Refinancing the debts of the United Arab Emirates' government-related entities (GREs) remains a challenge made more difficult as European banks trim their activities in the region, the International Monetary Fund said on Sunday.
State-owned companies in the UAE, one of the world's top five oil exporters, face $30 billion of maturing debt this year with over $68 billion more in 2013-2015, the IMF report said.
"Refinancing this large amount of maturing debt remains a challenge," the IMF said. "The GREs' high dependence on foreign funding increases the vulnerability to roll-over and financing risk, especially in the current volatile external financial environment."
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