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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Standard & Poor's: Egypt, Iraq, Saudi Arabia, the largest borrowers

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Standard & Poor's: Egypt, Iraq, Saudi Arabia, the largest borrowers Empty Standard & Poor's: Egypt, Iraq, Saudi Arabia, the largest borrowers

Post by rocky Wed 28 Feb 2018, 4:50 pm

Standard & Poor's: Egypt, Iraq, Saudi Arabia, the largest borrowers




Date AddedTuesday February 27, 2018 - 22:58 


He expected the agency "Standard & Poor 's " global credit rating, remain Egypt , the largest borrower in the area of the Middle East and North Africa during the year 2018, followed by Iraq and cause them Saudi Arabia , the largest oil exporter in the world, to come in third place, having entered the borrowing race to fill its fiscal deficit.

The agency said in a report on Tuesday that Egypt borrows about $ 46.4 billion, equivalent to 26% of the total borrowing in the region.

Egypt is intensifying borrowing since the arrival of President Abdel Fattah al- Sisi to power in June 2014, which brought the country 's external debt to about $ 81 billion, compared to $ 46 billion, while total public debt exceeded the 4 - trillion pounds ($ 226 billion) , compared to 1.7 trillion pounds Accepting the verdict.

The Egypt exports leveraged operations despite the institution expected to fall borrowing by governments in the region increased by 6% this year compared to B2017.

The agency said in a report, it said that the 13 sovereign government in the region, will borrow the equivalent of $ 181 billion of long-term commercial sources in the current year, compared with $ 192 billion in 2017.

Iraq comes second place with total loans amounting to $ 35 billion (19% of total borrowing), then Saudi Arabia worth $ 31 billion, equivalent to 17% of the total loans of the region.

The report predicted that goes 40% of the total expected borrowing to refinance debt for long-term due this year.

Saudi Arabia is suffering from a sharp decline in fiscal revenues, resulting from the decline in oil prices of crude, as well as higher spending in the shadow of war led against the Houthis in Yemen and the shrinking economy.


It announced that the Ministry of Finance in December / December last, on the budget for the year 2018, about $ 261 billion, the largest in its history, but its provisions indicate that the military and security spending, eats up nearly a third after the acquisition of $ 83 billion.

The estimated deficit projected in the budget , the next $ 52 billion, despite the imposition of new taxes and collection fees of expatriates and their families and to raise domestic fuel prices.

According to the Saudi Finance Minister Mohammad Jadaan, earlier in February of this, the ministry is preparing for the launch of the first instruments for individuals in the local market, pointing out that there are negotiations with the banks and the Saudi Arabian Monetary Agency (central bank) and the Capital Market Authority, to finalize arrangements to put forward in the coming weeks.

The instruments are one of borrowing tools resorted to by the Kingdom, and it was put forward in the past directed to the institutions. Saudi Arabia's public debt jumped 38% last year, to 438 billion riyals (116.8 billion dollars), compared to 316.5 billion riyals ($ 84.4 billion) by the end of 2016.

Public debt did not exceed about $ 11.8 billion, at the end of 2014, according to the Ministry of Finance. It was a local debt equivalent to 1.6% of GDP at the time of the Kingdom, while jumping at the end of last public accounts for about 17% of GDP.

Source: Arab New

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