Follow the latest in economic news and developments about the Arab transition countries.
The Ministry of Planning is currently finalizing the new economic development plan to be presented to the upcoming parliament as soon as it takes office, according to Minister of Planning Ashraf al-Araby. The Ministry of Planning is preparing Egypt’s strategy for sustainable development until 2030, Araby said, and the strategy planning is scheduled to be completed in December this year. A new strategy is also being developed to promote the national system of accounts in Egypt to raise the decision making efficiency and to allow the necessary data required to predict the most significant macroeconomic variables locally and nationally. Another national plan for employment will be announced within a few days, the minister disclosed, noting that the plan aims to employ a large number of youths in micro and small projects. [Cairo Post]
Libya budget crisis looms due to oil strikes
As strikes at Libyan oil ports run into a sixth month, reducing government income to a trickle, a budget crisis could be just around the corner for a country wearily accustomed to chaos. The government, when it is not grappling with militias who occupy ministries and take over oil facilities at will, warns that it might be unable to pay wages, while power cuts are commonplace. Oil exports, which account for almost all the government’s annual revenue of around $50 billion, have fallen from more than 1 million barrels per day in July, when the strikes began, to just 110,000 bpd. [The Daily Star]
As strikes at Libyan oil ports run into a sixth month, reducing government income to a trickle, a budget crisis could be just around the corner for a country wearily accustomed to chaos. The government, when it is not grappling with militias who occupy ministries and take over oil facilities at will, warns that it might be unable to pay wages, while power cuts are commonplace. Oil exports, which account for almost all the government’s annual revenue of around $50 billion, have fallen from more than 1 million barrels per day in July, when the strikes began, to just 110,000 bpd. [The Daily Star]
Tunisia’s annual inflation rate rose to 6 percent in December after remaining steady for the last three months at 5.8 percent, driven largely by a jump in food prices. The food and drink price index rose 8.4 percent in December from a year earlier. Clothing and footwear prices rose by 7.4 percent, the state statistics institute said. Consumer prices rose 0.7 percent from November to December 2013. The food and drink price index rose 1.2 percent. Average inflation for the full year 2013 was 6.1 percent, up from 5.5 percent for 2012. [Reuters]
Yemen’s annual inflation eased to a nine-month low of 8.6 percent in October from 9.4 percent in the previous month as the price growth of stimulant qat leaves nearly halved, central bank data showed. Core inflation excluding food and qat, which many of the country’s 25 million people chew daily, remained at 8.1 percent, the fastest clip since August 2012, the central bank’s latest release covering key Yemeni indicators showed. [Reuters]
Also of Interest:
Egypt’s currency reserves dip to $17.032 billion in December | Zawya DJ [sub-based]
Egypt– $22 billion increase in national budget during Morsi’s rule: CAO | Cairo Post
CBE to repay $700 million to Paris Club | Cairo Post
Kuwait’s $12 billion investments support Jordan’s economy| KUNA
Opinion: Egypt’s return to Mubarak’s era could lure back investors | NAP
Egypt’s non-oil private sector expands further in December | RTT
Maximum wage not to include banking sector in Egypt | Cairo Post
Jordan’s real estate market booming, official data show | Jordan Times