United Arab Emirates: 2009 Article IV Consultation: Staff Report; Public Information Notice; and Statement by the Executive Director for United Arab Emirates
February 19, 2010
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The United Arab Emirates (UAE) was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008. Oil receipts plummeted, global trade and logistics contracted, as did property and construction activities. Executive Directors have welcomed the ongoing engagement with Dubai World’s creditors and stressed the importance of a speedy, orderly, cooperative, and predictable approach to debt restructuring.
Subject: Asset and liability management, Banking, Commercial banks, Credit, Debt restructuring, External debt, Financial institutions, Foreign assets, Loans, Money
Keywords: Asia and Pacific, authority, bursting Dubai property bubble, Commercial banks, CR, Credit, Debt restructuring, economy, economy well, Global, government of the U.A.E., ISCR, liability positions vis-à-vis nonresident, Loans, property bubble, U.A.E. dirham, U.A.E.'s economy
Pages:
67
Volume:
2010
DOI:
Issue:
042
Series:
Country Report No. 2010/042
Stock No:
1AREEA2010001
ISBN:
9781451801248
ISSN:
1934-7685
