Some Libyan government ministries are struggling to cover expenditures because of budget problems following protesters shut down another vital oilfield. Oil output fell to 230,000 barrels a day on Sunday after a new protest shut down the El Sharara field, down from 1.4 million bpd in July when nationwide protests started. More than half of the budget goes to public salaries and subsidies. Amin warned vital government services such as health care and electricity supplies were at risk unless the GNC assembly agreed on a budget for 2014. The government has submitted a 2014 budget draft to the GNC but not released any details. Analysts say it will be difficult to overcome a funding gap as oil revenues might halve this year compared to the typical level of around $50 billion. [Al-Arabiya]   

 

The nationwide unemployment rate remained steady through the fourth quarter (Q4) of 2013, registering 13.4 percent of the population, the Central Agency for Public Mobilization and Statistics reported in an official statement. According to CAPMAS, 3.6 million Egyptians are unemployed, a 0.5 percent increase from the previous quarter and a 57.3 percent increase compared to the same quarter in 2010. The report indicated that youth constitutes 69 percent of the total unemployed. [DNE]

 

Morocco is diversifying its export market in a bid to develop trade with Gulf Arab countries and also reduce its reliance on Europe. Moroccan trade has been traditional dominated with countries in Europe, despite the economic crisis that has continued to unfold over the last six years. Mohammad Abbou, Morocco’s Minister of Industry, Trade, Development and Digital Economy said that Europe accounts for 60 percent of Morocco’s trade. He added that there were no targets on how much he wanted to see trade increase with the Gulf region. [Gulf News]

 

Yemen’s external debt stood at $7.232 billion by the end of December 2013, down $9 million from December 2012, the Central Bank of Yemen (CBY) said on Saturday. The biggest portion of the debt, nearly $3.560 billion, is from international funding organizations, with over $2 billion is owed to the International Development Association (IDA), according to CBY’s figures. The Central Bank reported that the country’s debt for member countries of the Paris Club ranked second ($1.620 billion), with the largest creditors being Russia ($1.143 billion). Yemen’s debt to the non-member countries of the Paris Club amounted to $1.533 billion, mostly ($1.340 billion) Yemen owed to the Saudi Fund for Development (SFD), the Bank said. [SABA]

 

 

 

Egypt draft law bars third-party challenges to contracts | Reuters

Egypt will receive first installment of Saudi $200 million aid: Araby | Cairo Post

Gulf investor interest highlights Egypt’s retail upside | OBG

Egypt’s Araby meets with WB director in Egypt on Sunday | Cairo Post

Reform & resentment of bread subsidies in Jordan, Part I | Ammon News

Cisco allocates venture capital funding to Jordan’s Badia Impact Fund | Press Release

Jordan’s oil bill drops considerably | Jordan Times

Jordan, Iraq preparing to tender $18 billion oil pipeline | Jordan Times

Jordan Central Bank warns against using Bitcoin | Jordan Times, Daily Star

Seeking cheap stocks, chaos no problem? Try Libya | Reuters

Tunisia: EIB to increase funding to € 300 million | AM

Qatar opens its market to Yemeni labor | Al-Shofra