Libya’s rival government wants to send its oil minister to the OPEC summit in Vienna and has announced that it will refuse to comply with any decisions if it is denied access to the summit. The decision on allowing the rival oil minister attendance to the OPEC summit is a difficult decision for the international community as it means choosing an official authority to deal with in Libya.
[Reuters, 11/26/2014]
Morocco approves Islamic finance legislation
Morocco’s House of Representatives issued its approval for an Islamic finance law project. The project envisages the establishment of Islamic banks and would allow private companies to issue Islamic bonds. Since 2011, the government has been interested in developing Islamic finance in order to attract Gulf stakeholders and meet the needs of clientele looking for “halal” transactions. [Morocco World News, 11/25/2014]
IMF says Egypt’s economy is recovering
The International Monetary Fund (IMF) said that the Egyptian economy has begun recovering through the implementation of structural reforms. The IMF also urged the government to employ a more flexible exchange rate to boost investment. If the positive developments continue, Egypt’s economy is expected to grow by 3.8 percent in the new fiscal year. [Reuters, Ahram Online, 11/26/2014]
Also of Interest:
MENA sovereigns’ credit quality supported by links to United States, says Moody’s | CPI Financial
Libya energy profile: Africa’s largest proven oil reserves | Eurasiareview
Egypt central bank seen keeping rates on hold amid nascent recovery | Reuters
UAE fund to provide $200 million in loans to microfinance projects in Egypt | Ahram Online
Yemen, World Bank discuss support for education sector | SABA