finance ministry

Saudi economy shrinks for first time in 8 years

Riyadh - Muslimchronicle

The Saudi economy shrank by 0.5 percent in 2017 for the first time in eight years due to a drop in oil production, the finance ministry said on Tuesday. The last time the OPEC kingpin's economy contracted was in 2009, when gross domestic product dropped 2.1 percent after the global financial crisis sent oil prices crashing. The world's leading crudeRead more

Saudi government Releases Draft of Government’s Tender

Riyadh - Muslimchronicle

Saudi Arabia’s Finance Ministry released on Sunday the first draft of the government’s tender and procurement regulations on its website, so that related parties can share their views and suggestions until Saturday 28 October. The move comes as part of the Ministry’s efforts to regulate government procurement procedures, aiming to ensure equal opportunities and transparency in order to support localRead more

Japan Posts First Trade Surplus in 6 Years

Tokyo - QNA

Japan posted a trade surplus in 2016, its first in six years, as lower oil prices pulled imports lower, the Finance Ministry said Wednesday. Officials at the ministry said last year's trade surplus was more than 35 billion dollars. They say lower crude-oil prices reduced the cost of energy imports, Japan's broadcaster (NHK World) reported. The officials said exports fellRead more

Finance ministry committed to delaying capital gain taxes

Cairo - MENA

The Finance Ministry stressed on Thursday its commitment to deferring capital gain taxes on shares registered in the Egyptian Exchange for three years as of May 16, 2017. This move comes in line with the Supreme Investment Council decisions, the ministry said in a statement. The three-year postponement decision will be introduced to the new income tax bill which willRead more

EGX head: Bourse committeed to delaying taxes on profits for 3 years

Cairo - MENA

Egyptian Exchange Chairman Mohamed Omran stressed the bourse's commitment to deferring taxes on profits for three years in line with the Supreme Investment Council decisions. In a statement on Thursday, Omran said the Finance Ministry will take needed legislative measures to activate the decision. The ministry will issue a statement in this regard, he said, noting that once the statementRead more

Oman’s 2017 budget projects deficit

Muscat - Arab Today

Oman on Sunday said it will need to borrow money from local and international markets as it announced its budget for 2017 with a projected deficit of around $7.7 billion. A Finance Ministry statement said the sultanate, which like other oil-producing Gulf states has been hit by a cash crunch because of a sharp drop in oil prices, will alsoRead more

Egypt targets 5% economic growth by mid-2018

Cairo - Arab Today

Egypt targets a five percent economic growth rate in the year to June 2018, the finance ministry said Sunday as the government seeks to revive an economy battered by political turmoil. Egyptian authorities have battled high unemployment, inflation and a collapse in tourism income since the 2011 uprising that toppled former president Hosni Mubarak. President Abdel Fattah El-Sisi, who ledRead more

Finance ministry auctions EGP 500m T-bonds

Cairo - MENA

The Finance Ministry auctioned on Monday treasury bonds at a total value of EGP 500 million. In an online statement, the ministry said it sold EGP 250 million of five-year bonds (maturing on August 16, 2021). The average yield was 16.718 percent. It also sold EGP 250 million of ten-year bonds (maturing on July 5, 2026) that had a couponRead more

182-, 357-day T-bills auctioned

Cairo - MENA

The Finance Ministry auctioned on Thursday treasury bills at a total value of EGP 7.5 billion. In an online statement, the ministry said it sold EGP 4.5 billion of 182-day T-bills with an average yield of 19.112%, adding it accepted bids at rates between 18.1% and 19.19%. As for the 357-day T-bills, worth EGP 3 billion, they achieved average revenueRead more

Finance ministry auctions EGP 500m T-bonds

Cairo - MENA

The Finance Ministry auctioned on Monday treasury bonds at a total value of EGP 500 million. In an online statement, the ministry said it sold EGP 250 million of three-year bonds (maturing on 6 September, 2019). The average yield was 16.6 percent. It also sold EGP 250 million of seven-year bonds (maturing on August 9, 2023) that had a couponRead more