The details of Egypt’s second stimulus package will be announced within days, Finance Minister Ahmed Galal told reporters at an investment conference today. Galal had previously said 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. “It is ready, we just have a part missing with the oil ministry … and we’ll announce it within days,” Galal said. The launch of the stimulus package could coincide with army chief Field Marshal Abdel-Fattah El-Sisi, announcing he will run for the presidency, a vote he is almost sure to win. [Ahram]

 

The government is trying to shrink state budget deficit from 14 percent to 8 percent in the coming three years, the finance minister said. He said the government is stimulating the economy and has already spent EGP 18 billion as part of the first economic incentive package totaling EGP 29 billion. He also added that the government seeks to decrease the debt from 92 percent to 80 percent within the coming three years. He noted that talks are underway with some Gulf states on extending assistance to Egypt, citing the previous $12 billion aid extended over the past period. [MENA]

 

Yemen’s economy posted positive indicators at the end of 2013, according to a government report. The Ministry of Finance report pointed to a number of positive economic developments over the year, including growth rate of real GDP rose to 5.4 percent in 2013, compared with around 2 percent in 2012 and a negative growth rate of 12.8 percent in 2011. There has been a steady decline in the inflation rate, which has dropped from 19.3 percent in 2011 to 9 percent in 2013, and the local currency exchange rate has been stable, which positively impacts the productive sectors. [Al-Shofra]

 

The European Union is expected to give the green light to Tunisia for a €250 million million, according to the governor of the Central Bank of Tunisia, Ayari Chedly. Similarly, on Wednesday the IMF is expected to examine Tunisia’s request for a second tranche of $500 million. Mr. Ayari has also said that the state budget in 2014 will be adjusted over the next few months depending on the needs of the national economy. [L’economiste Maghrebin, French]

 

 

 

 

Egypt allocates EGP 2 billion to support small enterprises | Cairo Post

IMF mission indefinitely postpones trip to Cairo | Cairo Post

Egypt expects $4 billion FDI in 2013/2014 – Minister | Reuters

Libyan port rebels see deal possible within weeks | Reuters

President Obama congratulates President Hadi and reaffirms economic support | SABA

Op-ed: Yemen’s economic development—A paradigm shift | Yemen Times, BBC

Multilayered approach needed to address Arab youth unemployment | Saudi Gazette