Middle East
Egypt Gets USD2.77bn from IMF as Coronavirus Bites
The International Monetary Fund (IMF) has approved a USD2.77bn loan for Egypt to help finance a rapid rise in healthcare spending linked to containing the spread of coronavirus.
12 May 2020
Saudi Arabia Announces VAT Increase, Suspends Cost of Living Allowances for Public Servants
Saudi Arabia announced additional measures this week to prevent the country’s deficit from spiralling out of control in the wake of a steep drop in the price of oil and a fall-off in economic activity.
11 May 2020
Bahrain Hits the Road for Dual-Tranche Sukuk in Crucial Test for Speculative-Grade Issuers
Bahrain has hired banks to help it raise fresh funding in what could be a crucial test for junk-rated sovereigns.
7 May 2020
Lebanese Political Parties, For Now, Agree to Approach IMF
Lebanon is a step closer on the path towards economic reform, as the government agrees to approach the IMF for support. Hezbollah finally withdrew their opposition to the country requesting funds from the multilateral, which could help the struggling economy, but other political spats risk delyaing the process.
5 May 2020
Garuda Sukuk Restructuring Could be a Challenge as Smallholders Make Consensus Difficult
Indonesia’s national airline Garuda may struggle to restructure a sukuk due next month as the sheer number of debt holders throws the possibility of gaining a representative credit committee consensus into question.
5 May 2020
Fall in SAMA Assets Exceeds Expectations - HSBC
Saudi central bank reserve assets fell by around USD24bn in March, according official data. Accounting for non-reserve holdings, net foreign assets fell by just under USD27bn throughout the month.
4 May 2020
Aramco Appears Well-Placed to Weather the COVID Storm, Analysts Say
Plummeting oil prices resulting from a drop-off in global demand and a simmering price war with Moscow has put a severe strain on Saudi Aramco’s balance sheet in the short-term. But in looking further ahead, the company appears well-placed the weather the current storm.
1 May 2020
Off the Record: CFOs and Treasurers Target Working Capital Management and Supply Chain Support as Lockdowns Grip Markets
While governments and multilateral agencies announce a raft of measures to support businesses, banks, and individuals, UAE-based CFOs and treasurers batten down the hatches as focus shifts towards liquidity management, supplier support, and cost reduction.
29 Apr 2020
New Binladin CEO Moves Ahead with USD15bn Restructuring – Report
Binladin International Holding Group is said to be moving ahead with an ambitious USD15bn debt restructuring that once complete could pave the way for its return to the forefront of the Saudi construction sector.
27 Apr 2020
Dubai, Saudi Arabia Start Easing Lockdown Measures
Authorities in Dubai and Saudi Arabia are to begin easing lockdown measures, although most restrictions on group gatherings remain in place.
27 Apr 2020