GCC sovereign borrowing to reach $250b over 2 years | GulfNews.com:
"The sovereign borrowing of GCC (Gulf Co-operation Council) countries is expected to reach $250 billion (Dh917.5 billion) in 2016/17, Moody’s Investor Services said on Monday as tumbling oil prices slash revenues for the commodity dependent economies.
For 2016, the fiscal deficit will likely reach around 12.5 per cent of regional GDP, compared to 9 per cent in 2015, according to the ratings agency, with governments tapping all possible sources to trim the deficit.
“We expect at least 50 per cent [of the deficit] to be financed through drawdowns and reserves and the other half through debt issuances,” Mathias Angonin, analyst with Moody’s told journalists at a news conference."
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