EconSource: Iraq crisis poses economic threat to Lebanon and Jordan: ESCWA

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

Conflicts throughout the Middle East have hampered development, according to a new report to be issued by the United Nations. Moreover, the current crisis unfolding in Iraq poses a serious threat to regional economies, including that of Lebanon. Abdallah al-Dardari, a leading economist with the U.N.’s Economic and Social Commission for West Asia said that “the most important characteristic of the region now is conflict”. [Daily Star]
Egypt’s net international foreign reserves fell by $600 million, recording $16.68 billion at the end of June, down from $17.28 billion in May. Foreign reserves are now the lowest since July 2013. Financial analyst at EFG Hermes Mohamed Abo Basha commented that the decline came because no financial aid was pledged to Egypt in the last month, whether in the form of grants or deposits. [DNE]
Around 70 employees at the head office of Egypt’s biggest bank, National Bank of Egypt (NBE), entered the second day of a strike on Monday to demand promotions and back pay. A statement from the bank criticized the strike and added that 20,565 NBE employees were promoted from 2008 to 2013. Last year, 3011 employees were promoted, 62 percent of those who applied for a promotion. [Ahram]
Also of Interest:
Fitch: Egypt’s oil price hike positive for credit profile | Cairo Post
Sisi asks Egyptians to ‘work with him’ as energy prices increase | Ahram
Sisi gives EGP 500,000 to ‘Long Live Egypt’ fund | Ahram
USAID: US investments in Egypt estimated at $17 billion | MENA
Egypt plans ‘donor countries’ conference before year’s end | DNE
Libyan oil output 326,000 bpd, El Sharara field still blocked –NOC | Reuters
North Africa approaching universal access to primary education: UN report | DNE