IMF says not worried by Dubai's debt obligations

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

The International Monetary Fund is not worried about Dubai's ability to meet its upcoming debt obligations, Masood Ahmed, director of the IMF's Middle East and Central Asia department, told reporters on Tuesday.

Standard Chartered bank estimates Dubai and its government-related entities (GREs) - companies and agencies backed by the state - have around $48bn of debt obligations coming due between 2014 and 2016.

The emirate was looking at alternative means to repay its debt it asset sales did not materialise, a senior government official said earlier in May.

"I think so far the GREs (government-related entities) have managed their debt rescheduling since 2009 quite successfully," Ahmed said.

"Nevertheless debt levels in Dubai remain very high, they are about 100 percent of GDP, there's substantial amount of debt roll over the next few years including part of the debt restructured in 2009. Our view is that its important to deal with these issues proactively and more communication with the investors would be part of that," he added.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
MidEast boutiques seek to become fashionable M&A choice

MidEast boutiques seek to become fashionable M&A choice

Number of such firms in the Middle East is growing, centred on...

Saudi money market turmoil shows bank jitters over bond issues

Saudi money market turmoil shows bank jitters over bond issues

Money market moves show concern about Saudi banks' ability to...

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Most Popular
Most Discussed