Middle East, Africa sovereign borrowing to fall - S&P

Middle East and African countries rated by Standard & Poor's are expected to borrow a net $6 billion in 2007, less than half the amount in 2006 as high oil revenues in the regions have contributed to repayments.

"Privatisation receipts, especially in Egypt, also contributed to debt repayments," S&P sovereign credit analyst Farouk Soussa told Reuters on Tuesday.

S&P expects gross medium and long-term commercial borrowing of $60 billion in 2007. Given amortizations of $53.9 billion, net borrowing will be $6 billion for the year versus net borrowing in 2006 of $15 billion, the report said.

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