• Tunisians take to streets to protest economic woes

    Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation continues to worsen in the country, slamming the implementation of "diktats from the International Monetary Fund" (IMF) at the expense of ordinary Tunisians.
  • Hong Kong court orders liquidation of China’s Evergrande

    Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property sectors once accounting for around a quarter of gross domestic product. But President Xi Jinping deemed debt accrued by Evergrande and other property firms an unacceptable risk for China's financial...
  • Africa in debt spiral as restructuring efforts drag on

    Paris, France -- While the explosion of debt is throwing a shadow over global economic growth, experts warn that sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis. The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development,...
  • IMF okays $700 million disbursement for cash-strapped Pakistan

    Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part of a program to support the cash-strapped South Asian country through an economic crisis. The funds were unlocked after the International Monetary Fund board approved the first review of a...
  • Saudi, UAE report highest levels of gross debt

    Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an unsustainable fiscal path.
  • Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry

    Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP. The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023. In December, the government approved the 2024 budget with...
  • Somalia to get US$4.5bn in debt relief from creditors: IMF

    The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...
  • Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn

    Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances. The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due...
  • GCC sovereigns eye fiscal rejuvenation

    A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust non-hydrocarbon activity.
  • Alstom to cut 1500 jobs

    Alstom said it aims to cut debt by 2 billion euros by March 2025.
  • IMF upgrades China growth forecast to 5.4 percent in 2023

    Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and recent policy measures announced by Beijing. After a tough year for the world's number-two economy, there have been flickers of life in recent weeks, with third-quarter expansion coming in more...
  • China owed more than $1 trillion in Belt and Road debt: report

    Crunching data compiled on Chinese financing of almost 21,000 projects across 165 countries, AidData said Beijing had now committed aid and credit "hovering around $80 billion a year" to low and middle-income nations. The United States, in contrast, has provided $60 billion to such countries a year. "Beijing is navigating...
  • Invest AD to launch debt fund

    Invest AD Blackstone Debt Fund is an SCA-regulated fund.
  • China’s Xi announces over $100 billion in new Belt and Road funding

    Beijing has been forced to hand out billions of dollars in bailout loans to BRI countries in recent years to allow the countries to extend their loans and remain solvent, according to a joint report this year by the World Bank and other institutions. And China said this month that...
  • Evergrande shares up 28 percent

    Evergrande estimated it had debts of $328 billion at the end of June.
  • Congress passes bill, averting US government shutdown

    Three hours before the deadline, the Senate voted to keep the lights on through mid-November with a resolution that had advanced earlier from the House of Representatives. The last-ditch "continuing resolution" was pitched by House Speaker Kevin McCarthy as millions of public workers looked set to be sent home unpaid.
  • Turkish clubs financially hit attracting big names in transfer market

    Eyes have been on Saudi clubs' transfer outlays which have rivaled those of the top European sides, but Turkish teams have been signing big names under the radar.
  • Chinese property giant Evergrande files for bankruptcy in US

    Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny of the real estate industry. The company's woes have come to symbolize the growing crisis in China's sprawling property sector,...
  • BAE to acquire Ball Aerospace

    The value of the acquisition was reported to be $5.55bn.
  • Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion

    Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi Sukuk Issuance Program, in addition to an early purchase of more than $9.52 billion. In a statement carried by the Saudi Press Agency (SPA), NDMC outlined that such a step...
  • Oman Air approves restructuring program to lower rising debt

    Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15 percent in the ongoing fiscal year while aiming to reach a break-even point by 2026.   The airline in May made a forecast of reducing its net loss by a further...
  • UNDP says over US$14bn needed to mitigate global surge in poverty

    NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number of additional individuals living on less than $3.65-a-day reaching 165 million by 2023, said a United Nations Development Program (UNDP) in a new policy brief. According to the policy brief...
  • UN says over 165m people fell into poverty in 3 years of crisis

    UNITED NATIONS - The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, the United Nations said, calling for a pause in debt repayments for developing countries. Because of these shocks, 75 million people will have fallen into extreme poverty,...
  • Conservative-dominated US Supreme Court steers society sharp right

    Washington, United States--One year after its ruling to erase abortion rights, the conservative-dominated US Supreme Court has underscored its determination to push society sharply to the right by scrapping long-established progressive policies. In emphatic rulings this week the court banned universities from giving minorities priority in admissions -- so-called "affirmative action"...
  • Covid and Ukraine have badly hit UN sustainable goals progress

    Geneva, Switzerland - United Nations Conference on Trade and Development (UNCTAD) said the COVID-19 pandemic, Ukraine crisis and the climate crises are having a devastating effect on progress towards the SDGs. The UNCTAD released the fifth edition of its annual SDG Pulse, a global reference for tracking progress towards achieving...
  • UK considering taking over country’s biggest water supplier

    Responding to reports of a possible renationalization, a government statement said Thames Water's present situation was "a matter for the company and its shareholders".
  • Bahrain central bank $185m Treasury bills oversubscribed 109%

    Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank of Bahrain have been oversubscribed 109 percent The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain. The...
  • US Senate all set to pass debt deal bill as default almost avoided

