Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said.
Saudi Arabia plans to raise government spending by 0.6 per cent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday.
Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, Finance Minister Ibrahim Alassaf said on Wednesday, state news agency SPA reported.
Egypt is targeting economic growth of between four and 5.8 per cent within the next three years while holding the budget deficit at 10 per cent of economic output, Finance Minister Hany Kadry Dimian told Reuters
Egypt's government said on Monday it plans to cut petroleum product subsidies in the next fiscal year but still expects the budget deficit to widen, signalling more tough times ahead as voters went to the polls to elect a new president.
Egypt's current account recorded a deficit of $755.8 million in the six months ending December, swinging back into the red after billions of dollars of Gulf aid helped it record a surplus in the three months ending September.
Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, has approved a 2014 budget plan for the emirate which envisages the deficit shrinking 41 per cent from the planned level for 2013, UAE state news agency WAM said on Monday.
Political unrest has hurt Tunisia's growth outlook but it will stay committed to cutting the state budget deficit next year, while relying on foreign aid to fill a large external financing gap, Prime Minister Ali Larayedh told Reuters.
Egypt's budget deficit soared in the last fiscal year as spending on interest rates and energy subsidies increased.
Egypt's budget deficit rose to 220 billion Egyptian pounds ($32 billion) at the end of the last fiscal yea
Bahrain has picked four banks to arrange investor meetings ahead of a potential sovereign bond issue, a document from lead managers said on Monday, with proceeds likely to be used to plug an expected budget defic