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Qatar: IMF Encourages Reform Policies

A statement released by an International Monetary Fund (IMF) mission to Qatar has outlined that the country is “effectively adjusting to the new reality of sustained lower energy prices” by implementing “adequate” policies to ease the pressure on the fiscal and external positions although the surplus of the Gross Domestic Product fell from 12.3% in […]

January 4th, 2017 | Posted in Finance,Headlines | Read More »

Abu Dhabi Fund for Development Mulls Funding New Projects in Morocco

The Abu Dhabi Fund for Development (ADFD), a government-owned entity, said it is examining new development projects proposed by the Moroccan government. “The proposed initiatives of the Moroccan government will contribute to driving socio-economic growth across all key sectors and create new job opportunities. This latest round of talks highlights ADFD’s commitment to facilitating the […]

December 29th, 2016 | Posted in Finance,Headlines,World News | Read More »

Egypt’s Suez Canal Earnings Fall to $389.2 in November

Egypt’s Suez Canal revenues recorded $389.2 million in November dropping by 4.7 percent year on year since November 2015 when they were at $408.4 million, according to official figures published by the Suez Canal Authority. The international waterway is a major source of foreign currency for Egypt as it is the fastest shipping route between […]

December 24th, 2016 | Posted in Finance,Headlines,World News | Read More »

Egypt: World Bank Grants Egypt Another $1 Billion Loan

The World Bank has approved the second phase of its $3 billion loan to Egypt, disbursing another $1 billion part of its support to the North African country’s “ambitious program of reforms with a strong focus on job creation and boosting the competitiveness of Egyptian businesses” stated Asad Alam, World Bank country director for Egypt, […]

December 21st, 2016 | Posted in Finance,Headlines | Read More »

Kuwait Needs “Careful Measures” to Fix Budget Imbalance, Sheikh Sabah

Emir Sheikh Sabah of Kuwait called for the adoption of austerity measures because the country’s income has drastically fallen. In an address before the parliament opening session, Sheikh Sabah said he is convinced that all Kuwaitis realize that cutting public spending through careful measures to fix the imbalance in the state budget, stopping waste and […]

December 12th, 2016 | Posted in Finance,Headlines,World News | Read More »

Austerity Measures Threaten Algeria’s Social Cohesion

Algeria’s social cohesion seems on the brink of collapse as the country braces for imposing austerity measures including taxes and a lift on subsidies in response to the plunge in oil prices which have seriously diminished the country’s revenues. As the low oil prices continue, Algeria’s foreign exchange reserves rapidly run out in a country […]

November 29th, 2016 | Posted in Finance,Headlines,World News | Read More »

Algeria: Approval of austerity budget leads to strike calls

The lower Algerian parliament has approved the budget bill for 2017 but members of the opposition party boycotted the vote with some branding posters reading “Starving the people” and “Undermining the social nature of the state” to protest against the austerity measures that it engulfs. Several taxes will be increased and salary freezes could be […]

November 23rd, 2016 | Posted in Finance,Headlines,World News | Read More »

Libya: Dinar plunges alarmingly, Central Bank says it is “logical”

Libya’s black markets have registered an unprecedented surge in the rates of the foreign currencies in exchange of the Libyan dinar over the weekend; further increasing the differences between the Prime Minister-designate Faiez Serraj of the UN-Backed Government of National Accord (GNA) and Governor Saddek El Kabir of the Central Bank of Libya (CBL). A […]

November 21st, 2016 | Posted in Finance,Headlines,World News | Read More »

Algeria: Trade deficit widens amid general slowdown

Data from the Customs Statistics and data Center (CNIS) showed that Algeria’s trade deficit has increased with importation and exportation decreasing simultaneously. The report highlighted that the deficit gap has widened from $13,76 billion in 2015 to $15,80 billion in the first 10 months of this year. Algerian officials have not commented on the situation […]

November 21st, 2016 | Posted in Finance,Headlines,World News | Read More »

Kuwait: IMF calls for more critical reforms

The International Monetary Fund (IMF) has warned that “further subsidy reform is critical” in Kuwait because the country’s “fiscal and external accounts have deteriorated markedly.” The implementation of austerity reforms by the government generated displeasure and the demand for more is not expected to be welcomed by the population or the next parliament that will […]

November 17th, 2016 | Posted in Finance,Gulf News,Headlines | Read More »

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