Browse related articlesMena sovereign borrowing to hit $23bn in 2008
Tuesday, February 12 - 2008 at 08:48
Net borrowing by Middle Eastern and African rated sovereigns will climb sharply to $23bn in 2008, from $7bn in 2007, according to a new report by Standard & Poor's Ratings Services. Despite the increase in borrowing, total new debt accounts for just 1.1% of the combined GDP of the rated sovereigns. The report includes government borrowing data for the 26 Middle Eastern and African (MEA) sovereigns rated at the end of 2007.While releasing its fourth annual regional sovereign issuance survey, the rating agency said net borrowing will surge due to a reduction in debt repayments and a rise in sovereign borrowing requirements.Despite the increase in borrowing, total new debt accounts for just 1.1 per cent of the combined GDP of the rated sovereigns, the agency said in a Press statement yesterday.
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Jeff Florian, Senior ReporterTuesday, February 12 - 2008 at 08:48 UAE local time (GMT+4)
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