Egypt’s former military chief Abdel Fatah al-Sisi  officially launched his presidential campaign on Saturday. Sisi hinted that he could implement tough austerity measures to revive Egypt’s ailing economy if elected. As part of a broader plan to boost the Egyptian economy, presidential candidate Hamdeen Sabbahi committed Saturday to creating more than 30,000 jobs, repaying social insurance debts, and improving access to healthcare. Sabbahi’s economic plan is comprised of 21 projects that target SMEs, Upper Egypt development and employment of Egyptian youth. [DNE, Guardian, DNE]

 

Economic reforms will be necessary for Egypt to see renewed growth and investment, according to IMF chief Christine Lagarde. Lagarde said that “the relationship with Egypt is not broken,” citing on-going technical assistance programs. The IMF chief did acknowledge progress, citing action taken on energy subsidy reform as “encouraging”. [DNE]

 

Tunisia plans to raise more than $100 million with the sale of a local currency Islamic bond by July, according to Finance Minister Hakim Ben Hammouda. The country will push ahead with a debut Sukuk sale worth $112 million after months of delays. [Gulf Times]

 

Tunisian state television reported on Sunday that Algeria’s government had made a $100 million deposit to the bank’s foreign reserves, and given a separate loan of $100 million and a donation of $50 million. [Reuters]

 

 

 

 

Gulf Arabs free fuel for Egypt reaches $6 billion in value | Reuters

Egypt Ministry of Supply: 30 percent cut in food commodity prices over next 3 months | DNE

Egyptian petroleum companies owe $6 billion to foreign companies end-April | DNE

1420 protests took place in factories in Egypt in Q1 2014 | Cairo Post

Egypt’s army expands economic power | DW

Egypt struggles with blackouts as government grasps at solutions | AP

Tunisia: Gov’t reductions will save TND 35 million in 2014 | L’Economiste Magharebin (French)

IMF MENA conference on May 6 in Dubai | Khaleej Times