MENA Sovereign Borrowing To Increase By 25%To $136 Billion In 2019, Says Report
Dubai, United Arab Emirates - Feb. 24, 2019: S&P Global Ratings believes sovereign long-term commercial borrowing in the Middle East and North African (MENA) could increase by 25% this year after falling 38% in 2018. See the report 'Sovereign Debt 2019:
MENA Borrowing To Increase By 25% To $136 Billion, ' published today. This is chiefly because higher oil prices and fiscal consolidation measures in Gulf Cooperation Council (GCC) countries significantly reduced GCC sovereigns' funding needs in 2018. However, lower oil prices in 2019 will not support a further reduction in GCC fiscal deficits (see 'S&P Global Ratings Lowers Brent And WTI Oil Price Assumptions For 2019 Through 2020; Natural Gas Price Assumptions Are Unchanged,' published Jan. 3, 2019, on RatingsDirect).
At the same time, we expect Kuwait, Egypt, and Iraq to significantly increase their gross commercial long-term borrowing in 2019 compared with 2018. We expect that about 44% of MENA sovereigns' $136 billion of gross borrowing this year will go toward refinancing maturing long-term debt, resulting in an estimated net borrowing requirement of $76 billion.
Adding amounts owed to biand multilateral institutions, total debt will reach about $892 billion, a year-on-year increase of $85 billion, or 11%. We expect that outstanding short-term commercial debt (original tenor of less than one year) will rise to $169 billion by the end of this year.
Home >> Banking & Investments Section
Hotel Indigo Redefines Art Experience with Launch of Keerthana's First Supper
Roghani, Golestan claim Padel crown at 11th Nad Al Sheba Sports Tournament
ADNOC Distribution Shareholders Approve New Five-Year Dividend Policy As Company ...
flydubai adds two destinations in the Kingdom of Saudi Arabia
Media Statement on the occasion of Zayed Humanitarian Day: Humaid Al Dhaheri, Ma ...
Snap, Savour and Win: Dubai Food Festival and Gulf Photo Plus Launch Photograph ...
Greenpeace MENA Reveals North Africa's Polluters- Time for Urgent Action!
Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Duba ...
Dubai Shopping Malls Group Set To Delight Shoppers With New ‘Shop. Scan & Win' E ...
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...
Union Coop joins forces with Emirates Skywards
Identity and Dubai Police in Wheelchair Basketball final at Nad Al Sheba Sports ...
Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agr ...
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for ...
5th Ramadan Heroes supports 224,000+ beneficiaries in two weeks
Call for Entries for Milestone Tenth Edition of Van Cleef & Arpels Middle East E ...
Emirates Adds Saf On Flights From Amsterdam Schiphol Airport
Formula E Races Into Asphalt 9: Legends With Time-Limited Events Ahead Of Tokyo ...