EconSource: Egypt Rebuts News on Resuming Loan Talks with the IMF

Follow the latest in economic news and developments about the Arab transition countries.

Egypt rebuts news on resuming loan talks with the IMF
Egypt’s Finance Minister Hani Kadry Dimian has negated the media reports about plans to resume talks with the IMF over a loan worth $10.4 billion. In a press release, the minister said the Egypt is keen on continuing ties with the fund and the World Bank, adding that the government will continue to cooperate with the fund in technical support and financing of infrastructure projects. [DNE]

Tens of thousands of Yemenis stage massive anti-government protest
Tens of thousands of people have held a huge anti-government rally in Yemen’s capital, Sana’a, in response to a call by senior Houthi leader, Abdul Malik al-Houthi. The protesters chanted slogans against the government and protested against a gasoline tax increase which was brought in at the end of July. [Reuters]

Tunisia – UGTT refuses postponement of wage increases
In a media statement, the Deputy Secretary General of the General Union of Tunisian Workers (UGTT), Kacem Afaya, said that the trade union federation understands the economic difficulties the country faces, but due to the deterioration of the purchasing power of Tunisians wage increases cannot be delayed. In this connection, sources within the UGTT ensure that the trade union federation will require a wage increase of 7 percent minimum. [L’Economiste Magharebin, (French)]

Egypt to hold “economic summit’ in September
“Egypt is to hold a conference titled the ‘Economic Summit’ next September with the participation of investors from almost every part of the world,” according to Minister of Finance Hani Dimian. Dimian added that the conference would prove to the world that Egypt is an attractive and promising market, stressing that the current Cabinet will not rely on loans, grants and aid. [Cairo Post, Aswat Masriya]

Also of Interest:
Finance ministry invites IMF to evaluate Egypt’s economic status: Minister | Cairo Post
Egyptians tolerating cuts in subsidies — for now | Al-Monitor
Egypt expects Suez Canal revenue to more than double in 4 years | Bloomberg
Egyptian loan growth sustained in June 2014 | CPI
No ceiling for acquiring Suez Canal investment certificates | DNE
Jordan tourism revenues rise by 10 percent | Jordan Times, CPI
Op-ed: The Real Middle East crisis is economic | NYT
IMF hosts Middle East forum on Basel III compliance | Central Banking