GCC sovereign debt to fall on fiscal consolidation | ZAWYA MENA Edition

GCC sovereign debt to fall on fiscal consolidation | ZAWYA MENA Edition:

"Sovereign borrowing in the Middle East and North African countries, particularly the GCC, could further decline this year to $181 billion in the wake of fiscal consolidation and higher oil prices, S&P Global Ratings said in a recent report. "We expect the 13 Mena sovereigns we rate will borrow about $181 billion this year from domestic and international commercial sources, down six per cent or $11 billion from 2017," said S&P Primary Credit Analyst Trevor Cullinan. In 2017, sovereign debt fell 30 per cent. The decline will result from fiscal consolidation measures across the GCC and the uptick in oil prices, which will likely push down net-oil-exporting governments' financing needs, said the ratings agency in a report."



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