Follow the latest in economic news and developments about the Arab transitions.
European Union (EU) Ambassador to Egypt James Moran announced that new programs of cooperation with Cairo will start next month to support Egypt’s economy. Moran said that Egypt has chosen the right course of economic reform which will lead to creating new jobs. [SIS]
The Muslim Brotherhood’s political arm, the Islamic Action Front (IAF) on Wednesday said it has prepared a detailed economic plan for Jordan that “would boost the country’s GDP while limiting reliance on foreign aid”. The blueprint, titled “Jordan Tomorrow 2020”, is the most detailed economic plan provided by the Brotherhood since the early 1990s and aims to address “the most pressing challenges” facing the country. [Jordan Times]
The Central Bank of Libya recently reassured all Libyans worried about the breakdown of the country’s national economy and the collapse of the dinar’s exchange rate that such an eventuality would never occur as a result of the bank’s large reserves in foreign currencies, valued at $113 billion, bolstered by an additional 116 tons of gold. However, the IMF warned of the imbalance seen in oil production, and the increase in expenditures, which would drain those reserves in less than five years. [Al-Monitor]
Morocco’s economic growth has faltered in recent quarters, with GDP growth slowing to 2.5 percent in the first quarter of the year mainly due to a decline in agricultural output and phosphate exports. The country had registered GDP growth of 3.8 percent in the first quarter of 2013 and 4.5 percent in the last quarter of 2013. The lack of growth is worrying as Morocco implements painful subsidy cuts and a range of social and economic reforms. [Zawya DJ (sub.-based)]
Also of Interest:
Egypt: 20 new subsidized items to be displayed on market in August | Egypt Independent
World Bank approves $300 million interest free loan to Egypt | Ahram
Administrative reform, social safety net to help economy reach 3.2 percent growth | DNE
Dues owed to foreign oil and gas companies reach $6.3 billion in July | DNE
Egypt provides 200,000 poor families with ration cards | Cairo Post
Op-ed: The UAE can offer Egypt guidance on tricky issue of subsidy reform | The National
Oil at two-month low on Libya hopes | FT
Libya investment fund appoints new chief | Mubasher
Investors use Casablanca Finance City to tap Africa’s potential | FT
Op-ed: In electricity-starved Yemen, it’s always a race for power | The National