Gulf states could borrow record $100b from markets this year

Dubai: Gulf economies will borrow a record amount this year to help cover budget deficits expected to add up to about $490 billion over the next three years, according to S&P Global Ratings. For the five oil-reliant members of the GCC, the dual shock of the coronavirus pandemic and lower crude prices means sovereign balance-sheets […]

European Union finally delivers on a 750b euro relief deal

Brussels: European Union leaders agreed on a landmark stimulus package that will see the bloc issue 750 billion euros ($860 billion) of joint debt to help member-states mitigate the economic downturn. The agreement required the unanimous approval of all 27 member-states and represents a victory for German Chancellor Angela Merkel and French President Emmanuel Macron, […]