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Tag: deficit

Democratic crackdown leads to top-level COVID resignation in Israel

2 years ago
Israel’s tourism minister resigned on Friday in protest at a new law that curbed demonstrations against Prime Minister Benjamin Netanyahu, saying the measure left him without a “shred of trust” in the veteran leader. Azaf Zamir will be replaced by Orit Farkash Hacohen, a fellow member of the Blue and White party, a party spokeswoman […]
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Oman postpones VAT plans due to economic slump

3 years ago
Oman plans to introduce value-added tax in 2021, it said in a document, further delaying a fiscal consolidation measure that economists say could be politically sensitive at a time of sluggish growth and high unemployment. All six Gulf Arab states agreed to introduce 5% VAT in 2018 after a slump in oil prices hit their […]
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Oman deficit not a barrier to Fitch rating

3 years ago
Oman’s bond investors gained some respite this week as Fitch affirmed its rating for the indebted country and the government published encouraging deficit figures, potentially paving the way for the Gulf oil producer’s next debt sale. Rated junk by all three major rating agencies, Oman has relied heavily on borrowing over the past few years […]
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UAE Cabinet approves Dh180-billion 'zero-deficit' federal budget

4 years ago
A zero-deficit federal budget of Dh180 billion for the next three years has been approved by the UAE Cabinet, it was announced on Sunday. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, announced the approval of the federal budget following a Cabinet meeting. In a tweet, […]
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Saudi Arabia on track to cut budget deficit to 7% of GDP: finance minister

4 years ago
Saudi Arabia is on track on to cut its budget deficit to 7 per cent of gross domestic product this year, Finance Minister Mohammad Al Jadaan said on Wednesday. Speaking at a conference in Riyadh, he also said first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the […]
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Saudi Arabia has room for gradual approach to budget balancing

5 years ago
Saudi Arabia has some fiscal space that should be used to undertake a more gradual fiscal consolidation that balances the budget by 2022 rather than in 2019 as originally set out in the Fiscal Balance Programme 2020 (FBP), according to the International Monetary Fund (IMF) and a number of economists. The IMF has recently acknowledged […]
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