Follow the latest in economics news and developments about the Arab transition countries.
IMF in Egypt for first time since June 30
In its first visit to Egypt since June 30 uprising, an IMF delegation met with Finance Minister Ahmed Galal Wednesday evening, Al-Ahram’s Arabic website reported. Galal was keen to continue discussions with the global lender over providing Egypt with the technical support to introduce the new Value-Added Tax (VAT), steering clear of ongoing negotiations over the IMF’s $4.8 billion loan. The delegation will stay for three days in Cairo to meet officials from the Egyptian Tax Authority (ETA) to discuss the VAT implementation criteria. [Ahram]
Jordan: Nuclear program ‘to lower electricity costs by 70 percent’
Switching to nuclear power will lower the Kingdom’s energy bill and create thousands of jobs, Deputy Hind Fayez representing the area where the reactor is to be built said on Wednesday. The government on Monday announced that it selected Russian state-owned company Rosatom to build the Kingdom’s first two nuclear reactors. [Jordan Times]
Central Bank falls victim to Libya’s rampant crime, anarchy
Libyans have become accustomed to chaos in a country flooded with weaponry where militias and tribes call the shots, two but the daylight robbery of $55 million from a Central Bank van suggested that Prime Minister Ali Zeidan’s cabinet is losing the struggle to provide security and build state institutions. Unable to impose security here and in other cities, the government has co-opted former anti-Gaddafi rebels, putting them on the state payroll to guard public buildings or man checkpoints, nominally as part of state security forces. [Reuters]
Fitch downgrades Tunisia, cites delayed political transition
Fitch on Wednesday cut Tunisia’s sovereign rating two notches and warned it could cut further on political uncertainty and its potential damaging economic effects. The ratings agency cut Tunisia to BB-minus from BB-plus, with a negative outlook. [Reuters]
Also of Interest:
Egyptian national economic census starts Saturday | Al-Masry Al-Youm
Political instability hinders Egyptian stock exchange’s hunt for new firms | Reuters
Opinion: Evaluating Egypt’s “new deal” | Business Monthly [sub.-based]
Egypt lost 3,000 of its millionaires under Morsi government: Credit Suisse | DNE
Morocco gets €654 million German loan for solar plants | Reuters
Tunisia called to work out new model of inclusive development (AfDB) | TAP
Yemen reports new oil find in Hadramaut | Al-Shofra
Strengthening economic cooperation in Western Med | LBN