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Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
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...
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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... -
PIF raises US$5.5bn in bond issue
The capital will finance PIF's green investments. -
Fintech prospers as bold debt deals rise in MENA
There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from 20 percent in 2021 to 47 percent in 2022, reports suggest. -
Debt spiral engulfs Turkish voters months before polls
Turkish media say the total number of debt recovery cases rose by about 1.5 million in a year and exceeded 24 million at the height of the crisis in August. Turkey's most recent economic problems started when President Recep Tayyip Erdogan - a lifelong foe of high interest rates -... -
Saudi Central Bank licenses debt-based crowdfunding finance firm Manafa
Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom. Manafa  is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an... -
Developing economies’ debt more than doubled over decade, says World Bank
The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the World Bank said. The pandemic has forced many countries to take on more borrowing and World Bank President David Malpass earlier warned that the world is facing a fifth wave... -
Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion. -
54 poor nations urgently need debt relief: UN
The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action. But UNDP chief Achim Steiner told reporters in Geneva that despite repeated warnings, "little has happened so far, and the risks have... -
Debt financing in climate tech sector set to grow
In climate-related sectors, debt funding is becoming more prevalent outside of traditional project finance opportunities such as solar parks, wind farms and eco-friendly realty projects. Energy transition opportunities and electric mobility are attracting increasing levels of debt financing, he adds. -
Britain says no energy crisis as people brace for blackouts
Britain, however, relies on gas to create a large proportion of electricity and is therefore particularly exposed to the soaring prices in the wake of Russia's attack on Ukraine. Gas-fired power plants produce just over 40 percent of Britain's electricity requirements. -
Fitch lowers outlook for UK rating to negative
The failure to flesh out her economic plan failed to calm the jittery markets, however, and the pound slid 2.01 percent against the dollar, falling to as low as $1.1241 after her address. -
TAQA secures $1.09 bn funding to finance Mirfa power plant’s debt
Abu Dhabi, UAE-- Abu Dhabi National Energy Company (TAQA) has secured $1.09 billion in funding to refinance debt for Mirfa Power and Water Plant. TAQA said in a statement that the Mirfa International Power & Water Company (MIPCO), which owns and operates the plant, secured the dollar-denominated financing from nine... -
Saudi PIF to come out with a debut green bonds issue
Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund at the heart of the kingdom’s reform plans to wean the economy off oil, will tap into international debt markets for a debut green bonds issue in a week or so. -
China cements influence in Iraq through oil, infrastructure deals
After decades of conflict, Iraq is in need of foreign investment, and specifically investment in energy sector infrastructure. China, with its soaring energy needs, has stepped in to fill that gap, and is expanding its presence in Iraq under a 2019 oil for construction deal. -
Pegasus spyware firm to focus on NATO countries, CEO to step down
The indebted, privately owned company also said it would focus sales on countries belonging to the NATO alliance. In July last year, an investigation revealed that Pegasus spyware had been sold by NSO to governments around the world and used against human rights activists, politicians, reporters and others. -
S&P upgrades Ukraine’s credit score of foreign debt
S&P Global Ratings said that boosting the country's credit score of foreign debt to CCC+ "reflects strong committed international financial support to Ukraine." -
Indian rupee slides to new low against dollar, touches 80
The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified. -
What led to Sri Lanka’s economic ruin and what lies in store?
