EconSource: Libya central bank proposes Islamic bonds to offset loss of oil revenues

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

Libya’s central bank is proposing issuing Islamic bonds to help fund the budget and offset a loss of oil revenues which could create a deficit of $25 billion this year, the bank’s spokesman said. [Reuters]
Egypt will pay $1.5 billion of the money it owes to foreign energy companies by the end of 2014, its oil minister said on Thursday, as the government tries to stave off a worsening power crisis. [Reuters, DNE]

Morocco’s state planning agency said today it expected GDP growth to jump to 3.7 percent in 2015 from 2.5 percent in 2014. The country’s budget deficit would reach 5.2 percent of GDP in 2014, it said, above the 4.9 percent expected by the government. [Reuters]
Yemen and Saudi Arabia signed on Wednesday in Jeddah city several memorandums of understanding on the implementation of six developmental projects in Yemen worth of over $131 million. [SABA]
Also of Interest:
Egypt may temporarily maintain last year’s budget due to time constraints | DNE
Egypt’s PM to donate half his salary and part of his wealth to Sisi initiative | Ahram
Egypt’s oil minister says $10 billion has project with BP restarted | Aswat Masriya
Egypt keen on launching new economic partnership with Kuwait | KUNA
Sisi says he wants Egypt to invest in Algeria | Ahram
Egypt-Saudi company to invest $245 million in housing units | Reuters
Jordan’s Aqaba Special Economic Zone pitches to US investors | ANSAMed
Tunisian central bank raises key rate to 4.75 percent to curb inflation | Reuters
Agreement on revising Tunisian-Algerian preferential trade partnership | TAP
Yemen to receive $168 million loan from AMF | Yemen National