Arab Today, arab today gcc states set to borrow up to 390bn by 2020
Last Updated : GMT 14:25:51
Arab Today, arab today
Arab Today, arab today

GCC states set to borrow up to $390bn by 2020

Arab Today, arab today

Arab Today, arab today GCC states set to borrow up to $390bn by 2020

The six Gulf Cooperation Council (GCC) states
Kuwait City - AFP

The oil-rich Gulf states are expected to borrow between $285 billion and $390 billion through 2020 to finance budget deficits resulting from low oil price, a report said Sunday.

The six Gulf Cooperation Council (GCC) states, which heavily rely on oil earnings, are expected to post a shortfall of $318 billion in 2015 and 2016, Kuwait Financial Centre (Markaz) said in a report.

The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.

Their public finances have been hit hard since oil prices shed more than two thirds of their value since mid-2014.

Oil income made up over 80 percent of public revenues in GCC states before the price decline.

Markaz said that GCC states will finance their deficits partly through borrowing and the rest by tapping their huge fiscal reserves.

OPEC kingpin Saudi Arabia last year borrowed $26 billion from local banks and used over $100 billion of its reserves that stood at $732 billion at the end of 2014, the report said.

With the exception of Oman and Bahrain, GCC states have huge fiscal reserves and a low level of public debt allowing them to raise large volumes of domestic and international debt, the report said.

The GCC states posted a combined deficit of $160 billion last year compared to a surplus of $220 billion in 2012.

In an earlier report in February, Markaz expected GCC public debt to rise to 59 percent of gross domestic product (GDP) in five years, from 30 percent at the end of 2015.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gcc states set to borrow up to 390bn by 2020 Arab Today, arab today gcc states set to borrow up to 390bn by 2020

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday