Follow the latest in economic news and developments about the Arab transition countries.
Libya could lift force majeure on key eastern oil ports
Libya’s National Oil Co. may lift a force majeure on eastern oil terminals handed over by rebels as early as today, oil officials said. Considerations to formally lift a ban on exports from the ports come after rebels who had occupied them for nearly a year handed over the facilities. A force majeure clause protects oil exporters against legal action in case of disruption, but also prohibit loadings from the affected terminal. [WSJ, Sky News]
Libya’s National Oil Co. may lift a force majeure on eastern oil terminals handed over by rebels as early as today, oil officials said. Considerations to formally lift a ban on exports from the ports come after rebels who had occupied them for nearly a year handed over the facilities. A force majeure clause protects oil exporters against legal action in case of disruption, but also prohibit loadings from the affected terminal. [WSJ, Sky News]
Jordan’s GDP grew by 3.2 percent in the first quarter of 2014, compared with 2.6 percent in the same period last year, according to Department of Statistics (DoS). The value of the GDP in fixed prices reached JOD 2.55 billion in the first three months of the year, compared to JOD 2.47 billion during the same period last year. [JNA]
Yemen reeling from political instability and insecurity from jihadist attacks, is “on the brink of an economic collapse,” according to John Ging, operations director for the UN Office for the Coordination of Humanitarian Affairs (OCHA). Ging blamed the mild, but popular, drug Qat, for much of the Aden Gulf nation’s woes. [UN]
The Supplementary Budget Law for the year 2014 was adopted at a cabinet meeting held yesterday evening. Government spokesman Nidhal Ouerfelli announced that the draft budget law will be submitted tomorrow to the National Constituent Assembly (ANC) for adoption. Ouerfelli said the objective is to reduce the budget deficit from 6.9 percent to 5.2 percent. [L’Economiste Magharebin (French)]
Also of Interest:
Egyptian Cabinet approves new property tax law | Mada Masr
Egypt to raise energy prices “within days” | Reuters
Tony Blair to advise Egypt president Sisi on economic reform The Guardian; Blair denies reports
Egypt’s Suez Canal sees highest revenues since opening | Ahram
Jordan’s MB unveils new economic strategy | Jordan Times
Tunisia: Budget increase in the governorate of Tunis | L’Economiste Magharebin (French)
Middle East employers lag in employee choice programs: survey | Gulf News