Abu Dhabi to fund 2016 deficit at USD 10.1bn
( MENAFN ) Abu Dhabi predicts to post a huge budget deficit of USD 10.1bn this year due to low oil prices, and aims to cover the gap with global bond issues.
Furthermore, the government will issue bonds as early as this week with five, 10 and 30 years, on condition of anonymity.
The country recorded a budget deficit of USD 8.82bn last year, or 3.9 percent of its GDP, which was filed on the London Stock Exchange.
Moreover, the budgeted deficit is predicted to be financed by the issue of Notes under the Program, referring to the global bond issuance program.
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