Follow the latest in economic news and developments about the Arab transition countries.
Tunisian Interim Prime Minister Mehdi Jomaa received on Monday, a letter from President Barack Obama expressing US support to Tunisia’s economy and security during its transition to toward democracy. The message is in response to Jomaa’s message to Obama. [KUNA]
Minister of International Cooperation Naglaa El Hawari said that Egypt is not planning currently to obtain a loan from the IMF. The government will invite the fund delegation to visit Egypt early next year as part of the annual assessment the fund conducts for economic development and reforms under the Article IV consultations, where IMF experts assess a country’s financial and economic state of affairs. [Reuters]
The Ministry of Finance made amendments to various provisions of the Stamp Tax Law, which requires industrial companies to pay stamp taxes for natural gas consumptions directly to the relevant tax authorities during the first ten days of the next month, rather than repaying gas companies, said Minister of Finance Hany Kadry Dimian. [DNE]
Khaled Shakshak said the closure of the oil ports last year means Libya is likely to face a “major crisis” as its expenditures far exceeds its revenues. He said that state revenues from January to August totaled LYD 11 billion ($8.8 billion), while total spending was LYD 27 billion ($21.6 billion) for the same period, equating to a deficit of some LYD 16 billion ($12.8 billion). [Libya Monitor (subscription)]
The Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) issued $26.4 million in guarantees in support of cross-border investment into Egypt in the last fiscal year, which ended on June 30, 2014. It has subsequently issued an additional $23.4 million in guarantees. [DNE]
Also of Interest:
Libyan audit bureau imposes spending restrictions | Libya Monitor (subscription)
Studies show existence of several oil deposits in Morocco | MWN
Tunisia’s borders open ground for smuggling | Al-Monitor
Will Tunisia ever become a ‘Mediterranean tiger’? | Al-Monitor
What Yemen’s donors need to know | Huffington Post
Falling energy prices make Algeria’s latest five-year plan its most important yet | IBT
Op-ed: The price of abandoning Yemen | NYT