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 UAE authorities.
Structural reforms need to be implemented by Lebanese authorities to stimulate the economy and reduce the fiscal deficit, and not bank on the decline in oil prices alone, according to a recent report.
Bank Audi’s Lebanon Eco
The large fiscal reserves which the United Arab Emirates has built up will allow it to keep spending on development projects in coming years despite the recent plunge in oil prices, the economy minister said.
Although some people
A combination of massive currency reserves and a 2013 spending plan based on a conservative oil price projection means Saudi Arabia has considerable flexibility in deciding its oil output policy this year.
The world's top oil
The "fiscal cliff," a metaphor drawn from nature, was actually created by members of the US Congress, who designed it to be so horrible that they and the president would come to their senses and avert it in the nick o
The UAE booked a consolidated state budget surplus of Dh36.2 billion ($9.9 billion) in 2011, the country's finance ministry said yesterday, publicly releasing such data for the first time.
The ministry said the figure included
German Finance Minister Wolfgang Schaeuble said the global economy may see "seven lean years" as a result of needed fiscal consolidation programmes, even as top US economists questioned the effectiveness of austerity measures.
In a speech
Developed countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the No. 2 official at the IMF said on Sunday.
John Lipsky, the International Monetary Fun