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Sources under the condition of anonymity have revealed that oil rich kingdom and the world’s biggest oil producer is seeking a bank loan of between $6 and $8 billion as the low oil prices begin to take its toll on Read more
Tunisia will be receiving a delegation from the International Monetary Fund (IMF) to discuss a loan agreement and Prime Minister Habbib Essid met with Central Bank Governor Chely Avari over the weekend ahead of their arrival. A government official hinted Read more
Amman has warned that its policies towards Syrian refugees could change if the upcoming February 4 donor conference in London does not help it to overcome the challenges it is facing. Authorities claim to have spent around $6.6billion over the Read more
Bahrain would soon introduce austerity measures as recommended by a delegation from the International Monetary Fund (IMF) which visited the Gulf country January 12 to 25 for annual consultations. Bahrain is struggling with the low oil prices and IMF forecasted Read more
Sectarian violence could increase in Iraq after an attack by the Islamic State targeting Shias provoked revenge attacks against Sunni mosques. At the height of Iraq’s civil war, which began nearly a decade ago with the ousting of Saddam Hussein, Read more
Iraq’s Central Bank Governor Ali Moshen Ismail highlighted that the nation’s foreign currency reserves will surpass the forecasted $50 billion for 2015 by the International Monetary Fund (IMF) by $10 billion without going into details. In spite of the expected Read more
Jordan’s Minister of Industry, Trade and Supply Maha Ali told members of the Iraqi Business Council that Amman would help investors by removing all obstacles as she promotes the economic stimulus package designed to overcome the effects of the ongoing Read more
Standard and Poor’s (S&P) rating agency decided to downgrade Saudi Arabia’s long term foreign and local currency sovereign credit ratings from AA- to A+ on Friday citing the effects of the low oil prices but authorities in Riyadh are not Read more
Tunisia’s central bank, for the first time since the end of the Ben Ali regime, has cut interest rate by 0.50% because inflation has dropped. It hopes that the decision will contribute to reviving economy and attracting foreign investment. A Read more
Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah of Kuwait stressed the need to embark on reforms the soonest possible due to the low global oil prices. “There must be speedy, serious and urgent measures” to minimize the consequences,” Read more