Follow the latest in economic news and developments about the Arab transition countries.
The seventh ministerial level meeting of the ‘Friends of Yemen’ endorsed a new structure designed to align support for Yemen with the priorities set at the conclusion of the National Dialogue. The Economic Working group will monitor progress on economic reforms and the delivery of donor pledges, while ensuring that international support is coordinated around the reform agenda. [National Yemen]
Egypt’s unemployment rates reached 13.4 percent during the third quarter of 2013, registering an increase of 0.1 percent since the previous quarter, according to Egyptian Minister of Planning and International Cooperation Ashraf el-Araby. Araby said any increase in investment will allow investors to regain trust in the Egyptian economy. [Cairo Post]
Al-Masry Al-Youm has received the main features of Prime Minister Ibrahim Mehleb’s plan to cancel subsidies for high-income classes. Subsidies for some commodities, especially energy will be reduced, while instead social security pension will be increased and families benefiting from it will be doubled, according to the Cabinet plan. [Egypt Independent]
Three years ago, Morocco managed to avoid the Arab uprisings by spending 20 percent of its budget to subsidize the cost of bread, fuel and electricity. But that spending has since spiraled out of control. Now, in a deal with the IMF, the country will have to bring its deficit down to 3 percent by 2017, largely by cutting subsidies. [Al Jazeera]
Also of Interest:
Increasing population is one of Egypt’s main problems: al-Sisi | Ahram
First price hike on water bills for Egyptian households in nearly a decade | Ahram
Egypt: EGP 320 million for developing internal trade | SIS
Looming energy crisis again confronts Egypt’s leaders | NYT
Jordanian king urges government to create more jobs for youth | Jordan Times
Morocco workers protest despite minimum wage hike | AFP
Central Bank of Tunisia calls to contain the trade deficit | Tunisie Focus (French)
Nurturing democracy startup Tunisia | Zawya DJ
French group to invest $623 million in Tunisia | BANA
Tunisia Central Banks maintains key rate unchanged at 4.5 percent | IntelliNews
Saudi Arabia remains Yemen’s biggest donor | Yemen Post, Arab News
IMF opens dialogue with Gulf parliamentarians | IMF