Follow the latest in economic news and developments about the Arab transition countries.
The IMF announced on Friday it had completed a review of its loan program for Tunisia, clearing the way for disbursement of about $217.5 million. The latest disbursement brings the total funds released under the program to about $1.1 billion. [IMF]
Yemen loses around $4.7 billion due to tax avoidance a year and has only 3.08 percent registered taxpayers, Mahmoud Qayah, Friedrich Ebert Foundation’s program directors, said in a symposium on Monday. [Yemen Post]
A consortium of local banks is set to secure a EGP 10 billion loan ($1.4 billion) for the Egyptian General Petroleum Corporation (EGPC) to pay back debts to foreign oil companies. Loan will repay around 25 percent of $6 billion debt to foreign oil companies working in Egypt, amid drive to increase foreign investment. [Ahram]
Over the fiscal year (FY) 2013/2014, Egypt’s banking sector has provided the government with steadier footing, providing loans through treasury bonds to fill the budget deficit. Even with their major role in securing the economy, the banks have managed to record consistent profits. [DNE]
Minister of Planning and International Cooperation Ibrahim Saif said Jordan is in need of foreign aid to the tune of $4.5 billion to deal with the influx of Syrian refugees. Saif also announced the launch of the 2015 national plan to address the Syrian crisis and its impact on Jordan. [JNA]
Also of interest:
Egypt revises up July annual inflation to 11.04 percent | Reuters
CBE interest rates remain unchanged | DNE
Egypt foreign reserves close to July level: Central bank governor | Ahram
Op-ed: Inefficient subsidies harming Egyptian economy | Al-Monitor
Morocco enacts reforms but obstacles remain | Al-Monitor
Op-ed: Can Morocco become an emerging country? | Forbes
Tunisia economy 2014: Recent developments and prospects | AfriBiz
Tunisia: Tax revenues increase 16 percent | African Manager
GCC assigns special envoy to Yemen | Yemen Times
IFC invests in infrastructure across the Middle East | Arab News