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Debt restructuring 'challenging' for UAE
Debt restructuring 'challenging' for UAE - Trends
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DUBAI (Reuters) - Dubai's ruler is not worried about debt restructuring and the United Arab Emirates will stay out of a planned Gulf monetary union, favouring a dollar peg, an interview transcript showed on Thursday. The economy of the world's third largest oil exporter is expected to see the slowest growth in the Gulf region this year, with banks heavily exposed to a $23.5 billion restructuring of debt-laden state conglomerate Dubai World. When asked whether Dubai needed additional external support to proceed with current restructuring, Sheikh Mohammed bin Rashid al-Maktoum said: "I'm not worried about the ...
The International Monetary Fund said it estimates the total Dubai debt at around $86 billion, not including what it terms ‘bilateral bank loans’. ‘Bilateral lending is a bigger concern to us since the scale of lending could be very large and data is practically non-existent,’ the bank said in an annual report. The IMF also repeated its stress on the importance of the operational restructuring of the Dubai Government owned entities at the heart of the debt problem, and said it thought the process would take ‘sometime’. In raising a red flag on ‘bilateral bank loans’ the IMF is making an ... Read More
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