EconSource: Libya to slashes budget by a third to offset loss of oil revenue

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

Parliament proposes to cut the budget to LYD 44 billion ($36 billion) from an initially planned LYD 68.6 billion to focus on salary payments and ministry spending, according to Mohammed Abdullah, head of the budget committee. [Reuters]
In efforts to pare down the budget deficit, Egypt will push ahead July with subsidies restructuring while protecting poorer sectors of the population, says interim premier Ibrahim Mahlab. Egypt’s total subsidy bill registered a decline of EGP 9 billion ($1.2 billion) in the first eight months of FY2013/14 compared to the corresponding period of the previous fiscal year. [Ahram]
According to data from the National Statistics Institute (INS), the budget deficit has worsened in the first two months of 2014 reaching TND 1,911.9 million, due to a large imbalance recorded in trade. To address this deficit the Ministerial Council agreed a set of measures to control imports and boost exports. [TAP, Kapitalis (French)]
Yemen has signed a $50 million agreement with the World Bank headquarters that conclude formal negotiations for the projects of Social Funding and Development. The agreement includes infrastructure projects for poor communities, in the fields of education, water, roads, health, and agriculture. It aims to promote economic opportunities in Yemen. [National Yemen]
Also of Interest:
Egypt to lift natural gas prices for homes, businesses in May | Reuters
UAE provides Egypt petroleum aid worth $2 billion in Q1 | Cairo Post
Egypt’s CBE warns banks against forex commission | Zawya DJ
Egypt to spend $136 million on tourism projects | Zawya DJ
Libya intends to expand investment base in Jordan, banker | JNA
Casablanca needs at least MAD 100 billion for its upgrade | La Vie Eco (French)
Tunisia: State-owned banks will be reformed but not privatized | Kapitalis (French)
UNDP projects targets youth unemployment in Tunisia | L’Economiste Magharebin (French)