    US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday, leaving no room for delays in enacting...
  • Nvidia crosses $1trn in market value on Wall Street

    Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President Joe Biden and Republican House Speaker Kevin McCarthy to avoid a US debt default. All three major indices rose, while Nvidia jumped over seven percent on its role in artificial...
  • US leaders look for support on crucial debt default bill

    The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds required to pay all its debts and bills.
  • US debt deal faces tough sell in Congress to avoid default

    The agreement announced Saturday by President Joe Biden and Republican leader Kevin McCarthy after weeks of crisis talks offers a path back from the default precipice, but it is far from certain that the compromises it contains can garner the support it requires from both sides of the aisle.
  • US leaders finalize deal on debt ceiling week before default

    President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States back from the precipice of default with only a few days to spare. Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of...
  • US close to fixing debt ceiling issue, says President Biden

    WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic US default was pushed back to June 5. "It's very close and I'm optimistic," Biden told reporters at the White House on...
  • US first quarter growth slightly higher than expected

    Washington, United States - US economic output increased by more than previously thought in the first quarter of this year, the Commerce Department said Thursday, although it still indicates the economy is weakening. The US economy has cooled this year as the impact of multiple rounds of interest-rate hikes to tackle inflation...
  • US debt ceiling talks ‘unnecessary’ for global economy: IMF chief

    International markets have been unnerved by the battle between US President Joe Biden and opposition Republicans on US borrowing limits with an early June deadline looming. Some Republicans have questioned whether a quick agreement with the US administration is necessary to avert a painful default.
  • Biden-McCarthy ‘productive’ debt ceiling talks fail to uplift markets

    After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have an agreement yet, but I did feel the discussion was productive in areas (where) we have differences of opinion." He added that negotiators would "work through the night" to move...
  • Biden denounces Republican demands on debt ceiling as ‘unacceptable’

    President Joe Biden slammed Republican demands in negotiations to resolve the US debt ceiling standoff as "unacceptable" but said a solution can still be found before a disastrous default. Biden said he would talk directly with Republican House Speaker Kevin McCarthy during his Air Force One flight back to Washington.
  • Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%

    Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 197%. Subscriptions worth BD 84.706 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which...
  • Stock markets advance on US debt, elections

    Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever US default. Stock markets in Europe and Asia kicked the week off with gains amid growing hopes the Democrats and Republicans will reach a deal to avert a US government...
  • Large scale job losses if US defaults, warns government

    President Joe Biden's administration again warned of "catastrophic" consequences for the US economy including huge job losses if the country defaults, as negotiations to forge a debt deal are expected to resume this coming week. For weeks US policymakers, bankers and the White House have warned that the country is...
  • US default would have serious repercussions, says IMF

    The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its borrowing limit. Republicans and Democrats remain sharply divided over the debt ceiling. Republicans in Congress insist that President Joe Biden's administration agree...
  • Tunisia’s main workers union criticizes IMF loan talks

    TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on a loan to bail out the North African country as it slides deeper into debt. Tunisia is seeking a bailout package worth nearly $2 billion from the IMF, which conditions...
  • Saudi CMA cancels its share in sukuk, bonds trading commission

    Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission from May 2023 onwards. The measure is intended to reduce costs on market participants in a way that enhances liquidity, increases competitiveness in the local market and expands domestic investors'...
  • UAE minister stresses G20 and COP28 collaboration at WBG meet

    The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent base erosion and profit shifting (BEPS) to advance the international taxation agenda.
  • Italy calls for unconditional pre-reform bailout package for Tunisia

    Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking economy but the bailout still needs approval by the IMF board, which is pressing for reforms, primarily on the economy. Tunisia is heavily indebted and facing high inflation and unemployment.
  • Interest rate hikes adversely affect developing countries, says UN

    The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action to ward off catastrophe. In a fresh report, the United Nations Conference on Trade and Development cautioned that poorer countries were expected to suffer as higher interest rates eat away...
  • Global debt growing due to US, China, says IMF 

    Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International Monetary Fund warned. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF's Fiscal...
  • Tunisia’s economic woes to worsen after World Bank lending pause

    Migrants from sub-Saharan Africa faced violence and many were made homeless since Saied ordered "urgent measures" against them. In response, World Bank defers a key board meeting on Tunisia.
  • Poor countries call for debt resolution at UN summit

    Western nations gave out more than $185 billion in grants and cheap loans in 2021, according to the OECD. Official development assistance is one of the pillars of the international financial system. But the 46 Least Developed Nations holding their own UN-organized summit in Doha this week feel short-changed.
  • UNCTAD rallying global action to assist 46 least developed countries

    UNCTAD’s Secretary-General Rebeca Grynspan and Deputy Secretary-General Pedro Manuel Moreno will lead the organization’s delegation to the fifth UN conference on LDCs (LDC5) taking place in Doha, Qatar from 5 to 9 March.
  • Sheikh Ahmad Al-Sabah re-appointed Kuwait Prime Minister

    Kuwait's government resigned on January 23, three months after it was sworn in, following disputes with lawmakers that have plunged the Gulf state into political paralysis. Kuwait's National Assembly is the only fully elected parliament in the Gulf but it has been fraught with repeated crises between the executive and...