Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2014-11-09 13:25:00

EGYPT RECEIVED $10.6 BLN

EGYPT RECEIVED $10.6 BLN

Egypt received $10.6 billion in aid from Gulf states in the last fiscal year, the finance minister said on Saturday, the first time the government has put a total figure on how much its oil-rich allies spent to prop up the economy.

Of about 74 billion Egyptian pounds of aid received in the 2013-14 fiscal year, 53 billion pounds was in the form of petroleum products, with the remaining 21 billion pounds coming as cash grants, Hany Kadry Dimian told a news conference.

Saudi Arabia, the United Arab Emirates and Kuwait have provided Egypt with political and economic support since then-army chief Abdel Fattah al-Sisi ousted elected Islamist President Mohamed Mursi in July last year and led a crackdown on his supporters.

Sisi went on to win a presidential election in May and has promised to restore stability and growth to a country convulsed by turmoil since the 2011 overthrow of Hosni Mubarak.

Soon after Mursi's removal, Gulf states pledged Egypt about $12 billion aid. In September 2013, the Egyptian central bank chief said about $7 billion of that had been received. But Saturday's figures are the most concrete to date.

Although his critics say political freedoms have been eroded under Sisi, the government has passed a raft of reforms from subsidy cuts to tax hikes that have impressed business leaders.

Egypt's government deficit shrank as a percentage of gross domestic product last year, Dimian said, a positive sign for a government that is trying to balance cutting its deficit and reviving growth.

The deficit was 255.4 billion pounds, or about 12.8 percent of GDP, in 2013-14, he said, compared to 13.7 percent of GDP, or 239.7 billion pounds, in the previous year.

Egypt's spending on a generous subsidy system that is weighing on government finances rose by 10 percent last year, however, to 187.7 billion pounds. Most of last year's subsidies bill, 126 billion pounds, was for fuel, the minister said.

The government cut energy subsidies in July, the start of the current fiscal year, in a bid to better balance its books. But the move raised prices of gasoline, diesel and natural gas by up to 78 percent and caused a spike in inflation.

reuters.com

Tags: EGYPT, SAUDI, GULF, GAS, PRICES

Chronicle:

EGYPT RECEIVED $10.6 BLN
2019, January, 18, 10:25:00

BANGLADESH'S NEW ENERGY

PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.

EGYPT RECEIVED $10.6 BLN
2019, January, 18, 10:20:00

NOVATEK PRODUCTION +6.9%

NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.

EGYPT RECEIVED $10.6 BLN
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

EGYPT RECEIVED $10.6 BLN
2019, January, 16, 11:35:00

GERMANY PROTECTS EUROPE

REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.

All Publications »