Monday, 22 February 2010
UAE Recovery Hinges On Dubai World Debt Restructuring
The International Monetary Fund said it estimates the total Dubai debt at around $86 billion, not including what it terms `bilateral bank loans.
`Bilateral lending is a bigger concern to us since the scale of lending could be very large and data is practically non-existent, the bank said in an annual report.
The IMF also repeated its stress on the importance of the operational restructuring of the Dubai Government owned entities at the heart of the debt problem, and said it thought the process would take `sometime.
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