Under the rule of the Rajapaksa clan, Sri Lanka moved closer to China and borrowed billions of dollars for vanity projects like cricket stadiums and airports as well as a deep-sea port since leased to Beijing. Its coffers further depleted by government tax cuts. -
IMF authorities in Tunisia to discuss bailout package
An IMF team said in March that the country faced "major structural challenges", with low growth and investment, along with high unemployment and gaping inequality. -
World Bank approves $130m loan for Tunisia to ensure food security
The loan approved Wednesday aims to ensure "affordable bread for the poor, barley for livestock, and agricultural inputs for domestic grain production". -
SVC to invest in Venture Debt Fund
The fund will offer venture debt tools to startups and SMEs. -
GCC countries likely to issue less debt this year
The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes. -
Iraq settles $1.6 billion payment of Iranian gas imports
The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States. -
Pakistan unveils $47bn budget, 40% of it to service debt
Pakistan's new government, grappling with soaring inflation and political unrest, unveiled a 9.5 trillion rupee ($47 billion) budget Friday, earmarking more than 40 percent to service the country's massive foreign and domestic debt. -
Russia to pay overseas debt in rubles as US exemption ends
Russia said Wednesday that it will start paying its foreign debt in rubles after the United States ended an exemption allowing Moscow to make the payments in dollars held in Russia. The US Treasury announced Tuesday it was closing the escape clause to the drastic financial sanctions imposed on Moscow... -
IMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month, has vowed to jumpstart the moribund economy -
Iraq strikes deal with Iran to secure summer gas imports
Iraq has agreed to pay $1.6 billion in debt to Iran by June 1 to secure a steady gas supply for power generation through the summer, its electricity minister said. -
Former tennis star jailed in Britain over bankruptcy
Former tennis star Boris Becker was on Friday jailed for two and a half years after being found guilty by a British court of charges relating to his 2017 bankruptcy. -
Relative debt of GCC countries
Here’s a look at which countries in the Gulf Cooperation Council (GCC) have how much debt, and how they compare to their GDP. -
Dubai Investments makes $258m profit from Emicool deal
Dubai Investments Co. has earned 50 million dirhams ($258 million) from the Emicool deal it concluded earlier. According to the company’s CEO, Khalid bin Kalban, the company will use the funds in debt reduction, paying exceptional profits to shareholders and making further investments. The company sold a 50 percent stake... -
Tunisia tourism revenues climb 48% to $200m by April 10
The country’s external debt services went up 5 percent, from nearly TND2 billion ($666.69 million) to about TND2.1 billion ($700.02 million). -
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances. -
Sharjah approves $17.18m to settle citizens’ debts
The Sharjah Debt Settlement Committee (SDSC) approved an amount of AED63.11 million ($17.18m), to settle 120 cases of citizens' debts. -
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday. -
NDMC of Saudi Arabia closes $2.75bn worth March sukuk
Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion ($2.75 billion). -
SFD postpones Pakistan debts for development projects
The projects that the SFD contributes to financing through loans and grants in Pakistan amount to around SAR5 billion ($1.33 billion). -
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020. -
Citing inflation, Fitch downgrades Turkey to ‘B+’
Fitch Ratings on Friday downgraded Turkey's debt from BB- to B+ with a negative outlook, citing high inflation and a lack of confidence in policymakers to turn the tide. The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 percent in... -
Saudi fund signs debt deferral MoU with Cameroon
The debt deferral agreement has been signed in line with the G20 initiative of 2020 led by Saudi Arabia which was in regard of debts deferral owed by the poorest countries. -
Inflation, geopolitics might worsen credit conditions: S&P
The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a modest extent. -
‘Jail restaurant’ in Iran frees bad-debt inmates
Two Iranian ex-prisoners have opened a ‘jail restaurant’ to help raise funds to free convicts who are behind bars for unpaid debts. -
CBD signs a debt financing deal with Postpay
Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East. -
TAQA Group, EWEC price green bond
The bonds were 1.8 times oversubscribed. -
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current fiscal year as compared to the year-ago period. -
2021: Oil price hike rescues Covid-hit GCC economy
International oil prices surged by around 36.5 percent and reached a 7-year peak, exceeding US$ 82 a barrel at the end of November 2021, the highest since October 2014. -
Cash-strapped Tunisia to borrow $7 billion more in 2022
Debt-ridden Tunisia unveiled a 2022 budget on Tuesday that will see it borrow almost $7 billion more, as it seeks to stimulate an economy battered by the coronavirus pandemic. The 2022 finance law boosts spending by over three percent year on year to 57.3 billion dinars ($19.8 billion, 17.6 billion... -
Evergrande vows to deliver homes
The Chinese real-estate firm has $300 billion in liabilities. -
Iraq owes no more than $5bn to World Bank and IMF: Official
The economy of Iraq depends upon oil as it constitutes 45 percent of the GDP and affects about 80 percent of the growth of the economy, contributing to 93 percent of the government’s revenues. -
Iran accepts tea in payment for Sri Lankan $251 million oil debt
Iran has agreed to accept Ceylon tea in payment for a Sri Lankan oil debt valued at $251 million, Iranian media reported Thursday. "In recent negotiations, we reached a written deal to reimburse Iran's debt and interest on it in the form of a monthly shipment of tea produced in...