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UAE 'well positioned' to maintain fiscal surplus
- United Arab Emirates: Wednesday, December 10 - 2008 at 10:44
A new report by Abu Dhabi Commercial Bank (ADCB)says the UAE is well-positioned to maintain a fiscal surplus in 2008 and 2009 since it has the lowest 'break-even oil price' in the GCC of $23 per barrel against the IMF's baseline petroleum price projection of $68 per barrel for 2009, reported Khaleej Times. The report also noted that the UAE's debt has been backed by foreign asset reserves that leaves the country's capacity unimpaired. Recent efforts by the central bank to inject liquidity in the local financial market were merely precautionary and the country's underlying financial system is sound, the report added.
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Jeff Florian, Senior ReporterWednesday, December 10 - 2008 at 10:44 UAE local time (GMT+4)
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