United Arab Emirates: 2009 Article IV Consultation: Staff Report; Public Information Notice; and Statement by the Executive Director for United Arab Emirates

International Monetary Fund

No 2010/042, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; U.A.E. dirham; authority; property bubble; economy; government of the U.A.E.; U.A.E.'s economy; economy well; liability positions vis-à-vis nonresident; bursting Dubai property bubble; Debt restructuring; Commercial banks; Loans; Credit; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 67
Date: 2010-02-19
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