Follow the latest in economic news and developments about the Arab transition countries.
Egypt’s cabinet set the country’s maximum wage on Wednesday at 35 times the minimum wage of the employees working in the public sector. According to the governmental decree, the maximum wage will be implemented as of January 2014 and its ceiling has been settled at EGP 42,000 per month. In September, the Egyptian government set a minimum wage for the public-sector employees at EGP 1,200 minus deductions for pensions and other items. [MENA]
Jordan has set projected state expenditures at 8.1 billion dinars ($11.4 billion) for 2014, raising spending by 12.8 percent overall as it puts to work $5 billion in grants from oil rich Gulf states. Officials said the proposed budget for next year, which was passed by the cabinet but needs parliamentary approval, emphasizes fiscal prudence to bring down the country’s 2014 deficit from a forecast 9 percent of GDP this year. Finance Minister Umayya Toukan said the budget, which is in line with targets set by the IMF to speed up reform of the aid-dependent economy, projected growth of 3.5 percent next year, a slight rise from 3.3 percent in 2013. [JNA]
The UN World Tourism Organization said Wednesday it has signed an agreement with Libya to help the war-ravaged country, which is trying to become less reliant on energy exports, develop its tourism sector. Under the agreement the Madrid-based UNWTO will provide technical support to help the Libyan government develop a tourism strategy and update the laws governing the sector, the organization said in a statement. [UN]
The European Commission has announced the adoption of the second part of the 2013 Action Plan in favor of Morocco for a total of €166.9 million. The program aims at supporting the strategy of gradually bringing Morocco closer to the EU, a strategy that has been implemented by the Moroccan authorities for almost ten years, rewarded since 2008 with the “advanced status” in the partnership between Morocco and the EU. In addition, the 2013 Action Plan proposes to continue EU support to the Moroccan educational strategy launched in 2008. [EU Neighborhood Info]
Also of Interest:
World Bank affirms support for pro-poor projects in Egypt | WB
Egypt backs away from progressive tax plans | Tax- News
Egypt’s internet economy stands at $15.6 billion | Al Bawaba
Campaign to cancel the odious debt of Tunisia and Egypt | Tunis Times
Britain provides Jordan with £11 million to support Syrian refugees | JNA
EU grants Morocco $220 million aid for development | Xinhua
Tunisia’s Larayedh: Regional Shining Hub for ICTs | TAP
France donates €600,000 to Tunisia to support decentralization | TAP
Social health insurance in Yemen: The unpaved road | Yemen Post
World Bank and North Africa: 2013 in Review | NAP
Algeria’s economy in decline despite vast resources | Al-Monitor