfall for the near doubling of...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
S&P Downgrades Saudi, Riyadh Rejects Assessment
...mpromized political and economic stability, the agency says. Absent a strong increase in oil prices, S&P forecasts that Saudi Arabia’s fiscal deficit will only gradually narrow in the coming years: to 10% of GDP in 2016, 8% in 2017 and 5% in 2018, as planned fiscal consolidation measures begin to gain tr...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Saudi Economy Will Remain Coupled To Oil Prices
...en “based on planned fiscal consolidation measures” the deficit will be 10% of GDP in 2016, 8% in 2017 and 5% in 2018 “absent a rebound in oil prices,” S&P adds (see p18). NO GOOD OPTIONS Unlike previous episodes of oil price decline, Saudi Arabia has maintained oil output despite the 60% fa...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Egypt: Desperately Seeking Finance
...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month. Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Riyadh Eyes $4bn Local Currency Bonds
...rned to borrowing from the domestic market by issuing local currency bonds, which are expected to raise $27bn by year-end. But now there is speculation in Riyadh that in 2016 and 2017 the government will turn to the international market, especially if oil prices remain depressed for an extended period....
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
ACWA/MITSUI Secure Oman Power Finance
...oposals for two independent power producer (IPP) projects at Ibri and Sohar. Leaders are France’s Engie and Japan’s Marubeni and Mitsui. OPWP originally gave combined Ibri /Sohar gas-fired capacity as 2.6GW, with 740MW due online in summer 2017 and 1.86GW more in summer 2018. But local press now say co...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Saudi Arabia Says No To Subsidy Reform
...GDP. “The policy response has been limited and primarily consists of a reduction in capital spending that will take time to gain traction,” Fitch says, adding that deficits in mid-single digits are also forecast for 2016 and 2017, “assuming reduced capital spending, the absence of new one-off ou...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...ice of $54.7/B for 2015, $62/B for 2016 and $67.1/B for 2017. However “risks remain very high… emanating from an extension of the conflict, political tensions, weak policy implementation and further shocks from the oil market,” the fund says. Even on the prospects of oil output and exports ramp-up...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...rther $5/B rise in 2017 (an average Iraqi crude export price of $54.7/B for 2015, $62.0/B for 2016 and $67.1/B for 2017 – see p20). The IMF acknowledges that “uncertainties about future oil prices and possible escalations of regional tensions are the main risks to the outlook.” The current ac...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq ‘Below Investment Grade’ Ahead Of Bond Issue
...2016, although it will remain large and another more substantive IMF program is likely in 2016, while a small deficit is forecast for 2017. The agency adds that the Iraqi government has cleared $9bn in payment arrears to international oil companies (IOCs) that were run up in 2014. REFORM PLAN AP...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Jordan Taps Bumper Aid; IMF Praises Energy Policy
...riff increases scheduled for early 2016 and 2017. In the future there might be scope for revisiting the substantial cross-subsidization of the planned tariff structure… We also stand ready to reinstate the full tariff increase of early 2015 should the oil price go above $70/B for a period longer than tw...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Kuwait Posts First Deficit In 15 Years
...oner than the 2017-21 timeframe that many international organizations had predicted. “The state treasury faces many challenges, the most important of which is the rise in current expenditure,” he says. As this becomes a permanent feature in the budget, it piles pressure on state’s finances and be...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Qatar Stares Deficit In The Face
...pt at currently-planned levels then in light of reduced oil and gas revenue, Qatar could post a fiscal deficit of 4.9% and 3.7% of nominal GDP in 2016 and 2017 respectively if lower oil prices persist, it added. For 2015 the latest QEO predicts a fiscal surplus of 1.4%, well down on the 8.7% surplus fo...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
KNPC Seeks Ideas, Finance For Refinery Projects
...out how the loan should be structured. CFP SCHEDULE Work on the CFP began in March, with a view to completion in late 2017. KNPC chief executive Muhammad al-Mutairi told reporters recently that he now expects the revamped refineries to be fully operational by the end of 2018. The ageing Sh...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Morocco Solar Funds
...ergy (Masen) awarded the 200MW Noor 2 and 150MW Noor 3 projects to ACWA and Spain’s Sener with a view to 2017 start-up. Masen also plans to build a 50MW solar photovoltaic (PV) unit at the site – Noor 4. ACWA says the debt part of the package will be “entirely financed by Masen” with funds from the Af...
Volume: 58Issue: 22Published at Fri, 29 May 2015