Follow the latest in economic news and developments about the Arab transition countries.
Moroccan Finance Minister Mohamed Boussaid said Morocco’s external borrowing needs this year will reach €2.5 billion to plug the deficit estimated at 4.9 percent of GDP. Last year Boussaid said Morocco may raise €1 billion in international bonds in 2014, but it is unclear, however, when the government plans to issue the foreign bonds. [Reuters]
Kuwait will boost its supply of crude oil to Egypt by nearly a third and increase shipments of petroleum products in a deal the Gulf state’s oil minister said was an obligation to help Cairo through its problems. The contracts run for three years and were signed on Monday. [Reuters]
The average sovereign ratings of energy exporters and importers in the MENA have further diverged in 2014, following the upgrade of Saudi Arabia (to AA), Fitch Ratings said in a new report. The ratings of MENA energy importers range from ‘BBB-‘ (Morocco) to ‘B-‘ (Egypt). Energy exporters’ ratings range from ‘BBB’ in Bahrain to ‘AA’ in Abu Dhabi, Kuwait and Saudi Arabia. [Reuters]
Arab countries are facing real challenges, primarily population growth, in the field of human development, according to a recent report of the Organization of Arab Petroleum Exporting Countries (OAPEC). Population growth leads to high energy consumption rates, infrastructure pressure, rising unemployment, low education levels and increasing literacy rates, the OAPEC said in its monthly report. [KUNA]
Also of Interest:
Egypt sticks to tough standards for wheat imports | Ahram
Sisi counting on Gulf aid to deal with Egypt’s economic crisis | Al-Monitor
Prices of Egypt housing units likely to soar by 30 percent in 2 years | Amwal Al Ghad
Jordan: Cancellation of sales taxes on financial transfer services takes effect | Jordan Times
No decision taken yet on bread subsidy — Jordanian minister | Jordan Times
Libyan-Indian Business Council formed | Libya Herald
Morocco: External deficit falls to 7.5 percent of GDP | La Vie Eco (French)
Op-ed: Yemen’s youth bulge bomb | Yemen Times
Blog: Arab youth turn from “Arab Spring” to starting businesses | FT