Follow the latest in economic news and developments about the Arab transition countries.
Western advisers are drawing up plans for reshaping the Egyptian economy, sources said, with the apparent blessing of president-elect Abdel Fattah al-Sisi who so far has spoken only vaguely in public about reviving the state’s finances. The driving force behind the consulting project is the United Arab Emirates, which along with Saudi Arabia and Kuwait. If Egypt were to accept reforms proposed by US consultancy Lazard and Strategy& – formerly called Booz & Company, it could be used as a basis for reopening talks on a loan deal with the IMF. [Reuters]
IMF Chief Christine Lagarde has personally congratulated Egypt’s President-elect Abdel Fattah al-Sisi and stressed the global lender remains ready to help the country, the IMF said Friday. An IMF spokesman said the global lender is providing technical assistance on tax issues and other matters to Egypt, and an IMF technical team had been in Cairo from April 27 to May 2. [AFP]
Director General of the International Labor Organization (ILO), Guy Ryder, said that “we follow with great interest what is happening in Morocco as a country of stability and progress, especially since it is in a region on the move”. Mr. Ryder was impressed by the “remarkable strength” of union action in the Kingdom, considering it necessary to explore ways of extending the cooperation with the organization “priority countries across regional”. [Le Matin, French]
Interpol head Ronald K. Noble, on his first visit to Yemen, met President Abdrabuh Mansur Hadi on Sunday and appealed for international aid for Sanaa to combat terrorism and maritime piracy. He proposed aid to Yemeni police such as “biometric support in order for prisoners to be properly documented, enabling basic data such as photos and fingerprints, as well as more sophisticated iris scans, to be gathered”. [AFP]
Also of Interest:
Sisi keeps Egyptian premier to fix economy after turmoil | Reuters
Egypt: Govt mulls tobacco tax, plans to cut subsidies delayed | Egypt Independent
Egypt trade deficit falls for seventh straight month | Ahram
Egypt c.bank governor says forex policies successful, could eliminate black market | Ahram
Cairo traffic costs Egypt EGP 47 billion a year | World Bank
UAE to make $3 billion investment in Jordan | JNA
Inflation in Tunisia increases to 5.4 percent in May 2014 | TAP
AfDB donates $3 million to Tunisia for fiscal transparency | African Manager
Yemeni youth receive training for work and life | Al-Shorfa
Arab Customs Union to be established by 2015: Arab League | Cairo Post