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Egypt’s Financial Woes Mount: Record Debt & Deficit As Devaluation Looms
...th the IMF. But as oil prices have risen in recent years gasoline and diesel subsidies have reappeared by the back door (MEES, 10 November). The E£119.4bn ($3.9bn) budgeted for 2023-24 spending on oil products subsidies is the highest since 2017-18 in Egyptian pound terms and 2018-19 in dollar te...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Saudi Arabia Budgets For $21bn Deficit In 2024
...sults, which show a 41.5% year-on-year increase to $54.1bn in capital expenditure. This is the highest figure since 2017, and with much of the investment responsibilities having been moved off-budget to state entities such as PIF, this indicates significantly higher investments than six years ago. De...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Kuwait’s Four Year Government Program Gets Little Support
...d 2021/22 (to 31 March 2022), but since September 2017 the government has been unable to raise debt to finance these deficits as parliament has repeatedly blocked the passage of a debt law allowing state borrowing. MPs have largely cited their opposition to the law by saying that instead of bo...
Volume: 66Issue: 30Published at Fri, 28 Jul 2023 -
Qatar Q1 Export Flows Normalize As LNG Spot Markets Cool
...gan supplying Bangladesh in 2018 under a 15 year contract to 2033 which was signed in 2017 (MEES, 30 June 2017). This follows previous deals for NFE volumes from 2026, including a 15-year 2mn t/y agreement in November with ConocoPhillips to supply Germany (MEES, 2 December 2022), and a massive 4m...
Volume: 66Issue: 22Published at Fri, 02 Jun 2023 -
Israel Sees Gas Export Revenues Surge 58% To Record $2.3bn for 2022
...a. Deliveries begun way back in 2017 – until the start-up of Leviathan at the end of 2019 these were Israel’s only gas exports – and rose 6% to 18mn cfd for 2022. *But whilst Jordan may be a steady market in volume terms, it has outperformed Egypt in terms of price. Tamar earned a record $7....
Volume: 66Issue: 14Published at Fri, 07 Apr 2023 -
Cairo Launches $10bn Privatization Drive In Bid To Plug Financing Hole
...ile Egypt agreed to hand over the two islands in 2017 in a deeply unpopular move (MEES, 4 August 2017), it has yet to finalize the deal. EGYPTIAN STATE-OWNED ENTITIES SLATED FOR 2023 PRIVATIZATION *NREA (NEW AND RENEWABLE ENERGY AUTHORITY). **SCA (SUEZ CANAL AUTHORITY). ^CBE (CENTRAL BA...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Kuwait’s KPC Suffers Steep Budget Cuts
...e third GCC member of Opec is on an altogether different path. Kuwait’s production capacity has been shrinking in recent years. State firm KOC, which is responsible for the bulk of Kuwait’s upstream operations, saw capacity decline from 3.15mn b/d for 2017/18 to 2.63mn b/d in 2020/21 (financial ye...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait Plans ‘Extraordinary’ $87bn Budget For 2023-24
...6.83bn ($22.5bn). Still, absent a huge oil price shock, Kuwait still looks set to generate a sizable deficit next year. Financing the deficit will remain a challenge for Kuwait, which has been unable to raise debt since 2017 as parliament has repeatedly blocked a new debt law. TAPPING STATE EN...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023