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

Preview Citation

Format: Chicago

United Arab Emirates: 2009 Article IV Consultation: Staff Report; Public Information Notice; and Statement by the Executive Director for United Arab Emirates, (USA: International Monetary Fund, 2010) accessed November 21, 2024

Summary

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

Publication Details

Pages:

67
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/042
Stock No:

1AREEA2010001
ISBN:

9781451801248
ISSN:

1934-7685

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