Now regarding the United States’ policy on the Gulf countries, the same official added that he does not expect a radical change in the relationships between the US and the Gulf States before adding that Donald Trump is familiar with these and that the GCCs have an active money lobby in Washington.
There is however Kuwait, that concerned by Iraq’s probable inability to meet its 2018 target compensation payments because of its current expensive military campaign against ISIL and the current low oil prices, has expressed its “desire and readiness” to start consultations with Iraq over the remaining reparations for the country’s 1990 invasion, that was estimated at $4.6bn.
Kuwait News Agency (KUNA) cited Khaled Al-Mudhaf, chairman of the Public Authority for Assessment of Compensation as saying the country was ready to discuss the issue through the UN Compensation Commission (UNCC).
The US president elect would inherit the MENA’s state of affairs as it is and would presumably have to deal in his own particular way . The above are only but a few issues, apart from that of the sad Syrian ‘flash in pan’ on-going civil wars and / or the quasi ancient Palestinian endemic problem.
On the happy good side, Ilhan Omar’s election with that of others from ethnic minorities “are a rejection of Trump’s alleged strategy of divide and conquer,” said grassroots social justice group People’s Action.
Omar, became the nation’s first Somali-American state legislator, winning a seat representing Minneapolis in the Minnesota House, Minnesota Public Radio reported — she was elected by almost 80 percent of the vote there — it carried huge symbolic importance in Minnesota, home to the nation’s largest Somali immigrant population. It came just days after Republican presidential candidate Donald Trump ripped Somali immigration as a threat to Minnesota.
Elsewhere in Libya for instance and as per this article of the Libyan Observer, the situation is no more circumspect as that of that of Iraq / Syria / Kuwait. Here is that article.
Libyan and Arab bank and finance officials along with International counterparts met at a conference set up in London last month to discuss the Libyan financial crises and provide solutions in an attempt to avert a collapse in the economy.
There are many reasons for the state of the economy and its continuous spiraling downfall since 2014.
Major Factors
The sharp decline in international oil prices, lack of a functioning financial administration and the near complete halt to oil production are no doubt the main culprits when trying to determine the cause of the financial catastrophe.
Government subsidies are also one of the largest contributors to the economic downfall, especially fuel subsidies with an estimated 40% being smuggled out of the country to places like Tunisia, Malta and even Sicily.
A shortfall of income, when we look at the price of a barrel of oil being approx. $30 then multiply that by the amount of barrels per day which sits at approx. 400 – 500 BPD it is clear to see that the lower profit margin is creating an ever widening deficit especially when Libya is fully dependent on oil income.
