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Creditors Put Greece Reform Efforts Under the Microscope

European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
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Creditors Put Greece Reform Efforts Under the Microscope

European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou

Greece's international creditors will begin a new round of intense scrutiny of reform efforts on Monday. The German Press Agency (DPA) learned from departments in the Greek Ministry of Finance that the auditors will first look into the development of state finances.

A Greek Finance Ministry official and one of the negotiators said the first review of the current situation in Greece was expected to take place on December 4 during a session of the eurogroup. Financial newspapers in the Greek capital Athens said Sunday that the auditors are expected to finish their work in January at earliest estimate.

Greece is currently benefiting from the third aid program, amounting to 86 billion euros, and ends in August 2018. Greece has resorted to rescue programs since 2010 to protect itself from financial collapse. Greece hoped that by the end of the third program, the confidence of the financial markets would be restored.

While the European Rescue Mechanism (ESM) expects that Greece will not fully finish the current aid program.

“We are pleased that the amount of the loan for Greece may remain significantly below the ESM programme’s limit of 86 billion euros,” ESM chief Klaus Regling told Handelsblatt.

Un-used funds could be used to repay loans to other creditors, Regling added.

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Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
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Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat

Dubai expects its newly launched Blue Line metro project to generate more than 56.5 billion dirhams ($15.4 billion) in cumulative economic, social and environmental benefits by 2040, officials said at a groundbreaking ceremony attended on Monday by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

 

The Blue Line represents one of the emirate’s most significant transport infrastructure investments to date and is a cornerstone of the Dubai 2040 Urban Master Plan and the D33 economic agenda aimed at boosting the city’s global competitiveness and quality of life.

 

Spanning 30 kilometers with 14 stations serving nine districts, the Blue Line is expected to serve nearly one million residents by 2040. Authorities estimate it will reduce road congestion by 20% and increase property values along its route by up to 25%.

 

During the ceremony, Sheikh Mohammed approved the design of the Emaar station, which is set to become the world’s tallest metro station at 74 meters high, with a daily passenger capacity of up to 160,000.

 

Mattar Al Tayer, Director-General and Chairman of the Board of Dubai’s Roads and Transport Authority (RTA), said the new line will expand the city’s rail network to 131 kilometers, with 78 stations and 168 trains in operation.

 

Since its launch in 2009, Dubai Metro has transported more than 2.5 billion passengers and now accounts for around 6% of total public transport ridership in the city, according to figures released on Monday.

 

Preliminary studies show the Blue Line will deliver wide-ranging benefits through reduced fuel consumption, lower carbon emissions and improved traffic safety.

 

The line will also provide direct connectivity between Dubai International Airport and key economic, educational and tourism hubs, with travel times ranging from 10 to 25 minutes.

 

Once completed, the Blue Line will become Dubai’s fifth major mass transit initiative, following the Red and Green metro lines, Dubai Tram, and Route 2020.