The International Monetary Fund will raise its economic growth forecasts for Dubai and the United Arab Emirates as progress in debt restructuring and government spending boosts the economy, IMF Middle East Director Masood Ahmed said.
Growth in the U.A.E. will be better than the current forecast of 1.3 percent and the 0.4 percent contraction for Dubai this year, Ahmed said in a telephone interview today. He declined to give the new figures, which are due in four weeks time.
Dubai had to seek a $20 billion bailout from Abu Dhabi last year after borrowing $109 billion, according to IMF estimates, to build itself into a tourism and financial center. Dubai World, the state-owned holding company said Sept. 10 it got approval from 99 percent of creditors for its $24.9 billion debt plan. The company in November sent emerging market stocks tumbling after it sought to delay loan payments.
No comments:
Post a Comment