EconSource: Egypt prepares for EGP44 billion fuel subsidy cuts in new fiscal year

Follow the latest in economic news and developments about the Arab transition countries. 

No time has been set to hike Egypt’s fuel prices, the finance minister announced yesterday in an effort to appease the public while revealing a budget containing large subsidy cuts. The ratified budget features a EGP 44 billion cut in the planned subsidy bill to record EGP 100.2 billion in the new fiscal year set to start on today. [Ahram]
Inflation witnessed a 1.9 percent increase in 2013 against 1 percent between 2009 and 2012, according to Morocco’s central bank, Bank Al-Maghrib. Last year, Morocco experience a relative rise in domestic inflationary pressures linked to the evolution of prices of some services, higher fuel prices and lower supply of certain agricultural products. [MWN]
The Board of Central bank of Libya issued a decision with which it defined the regulations of domestic and foreign cash injection in Libya and getting it out. The Central Bank defined the domestic cash limit for travelers at LYD 200, while the limit of foreign cash limit is at $10,000 or the equivalent in other foreign currencies. [Mubasher]
Tunisia’s government cut fuel subsidies today, raising petrol prices by 6.3 percent in a bid to trim the budget deficit. The government has forecast a budget deficit of 8 percent of GDP this year. The last increase in fuel prices was in March 2013. [Reuters]
Also of Interest:
Egypt: Budget deficit pushed to 10 percent of GDP and debt to 90 percent of GDP | DNE
Egypt: 2014/15 budget goes into effect today, but still no details on its provisions | Mada Masr
Egypt urges people to donate to help ailing economy | Aswat Masriya
EGAS: Continued energy deficit amounts to 15m cubic metres daily | DNE
Explorers see promise in Egypt energy when subsidies eased | Bloomberg
Egypt and Italy agree to swap $45 million in debt for food silos | Ahram
Jordan: Gov’t decides slight rises to fuel prices despite soaring oil prices | Jordan Times
Jordan: ‘Agreement for smart card to be signed by year end’ | Jordan Times
Libya: GNC publishes budget breakdown | Libya Monitor, sub.-based
Loan guarantee agreement between Tunisia and US passed | TAP