Fitch Ratings has downgraded Bahrain’s long-term foreign currency issuer default rating (IDR) to BB+ from BBB- and long-term local currency IDR to BB+ from BBB. The outlooks are stable. The issue ratings on Bahrain’s senior unsecured foreign and local currency…
Tag: MEED
Egypt heads for IMF deal in September
A major IMF deal for Egypt involving a credit of up to $12bn could be finalised by September, Fitch Ratings says in a report released today. “Securing an IMF funding deal would be credit positive for Egypt, but implementation…
World Bank says oil prices will be lower, longer
The World Bank said in a report released this month that world oil prices will be lower for longer due to an imbalance between supply and demand until the end of the decade. “Taking into account the trajectory of futures oil…
IMF says GDP and current account to be better than expected
Saudi Arabia’s GDP and current account will both perform better in 2016 than had been previously expected, figures contained in the IMF’s initial statement on its annual Article IV consultation with the kingdom suggest. The statement was published on the…
GCC fiscal adjustment to be gradual: NBK
GCC governments are acting to deal with the impact of lower oil prices but the adjustment process will be slow and gradual, the National Bank of Kuwait (NBK) says in a report released today. “The new low oil price environment has…
IMF says corporation tax possible in UAE
The statement issued by the IMF following the conclusion of its Article IV consultation with the UAE on 20 July says corporation tax is a possibility and called for further action to eliminate energy subsidies. “Directors encouraged the authorities to…
IMF deal calls for radical change in Iraq
For full coverage of Middle East business, see MEED The government of Iraq will cut public spending, raise taxes and electricity tariffs and implement sweeping reforms in its economic and financial management by 2019, the agreement signed last month between…
Kuwait plans KPC subsidiary sales
For full coverage of Middle East business, see MEED Kuwait is taking steps to sell minority stakes in as many as four units of Kuwait Petroleum Corporation (KPC), Bloomberg reported acting oil minister Anas al-Saleh as saying this morning. “We…
IMF approves $5.34bn Iraq loan
For full coverage of Middle East business, see MEED The IMF executive board today approved a three-year stand-by arrangement (SBA) for Iraq of SDR 3.831bn (about US$5.34bn, or 230 per cent of quota) to support the government’s economic reform program.…
Low prices hit oil investment, lift dependency on ME
For full coverage of Middle East business, see MEED Low oil prices are having a profound impact on the pattern of global oil supply, the Paris-based International Energy Agency (IEA) said in a report released today. “The latest data from…