The House and Senate are set to unveil a year-long spending bill that will loosen restrictions on US aid to Egypt and negate the law that prevents the US from funding a foreign military that has conducted a coup against a democratically elected government. The Obama administration has been lobbying Congress for permission to give the aid to the Egyptian government. Congress unveiled the omnibus spending bill for the remainder of fiscal year 2014 on Monday. Following that certification, Congress would allow Obama to give the Egyptian government $250 million in economic su pport. Also, Obama could give the Egyptian military $1.3 billion in two installments: $975 million after Egypt holds its constitutional referendum and $576.8 million after presidential and parliamentary elections. [The Wire, Daily Beast]

 

Jordan’s investment inflows rose by 19.5 percent in 2013 reflecting investors’ confidence in the Kingdom’s economy and business environment. Jordan Investment Board (JIB) acting Chief Executive Officer Awni Rushoud said that the volume of projects applied to benefit from the Investment Promotion Law reached JD1.92 billion ($2.7 billion) last year compared to JD1.61 billion ($2.2 billion) in 2012. He noted that the JIB was able to achieve 96 percent of the investment target for 2013, which was put at JD 2 billion. [Jordan Times]

 

Morocco’s Boussaid presents highlights of 2014 budget
During a recent press conference, Moroccan Finance Minister Mohamed Boussaid presented details of the country’s 2014 finance law (LF 2014), include plans to extend the suspension of import duty imposed on soft wheat and its derivatives from January 1 to April 30, 2014. Provisions contained in the law designed to benefit enterprises, include plans to exempt material imported temporarily, and used in the production of goods destined for export, from the payment of duties and taxes, provided that at least 75 percent of those goods are exported. Other initiatives include plans to guarantee fiscal neutrality in cases where individuals, for example farmers, adopt a company status and become subject to corporation tax. [Tax News]

 

According to Morocco’s Minister of Employment and Social Affairs, Mr. Abdeslam Seddiki, to solve the problem of unemployment the country needs a growth rate of 6 percent, which does not include the existing stock of unemployment people. According to country estimates, 1 percent of growth rate generates an average of 30,000 jobs, and Morocco has a labor market that is witnessing an annual arrival of 180,000 job applications. The minister, who noted that the pressure on the labor market is still high, said that his department can act immediately on existing employment active policies, namely the Taehil, the Idmaj” and Moukawalati programs. [MAP]

 

 

Fitch upgrades outlook on two Egyptian banks | Ahram

Egyptian finance minister: Expansionary economic policies prevent tax increases | DNE

Egypt’s Sukuk law to be replaced with chapter in existing securities law: EFSA | Ahram

Egypt’s EFSA: New amendments allow establishing real estate funds | Cairo Post

Blog: Egypt’s mafia fund | DNE/Rebel Economy

Opinion: Egypt facing economic, investor crisis | Al-Monitor

Analysis: Egypt to be 22nd largest economy in 2028-CEBR | EBD

EU offers aid to Jordan as education costs for Syrians ‘to reach JD 400 million’ | Jordan Times

Morocco-EU comprehensive FTA agreement | MAP

Sanitation workers strike in Tunis | Tunis Times

Yemen turns east to find new partners | Yemen Post