FINANCIAL NEWS

Dubai has risks for USD31b debt repayments: IMF

02 Apr 2011

(MENAFN) The International Monetary Fund stated that Dubai could face significant risks as the emirates tries to repay the USD31 billion of debt due in 2011 and 2012, reported the National.

The IMF added that due to a lack of a transparent strategy to address financing for government-related companies, Dubai might even pay higher borrowing costs.

IMF also pointed out a defect in the government’s strategy of using profits from well performing companies to refinance other failing ones.

It is worth noting that 5 billion US dollars of Dubai’s debt are in the real estate sector.

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