The successful passage of the bill marks a significant legislative test for Speaker Mike Johnson, who assumed the role less than a month ago following the removal of ex-Speaker Kevin McCarthy
fiscal deficits
Latest in fiscal deficits
Bipartisan Budget Agreement
US government shutdown looming as Biden and Republicans clash over spending
A shutdown would put at risk the finances of hundreds of thousands of workers at national parks, museums and other sites operating on federal funding
Bahrain economy
Higher oil prices aren’t enough to balance Bahrain’s budget
Kingdom needs crude prices above $88 a barrel to balance its budget this year, according to the International Monetary Fund
Bond funding
Sharjah said to hire banks as bond rush picks up pace
Emirate’s budget could be in the red through 2024, according to S&P Global Ratings, which forecasts the deficit will surge past 10% of gross domestic product this year
Coronavirus Pandemic
Middle East two-year financing needs rise to $919 billion, IMF says
Public-financing requirements were likely to remain above 15 percent of gross domestic product in most parts of the region through the end of 2022
budget deficit
Indian states’ rising debt seen posing challenge in medium term
Outstanding debt of states have risen over the last five years to 25% of gross domestic product, posing medium term challenges to its sustainability, according to the Reserve Bank of India
Crude price
GCC sovereigns will continue to run fiscal deficits, says Moody’s
Economic reforms have been ‘uneven’ across the region, according to a new report from Moody’s
Ali Hassan Khalil
Lebanon’s $900m budget fix masks risks as arrears pile up
Lebanon has pushed through a budget touted as the most austere in the country’s history in the hope of appeasing investors, donors and rating companies
Bahrain Economic Development Board
Bahrain’s economic outlook remains ‘challenging’, says report
A report from the Institute of Chartered Accountants in England and Wales (ICAEW) said that economic growth fell from 3.7% in 2017 to 1.8% in 2018
budget deficit
Lebanese delegation requested Saudi aid, former premier says
Saudi Arabia began mending ties with Lebanon earlier this year when it lifted a travel advisory imposed in 2013
budget deficit
Lebanon approves plan to provide electricity 24 hours a day
The decision is a step towards unlocking billions in aid pledged to Lebanon in exchange for slashing public spending and overhauling the electricity sector
commercial borrowings
MENA sovereign borrowing to surge 25% in 2019
Sovereign long-term commercial borrowing in the region fell 38% in 2018
currency market
Rupee slides against US dollar amid pressure from fiscal deficit, elections
Rising crude prices and uncertainty about the outcome of India’s ‘Election 2019’ will also have negative impact on rupee
Arqaam Capital
Investors remain cautious about investing in Oman’s bonds
Without reforms, buying Oman bonds debt would require a ‘leap of faith’, said Emirates NBD Asset Management chief
fiscal deficits
GCC sovereign financing set to drop to $300bn
S&P Global report says the decrease in demand is due to higher oil prices and government policy responses
2008 economic crisis
Video: How will rate rises affect MENA debt servicing?
As the decade-long era of cheap money ushered in by the collapse of Lehman Brothers and the onset of the global economic crisis in 2008 draws to a close, the oil importers of the Middle East will have to contend with a toxic combination of onerous debt loads and rising interest rates.
fiscal deficits
Moody’s lowers Oman’s ratings
Oman’s fiscal deficit is expected to remain at between 5 and 7 percent.