EconSource: New Egypt budget sets deficit at 12 percent of GDP: Finance minister

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

Egypt’s budget deficit is forecasted to reach 12 percent of GDP, or EGP 288 billion, in the 2014-2015 fiscal year state budget, according to statements made by the country’s finance minister on Monday. [Ahram]
The African Development Bank (AfDB) is currently negotiating with the World Bank (WB) to swap $1 billion in debts owed to the AfDB by Egypt, an anonymous source told Al-Maal Business Daily. Egypt is considered the second largest contributor to AfDB’s capital after Nigeria, he said, added that the former Cabinet headed by Dr. Hazem al-Beblawy had agreed to increase Egypt’s share in the bank’s capital. [Cairo Post]
Tunisia plans to issue “Sukuk” next September, Minister of Economy and Finance, Hakim Ben Hammouda said in a statement given to newspaper “Al Moussaouer.” The value of these “Sukuk” is around TND 180 million, Hakim Ben Hammouda said. [African Manager]
Adviser to AfDB Morocco-Tunisia-Togo Office Lotfi Trifa says that “Tunisia could once more access the African Development Bank (AfDB)’s loans by the end of 2014”. According to him, the Bank is seeking to find solutions to facilitate Tunisia’s access to its loans. [TAP]
Also of Interest:
Voters count on Abdel Fattah al-Sisi to revive Egypt’s economy | FT
UAE to continue political, economic support to Egypt after poll | Reuters
Egypt: Removal of diesel subsidies for tourism sector to begin in November | DNE
Easing Egypt debt risk shows investors favor al-Sisi victory | Bloomberg
Al-Sisi, Sabahy’s dueling economic platforms | DNE
IMF and Egypt | SIS
Jordanian PM: Foreign investments on rise after regional unrest | Asharq Al-Awsat
Tunisia economy set to suffer blow from Libya violence | Al-Monitor
Tunisia: High rate of unemployment among youth and women | Tunis Times
Tunisia: New rules for public procurement | Kapitalis (French)
Tunisia – IACE: proposals to close the budget gap | L’Economiste Magharebin
KFAED pumps $93 million into Yemen development projects | National Yemen