Follow the latest in economic news and developments about the Arab transition countries. 

Tunisia expects $750 million in World Bank, IMF loans soon, plans Sukuk issue

Tunisia expects $750 million in loans from the World Bank and IMF by the end of 2013 to prop up its fragile public finances and plans an Islamic bond issue early next year. Finance Minister Elyess Fakhfakh told reporters that the economy grew by 3 percent in the first nine months of this year from a year earlier and the government now expected a budget deficit of 6.8 percent of GDP for 2013, smaller than its previous forecast of 7.4 percent. [Reuters]

Egypt FDI shrinks 25 percent year-on-year in 2012-13: CBE
Egypt’s net Foreign Direct Investment (FDI) slowed by 25 percent ($1 billion) in the fiscal year 2012-13, compared to fiscal year 2011-12, the central bank’s September bulletin revealed. The fiscal year, which ended in June, saw a net FDI of $3 billion, comprised of some $9.6 billion in inflows and $6.6 billion in outflows. The US, EU and Arab countries were among the main sources of FDI, with investments worth $2.1 billion, $5 billion and $1.4 billion, respectively. Despite the overall shrink, the net FDI increased by around $600 million in the fourth quarter of fiscal year 2012-13, reaching $1.6 billion compared to $1 billion in the preceding quarter. [Ahram]
 
Egypt’s new stimulus package focuses on roads, sanitation: Finance minister
Egypt’s new economic stimulus package will include billions of pounds in infrastructure and sanitation investments, according to a breakdown released by Finance Minister Ahmed Galal in a meeting with economists from Egyptian political parties. As part of the stimulus, EGP 2.5 million will be allocated to renovating roads and bridges, EGP 1.6 billion to paving roads nationwide, and EGP 557 million to complete 15 roads under the supervision of Egypt’s Central Agency for Reconstruction. In addition, EGP 523 million will go towards the reclamation of agricultural land, EGP 2.2 billion for a national drinking water and sanitation project, EGP 882 million towards environmental projects, and EGP 456 million to reinforce power grids. [Ahram]

Jordanian expatriates’ remittances rise
Remittances of Jordanians working abroad increased by 1.4 per cent reaching to $2.77 billion at the end of September compared to $2.73 billion during the same period last year. Data from the Central Bank of Jordan also showed that remittances last month were 6.6 per cent higher amounting to $321.6 million compared to September 2012. [Jordan Times]

 

Also of Interest: 
UAE increasing Egypt aid to $4.9 billion | Reuters, SIS
Egypt financial regulator plans rules revamp to spur trade | Reuters
Jordan picks banks for $1.25 billion U.S.-guaranteed sovereign bond | Reuters
Jordan’s debt to reach 18.9 billion dinar: Ministry of Finance | Yemen Economist
Libya considers sale of nine state firms | Reuters
Morocco’s port upgrades set to boost maritime traffic | OBG [sub.-based]
Morocco focuses on middle class housing | Magharebia
Morocco may raise additional $750 million in bond issue soon | Art19
Tunisian finance minister: Start of national dialogue reassures donors | TAP
Blog: IIF–Banks should lend more to Middle East SMEs | WSJ
World Bank to open first Islamic finance center in Istanbul | World Bulletin