Business News
Minister: Dubai World will restructure debt
Dec 3, 2009, 8:58 GMT
Dubai - The United Arab Emirates' minister of economy said Dubai World would restructure its debt and pay its obligations, according to WAM, the official news agency.
'We are surprised by this negative campaign (targeting) the UAE and Dubai. The city has accomplished a strong track record of growth that would have taken decades for other countries to achieve,' Sultan bin Said al-Mansouri said in a statement late Wednesday.
He said it was only 'a matter of time' before Dubai World would restructure its debts and honour its commitments.
Meanwhile, the International Monetary Fund has said the steps taken so far would help stem contagion from the announcement last week by Dubai World that it would need a six-month freeze on its obligations.
The company racked up 59 billion dollars in liabilities and said it was restructuring 26 billion dollars of obligations.
The central bank said earlier this week that it was ready to supply liquidity to banks to shore up the financial sector and stem the fallout from the Dubai World debt crisis, and the economy minister implied some money had been lent out already.
The IMF expected to revise downwards its growth forecast for the UAE's non-oil sectors, following the debt crisis.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
