28 Apr 2012
(MENAFN) The International Monetary Fund (IMF) expected UAE’s economic growth to slow to 2.3 percent this year from an estimated 4.9 percent in 2011, as the Gulf country gradually consolidates fiscal policy, Reuters reported.
IMF said that strong oil prices and strong trade with Asia helped UAE economy recover from the 2009/2010 Dubai debt crisis, which led to a USD25 billion debt restructuring at state-owned Dubai World.
UAE authorities’ plan to gradually consolidate fiscal policy, after heavy spending during the debt crisis, are appropriate.
UAE’s economic outlook, however, could be threatened by the uncertain global economic and financial environment, and any renewed worsening of the global situation could make it more difficult for the UAE’s government-owned companies to meet some of their maturing external debt, IMF warned.
IMF also said that state-linked entities made a noticeable progress in debt restructuring, but they still faced high refinancing needs and continued reliance on foreign funding.
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more