The UAE is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the International Monetary Fund said after annual consultations with the local authorities.
Despite a sizeable fiscal deficit this year and the next due to decline in oil prices, Oman is likely to avoid deep cuts in spending as the real GDP grows by 4 per cent in 2015 before moderating to 3.7 per cent in 2016, a report said.
Statements by the Bahraini government to reduce its fiscal deficit and contain the rise in debt signal a renewed determination to improve its government finances, said a report released by Moody's Investors Service.
Egypt's current account deficit narrowed to $5.58 billion in the fiscal year to end-June from $10.15 billion in the year to end-June 2012, the central bank said on Tuesday.
Foreign direct investment into Egypt fell to $3.00 bi