Follow the latest in economic news and developments about the Arab transition countries.
Yemen raised fuel prices today as the impoverished country tries to cut energy subsidies to ease the burden on its budget deficit. According to an official document circulated to petrol stations by the ministry, the government raised official prices of petrol to YER 200 Yemeni per liter and diesel to YER 195. [Reuters, Yemen Post]
Escalating conflicts in Libya are thwarting a revival of oil output from Africa’s largest crude reserves after a yearlong blockade of eastern ports, just as Societe Generale SA and Barclays Plc predict rising demand. While the government said in early July that traders could buy cargoes again from Es Sider and Ras Lanuf, the biggest blocked ports, neither has shipped anything. [Bloomberg]
Egypt’s ministerial economic group will hold a meeting with Saudi Arabia’s Minister of Finance, Ibrahim al-Assaf, and Emirate’s Minister of State, Sultan al-Jaber, to discuss the timing of an international conference called upon by King Abdullah to support Egypt’s economy following Sisi’s win. The session is part of the meetings held by the government to prepare for the conference expected in November. The government seeks to collect $72 billion from the conference, including investment projects of $62 billion and loans of $10 billion. [Al Mal]
Also of Interest:
Egypt: World Bank sees widening of ‘shadow’ economy | FT
Lagarde stresses the need for “continuous cooperation with Egypt” | Al-Arabiya (Arabic)
IDB loans Egypt $25 million to develop vocational training centers | SIS
Blog: Egypt moves on energy reform from the ground up | Forbes
Syria: the economic recovery is too far | Al Modon (Arabic)