TRIPOLI: Libya’s rival central banks said on Monday they had reached a reunification deal, seven years after they divided as conflict tore the country apart. The original bank, which manages the North African state’s vast oil revenues, had been severed in 2014 when a complex civil war gave rise to rival administrations in the east and … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
RIYADH: Kuwait recorded a deficit of 10.8 billion dinars ($35.5 billion) in the 2020-2021 fiscal year, a surge of 174.8 per cent, which is the highest budget deficit in the country’s history, according to a report by the Kuwaiti Finance Ministry. Revenues amounted to 10.5 billion dinars in the fiscal year ended in March 31, … Read more
