Follow the latest in economic news and developments about the Arab transition countries.
The Egyptian government will implement a new food subsidy system within three months starting with a pilot project that will be implemented in Port Said next month. Supply minister, Khaled Hanafi announced that he is going to modify the food subsidy system in order to widen the range of goods offered to consumers. The new system will also fix a limit for bread use per person that will be controlled through smart cards. [Ahram]
Libya has still not approved a budget for 2014 as it finds itself in a tight financial situation owing to the loss of oil revenue, the acting economy minister said on Tuesday. “We are in a very difficult situation. We all need to understand that there is still no budget approved for 2014,” Souhail Abu Sheikha, acting economy minister, told reporters. [Reuters]
A delegation of 12 Executive Directors representing approximately 90 countries and 50 percent of the capital of the World Bank (WB) have visited the Central Bank of Tunisia (BCT) to discuss the latest economic developments and financial reform programs. The Executive Directors said equidistance is the watchword of the international financial institution and asserted that the WB deals with the State not with parties or individuals, head of the Finance Committee. [Kapitalis (French), African Manager]
Syria has suffered damage estimated at $31 billion as a result of its three-year civil war, Prime Minister Wael Al Halqi has said, a figure nearly equivalent to its GDP. The Economist Intelligence Unit has forecast that GDP will reach $34 billion this year. In January, Local Administration Minister Omar Ghalawanji valued the losses at $21.6 billion. Meanwhile, Halqi said the budget allocated for reconstruction this year stands at SYP 50 billion, up from SYP 30 billion last year. [Jordan Times]
Also of Interest:
Egypt sent Apache planes to US for maintenance but did not return back: PM | MENA
US, Jordan sign $165 million water assistance agreement | Jordan Times
Libya: Oil production at 229,000 barrels per day | Libya Herald
2013 Audit Bureau report rebukes Libyan gov’t for giving poor value for money | Libya Herald
Morocco sees record 2013 tourism; 10 million visitors | AP
Morocco, Libya improve economic relations | Magharebia
EBRD’s Tunisia 2014-2015 Country Strategy Paper | EBRD
Head of IMF mission hails Algeria’s economic performances in 2013 | APS
Algeria’s Bouteflika plans constitution amendments, economic reforms | Reuters