Follow the latest in economic news and developments about the Arab transition countries.
Libya plans to limit the costly subsidies its citizens enjoy when buying motor fuel – much of which is smuggled into Tunisia for resale at higher prices – by introducing a “smart card” system like one newly implemented in neighboring Egypt. When the system is in place citizens will be able to buy a limited amount of subsidized fuel, and will have to pay a normal, market price for any extra quantities. [Reuters]
Abdulmagid Breish, the chairman of Libya’s sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. The Libyan Investment Authority, valued at about $66 billion by Deloitte LLP, will split its assets into three distinct funds starting as soon as next year. [Bloomberg]
Tunisia’s President Moncef Marzouki announced today his decision to voluntarily take a two-thirds pay cut as the government grapples with a financial situation it has described as “critical.” Presidential spokesman Adnane Mansar had said that Marzouki earned a gross monthly wage of TND 30,000 ($18,870), and a net income of TND 20,000 dinars (around $13,000). [AFP]
Yemen is considering the establishment of 13 industrial zones across its six planned administrative regions in a bid to stimulate development and create job opportunities. Yemen’s president and main political parties in February voted to transform the country into a six-region federation in line with the outputs of the National Dialogue Conference. [Al-Shorfa]
Also of Interest:
Investment law approved in Egypt | Ahram Weekly
Egypt central bank to keep interest rates on hold –survey | Reuters
Op-ed: Will the [Egyptian finance] minister reform subsidies? | Mada Masr
Op-ed: Can Egypt afford quality education? | Ahram Weekly
WFP’s Cash-For-Training opens new doors to Jordan’s youth | Reuters
Moroccan state sells remaining 6 percent stake in BCP | Reuters
Tunisia promoting new image for its tourism | eturbo news, | Magharebia
World Bank grants $100 million for SMEs in Tunisia | WB
Yemeni-Gulf committee to convene next week | SABA