The Jordanian government is likely to request an extension of the three-year stand-by arrangement (SBA) by the International Monetary Fund (IMF), which expires in August next year. The SBA enables Jordan exceptional access to $2 billion, representing 800 per cent of Jordan’s quota in the IMF.
[The Jordan Times, 11/27/2014]
Struggle over Libya’s oil risks breaking up country
Libya’s self-proclaimed prime minister warned that attempts by the rival government in the east to assert control over the oil industry could escalate the political conflict dividing the country. Thinni’s government, in a step to assert control over the oil industry, announced that it had appointed a new chairman of the National Oil Corporation. [Reuters, 11/28/2014]
Egypt pays back $2.5 billion deposit to Qatar
According to Egyptian Central Bank officials, Egypt has paid back $2.5 billion to Qatar. The Qatari deposit had been made in an effort to help prop up the Egyptian central bank’s hard currency reserves. The payment brings the amount Egypt has returned to Qatar to $6 billion. Only $500 million remain outstanding which are reportedly expected to be repaid in the second half of 2015. [Reuters, 11/28/2014]
Yemen faces economic crisis as Saudi Arabia mulls pulling plug
In a move that could tip the country further towards economic collapse, Saudi Arabia is considering stopping financial support to Yemen. Saudi Arabia, which has provided around $4 billion dollars to keep the Yemeni economy afloat since 2012, has been reviewing its economic support to Yemen. One of the key disbursements put on hold is a $700 million military aid package. [IRIN, 12/01/2014]
Also of Interest:
Middle East petrochemical markets rattled by OPEC decision | ICIS
Iraq says failing oil prices force rethink of 2015 budget | Reuters
Egypt keeps key interest rates steady | Reuters
Yemen and World Bank discuss supporting food security project | SABA
UNSC discusses enforcing sanctions on Yemen transition spoilers | SABA