The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and expand social protections as the kingdom struggles with mounting debt.

Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which would amount to wiping out $4.28 billion in debt in his final month in office.The mass cancellation of debt is for "teachers, nurses, service members, law enforcement officials, and other...

The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report on international debt, noting that interest costs alone amounted to almost $35 billion. The high cost of servicing foreign debt has pushed many developing countries to borrow more money from...

Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world's second-largest economy.The cuts come just days after the country posted its slowest quarterly growth in a year and...

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala Financing, there are now 11 authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. The addition brings the total number of finance companies licensed and permitted by SAMA to 62,...

MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to pre-pandemic levels by 2023.

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday.Debt, trade barriers and policy uncertainties are...

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.

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...

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, as...

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 nine-month,...

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.

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 a deficit...

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...

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 in...

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 said it aims to cut debt by 2 billion euros by March 2025.

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 than...

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 Blackstone Debt Fund is an SCA-regulated fund.

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 estimated it had debts of $328 billion at the end of June.

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.

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.

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,...

The value of the acquisition was reported to be $5.55bn.

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 is...

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 56...

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 ‘The...

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, defined...

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" --...

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 the...

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".

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 percentThe bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain. The issue...

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...

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...

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.

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.

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...

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 Friday....

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 begins...

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.

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...

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.

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 begins on...

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...

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...

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...

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 any...

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' base...