Follow the latest economic news and developments about the Arab transition countries.
Egypt’s exports of natural gas drastically declined by 80.9 percent in April compared to the same month of last year, according to the latest report by the state-run Information and Decision Support Centre (IDSC). The report said that Egyptian exports of natural gas in April were worth some $30.5 million, against $160 million in April of 2013. [Ahram, Reuters]
The African Union has readmitted Egypt, ending Cairo’s nearly year-long suspension from the grouping because of the country’s military coup. The AU’s Peace and Security Council agreed to reinstate Egypt after a meeting late Tuesday, even though the organization’s regulations hold that the governments of member states must be democratically elected. [AFP]
Morocco is finalizing a new two-year line of credit with the IMF and it would be less than $6.2 billion granted by the fund in 2012-2014, central bank governor Abdellatif Jouahri said. [Reuters]
The World Bank will provide a $50 million loan for Tunisia to increase its exports and foster foreign trade, especially among small and medium businesses. According to a statement issued by the World Bank on Monday, exports from Tunisia are mostly comprised of low value-added products, which do not create the amount of jobs needed by the Tunisian economy. [World Bank]
Voicing support for Arab economic integration, a senior economist at the UN’s economic commission for the Middle East (ESCWA) called for the gradual replacement of foreign workers with Arab nationals and for the cost of transport between Arab states to be cut by 50 percent. A new ESCWA report titled “Arab Integration: A 21st Century Development Imperative,” explains the opportunities offered by Arab integration and the political, economic, social and cultural developments needed to achieve it. [Daily Star]
Also of Interest:
Egypt Industry Minister: New economic policies underway to encourage investment | SIS
Op-ed: Egypt gov’t moving to outlaw strikes, but is it promoting production? | Mada Masr
Street vendors struggle to earn living in Egypt amid crackdown | Shanghai Daily
Morocco central bank keeps benchmark interest rate unchanged | Reuters
Tunisia: IMF delegation received at UTICA | African Manager