Follow the latest in economic news and developments about the Arab transition countries.
Egypt waters down stock market tax after bourse drops sharply
Egypt has watered down a tax on stock market gains it announced last week as part of efforts to trim a high budget deficit, after the country’s bourse recorded its biggest daily drop in almost a year on Sunday. [Reuters, Ahram].
Egypt has watered down a tax on stock market gains it announced last week as part of efforts to trim a high budget deficit, after the country’s bourse recorded its biggest daily drop in almost a year on Sunday. [Reuters, Ahram].
Saudi Arabia and the UAE are thought to be readying a financial aid package of $20 billion to boost Egypt’s economy and support the incoming government of ex-Field a-Sisi. The oil-rich Middle East powerhouse Arab nations have already held preliminary talks with authorities in Cairo to discuss how the line of funding will be structured. [The Telegraph, Al-Monitor]
Egypt’s interim President Adly Mansour issued a decree on Sunday giving state employees a 10 percent raise on basic salaries as of June 30, 2014. Egypt’s sprawling public sector compromises close to 7 million employees. [Ahram]
The king of Morocco, Mohammed VI, and the interim president of Tunisia, Mohamed Moncef Marzouki, have signed this Friday in Tunis 23 cooperation agreements between the two countries, particularly in the sectors of finance and banking services. [TAP]
The Minister of Social Affairs, Ahmed Ammar Youmbai, announced on Sunday a minimum wage increase of 11 percent for 900,000 private sector employees. The increase will cost about TND 100 billion. [L’eonomiste Magharrbin, French]
Also of Interest:
IMF defends Egypt panned capital gains tax hammering stocks | Bloomberg
Egypt opens tender for fuel imports | Cairo Post
Mansour approved $300 million soft loan from World Bank | Cairo Post
ILO lifts Egypt’s name from short-term blacklist | Egypt Independent
Egypt in push for low-income mortgages | Zawya DJ (sub.-based)
Kuwait asks Egypt to determine urgent needs for coming period | Cairo Post
Jordan: Kingdom to become renewable energy regional leader | Jordan Times
Jordan: Government raises gas price, lowers cost of kerosene, diesel | Jordan Times
King Mohammed VI, Tunisian President resolved to promote “exemplary” ties | MWN
KSA, Morocco review bilateral cooperation | Saudi Gazette
Half of Yemenis threatened by food crisis: UN | Gulf News
Algerian PM unveil five-year gov’t plan, focus on security, economy | Xinhua