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Qatar Records Budget Surplus of $713 Mln in Q2 

15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
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Qatar Records Budget Surplus of $713 Mln in Q2 

15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)

Qatar recorded a budget surplus of 2.6 billion riyals ($713.31 million) in the second quarter of 2024, the Finance Ministry said on Wednesday, adding it would use it to reduce public debt.

The Gulf state, among the world's biggest exporters of liquefied natural gas (LNG), posted a surplus of 2 billion riyals in the first quarter.

Total revenue for the second quarter was down 12.4% compared to the prior year period, at 59.9 billion riyals, the ministry said, after weaker demand curbed international gas prices.

Spending in the quarter fell almost 2% to 57.3 billion riyals, year-on-year.

The entire surplus would go towards lowering Qatar's public debt, leaving no cash surplus, the ministry said.

Like regional peers, Qatar has accelerated efforts to diversify economic sectors and revenue streams, but remains reliant on gas revenue for government income.

In December it forecast that oil and gas revenue would fall by 14.5% in 2024 while non-oil revenue is expected to rise by about 2.4%.

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Egypt GDP Growth Forecast at 4% in 2024/25 Fiscal Year, IMF Official Says

A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
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Egypt GDP Growth Forecast at 4% in 2024/25 Fiscal Year, IMF Official Says

A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)

Egypt's economic growth is forecast at 4% in the 2024/25 fiscal year and inflation is expected to fall below 15%, the International Monetary Fund's mission chief for the country said on Tuesday.

In comments to reporters, Ivanna Vladkova Hollar added that talks between the IMF and the Egyptian government about access to climate transition financing from the Fund's Resilience and Sustainability Facility (RSF) would continue in the autumn.

In March, Prime Minister Mostafa Madbouly said the country would seek about $1.2 billion from the RSF.

Egypt can already draw $820 million from its latest 46-month IMF $8 billion loan program after the fund said on Monday it had completed its third review.

Approved in 2022 and expanded this year, the loan program followed an economic crisis marked by high inflation and severe foreign currency shortages.

Hollar said boosting tax revenue was a priority reform issue that would be discussed during the program's fourth review.

"Egypt needs tax resources to be able to spend on priority needs, that is a priority reform that we will be discussing at the time of the fourth review," she said.

Under the program, the outstanding reviews will take place every six months until autumn 2026, with each disbursement currently scheduled at about $1.3 billion, Hollar said in April.