Egypt spent EGP 22 billion ($3.08 billion) on fuel subsidies in the first quarter of the new fiscal year. According to the oil ministry this reflects a reduction by 29 percent from the same quarter a year ago. As part of efforts to revive the economy Egypt’s government has introduced deep subsidy cuts. In July energy subsidies were cut raising fuel prices by up to 78 percent. Egypt’s full-year budget foresees saving more than EGP 40 billion on energy subsidies as a whole.

According to Iraqi oil minister, the country expects to base its 2015 budget on an oil price of $80 per barrel (dpb). Oil prices have fallen to below $80 from $115 a barrel in June. Fears that OPEC will cut supply when it meets on November 27 has also played a role in price fluctuations even though the country said in the past it should be exempt from any official cuts as it is struggling to rebuild its economy after years of violence and war. [Zawya, 11/17/2014]

According to the International Monetary Fund, Morocco’s economic growth forecast is expected to slow to 3 percent this year despite a recent rise of nonagricultural activity. However, the IMF added in a statement that sound economic fundamentals and strong policy implementation had helped stabilize the economy, despite the difficulties it has faced. Downside external risks to the country include its relation with growth in Europe. [APA, 11/18/2014]