EconSource: IMF Agrees to a $560 Million Loan to Yemen (Minister)

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

Yemen reached agreement with the IMF on a $560 million loan, the finance minister said on Friday, after the government cut fuel subsidies and ordered curbs on public spending. Planning and Finance Minister Mohammed al-Saadi said the funds would be paid over three years and the government expected the first payment within two months. [Reuters]

Masood Ahmed, director of the IMF’s Middle East and Central Asia Department, said “Egypt has applied hard and brave economic reforms” in recent weeks. Ahmed said is press remarks on Saturday, that “if the fund’s program is applied in Egypt, it will give signals to international institutions that the situation is stable to carry out other programs.” [MENA]


Tunisia is trapped in a “poor policy – poor growth” cycle which prevents its economy from moving to a sustainable growth path, like 6 other countries of the MENA region (Egypt, Iran, Lebanon, Jordan, Yemen and Libya), says the World Bank in the newly released Quarterly Economic Brief of the Middle and North Africa Region. [TAP]





Also of Interest:

Egyptians report regular power blackouts | Ahram

Egypt’s consumer inflation jumps to 10.6 percent in July | Reuters

CBE repays $710 million to Paris Club lenders | Al-Mal

Op-ed: Egyptians working abroad: the country’s ‘hidden’ treasure? | Al Bawaba

‘Jordan’s debt can’t go on forever’- IMF official | Al Bawaba

NOC steps up fuel distribution plan | Libya Monitor [sub.-based]

Libyan Central Bank chief ‘hiding’ in Malta for months | Malta Today, Libya Herald

Tahya Masr Fund to establish branches abroad, including US: PM | DNE

Tunisia’s January-July trade deficit jumps 18 percent | Reuters

Tunisia (and Pakistan) join the Sukuk rush | FT