Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers. Egypt recorded a current account deficit of $1.26 billion in the same period last year. Official transfers, including cash and commodities, shot up to $4.27 billion in the first quarter of the financial year, which started on July 1, from $40 million a year earlier, the central bank said. Tourism receipts tumbled to $931.1 million down from $2.64 billion a year earlier. [Reuters]

 

Strong relationships with allied nations and international financial institutions are paying good dividends for Jordan, with multiple entities extending considerable new funding in the form of aid, easy credit and/or investment. In late October, the EU announced about $54 million in new assistance to help Jordan cope with the influx of Syrian refugees, geared towards bolstering the education system. A few days later, the government closed on a seven-year, $1.25 billion Eurobond with interest set for 2.503 percent, a rate made possible by a 100 percent guarantee from the US. Other international support came in from USAID, EBRD, and IFC. [OBG]

 

An IMF staff team led by Jean-François Dauphin visited Morocco from December 5-19, 2013 to conduct with the Moroccan authorities discussions on the 2013 Article IV consultation, as well as on the third review of Morocco’s economic performance under an arrangement supported by the Precautionary and Liquidity Line (PLL). The IMF Executive Board approved a 24-month arrangement under the PLL in an amount equivalent to about $6 billion (700 percent of Morocco’s quota) in August 2012. During its stay, the mission also met with representatives of the private sector and civil society. The discussions focused on recent economic developments, the medium-term outlook, and economic policies to strengthen the economy’s resilience and lay the foundations for stronger and more inclusive growth. [IMF]

 

Morocco’s annual consumer price inflation eased to 1 percent in November from 1.5 percent in October, according to the state planning authority. Food price inflation eased to 0.7 percent from 1.7 percent a year earlier, while the non-food index fell to 1.1 percent from 1.4 percent. Communication costs fell 9.3 percent, while education prices increased by 4 percent, the agency said without elaborating. On a monthly basis, consumer price inflation decreased 0.6 percent. The food prices index fell 1.2 percent and the non-food index was down 0.1 percent. [Reuters]

 

 

 

Blackouts hit Egypt once more | Ahram

Japan to help Egypt restore stability | KUNA

AECOM team due to arrive in Libya in January | Libya Herald

AfDB approves €115 million for health coverage in Morocco |  4-traders

Standard and Poor’s will not rate Tunisia anymore | TAP, African Manager

The EU granted €95 million in grants to Tunisia | L’economiste Maghrebin

Tunisia, EIB sign two financing agreements totaling 200 MTD | African Manager

Opinion: As Yemen rebuilds, policy paralysis drags on economy | Saudi Gazette

Yemeni council helps businesswomen flourish | Al-Shofra