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 reforms
Latest in fiscal reforms
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
Emir of Kuwait
Kuwaiti ruler makes unprecedented call for dialogue amid impasse
Emir’s initiative follows years of political tensions that have stymied efforts to diversify the country’s oil-reliant economy and promote foreign investment
budget deficit
Oman’s budget deficit drops to lowest in 5 years
Oman’s state budget predicts a deficit of $7.27bn for 2019
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
budget deficit
Oman’s latest budget update reveals deficit narrowing
Downgraded by all three major rating companies, the sultanate has stopped providing data on its budget performance
alcohol tax
Oman to generate $260m from new taxes on tobacco and drinks
Energy drinks will also be subject to a 100% levy and there will be a 50% tax on carbonated drinks
Bahrain economy
Bahrain says it will receive $2.3bn from allies in 2019
Bahrain’s announcement comes shortly after parliament passed the country’s budget, in which the ‘government reconfirmed its commitment to subsidy reform’
budget deficit
Saudi Arabia starts year with budget surplus for first time since 2014
Biggest Arab economy posts a surplus of $7.4bn in Q1, helped by an increase in non-oil revenue as well as income from crude exports
budget deficit
S&P cuts Oman’s rating ‘in the absence of substantial fiscal measures’
S&P cut Oman’s outlook to negative while affirming its debt score at BB, on par with Paraguay and Serbia
budget deficit
Saudi Arabia to balance budget by 2023 – S&P ratings agency
S&P Global Ratings has re-affirmed Sauri Arabia’s A-/A-2 rating
commercial borrowings
MENA sovereign borrowing to surge 25% in 2019
Sovereign long-term commercial borrowing in the region fell 38% in 2018