Egypt plans to spend around EGP 30 billion ($4.36 billion) in a second stimulus package to be launched in January, the finance minister said on Monday, 25 percent more than previously announced. It means the army-backed authorities have set aside some $8.5 billion to stimulate the ailing economy. The first stimulus package, also around EGP 30 billion, was launched in August. Finance Minister Galal announced that EGP 20 billion of the stimulus package would be spent on public investment. The rest would be used to cover a public sector minimum wage. [Reuters]

 

Chinese Vice President Li Yuanchao announced on Monday that China would give Egypt a $24.7 million non-refundable grant, during his meeting with Egyptian Foreign Minister Nabil Fahmy in Beijing, China. Fahmy arrived in China on Saturday as part of a six-day tour of Asia. He is expected to visit Japan and South Korea next. Yuanchao stated that China has encouraged Chinese companies to further invest in Egypt and that China “entirely rejects any foreign intervention in the Egyptian people’s choices,” and that developing relations with Egypt is a “strategic choice”. The vice president reportedly said China was ready to upgrade its relations with Egypt in political, economic, commercial and military fields and on the official, parliamentarian and popular levels. China has eased travel warnings for its citizens to Egypt ahead of the Fahmy’s second visit to the Asian continent. [DNE] 

 

Chief on the IMF’s mission to Jordan, Kristina Kostial, has said that Jordan’s national reform program envisages continued fiscal consolidation that places public debt on a downward path. Without it the public sector financing needs will keep adding to the debt, which both current and future generations of Jordanians will have to pay for. She pointed out that consolidation will remain gradual so as to not jeopardize growth prospects and equitable, protecting the poor and focusing on those with the ability to pay. The program has been flexible to accommodate shocks that are beyond the authorities’ control, Kostial added. [JNA]

 

During the 11th session of the EU-Morocco association council meeting in Brussels, the EU and Morocco adopted an ambitious and comprehensive action plan for 2013-2017. Lithuanian Foreign Minister Linas Antanas Linkevicius, whose country holds the current EU Presidency, told a press conference after the meeting Monday night that “European and Morocco relations are very good. Morocco is a key partner for the EU in the region of the South Mediterranean and we remain mutually committed to strengthening and deepening our long standing partnership”. [KUNA]

 

 

 

 

Egypt pays record-low dollar debt yield | Bloomberg

Egyptian Industry Minister: Egypt faces great economic crisis | Youm7

Egypt c. bank tells banks to stick to int’l non-USD forex rates | Reuters

US group to increase investments in Egypt by $300 million | Egypt Independent

World Bank funds to Sharm al-Sheikh reach EGP 4.2 billion | Egypt Independent

Jordan: ‘EBRD loan to boost local microfinance industry’ | Jordan Times

17 Tunisian companies undertake mission in Algeria | AfricanManager

ROTA teams up with Silatech, CARE for Yemen youth employment project | Gulf Times

Yemen General Investment Authority confirms investments have increased | Yemen Post