Follow the latest in economic news and developments about the Arab transition countries.
On June 3, 2014, the US and Tunisia signed a loan guarantee agreement which will allow Tunisia to access up to $500 million in affordable financing from international capital markets. This is the second US loan guarantee the US has provided to Tunisia. The earlier guarantee for $485 million in 2012 was successful in facilitating Tunisian access of global capital markets for the first time since 2007. [Department of State]
Saudi Arabia has called for a donor conference to assist Egypt as the Gulf’s Arab superpower seeks to muster regional support for its vital regional ally against what it regards as the threat of political Islam. King Abdullah said any country that did not contribute to Egypt’s future would “have no future place among us”. [FT, Saudi Gazette]
Without further commitment from the international community, it will not be easy for Jordan to handle the burden of hosting more than 1.3 million Syrians with a daily increase in the number of refugees crossing the border, the UNHCR said Tuesday. To date, only 27 percent of what the UN appealed for in January at a donor conference in Kuwait has been received. [Jordan Times]
Libya’s currency is under heavy pressure as a breakdown in security and a collapse of oil revenues due to port blockades have badly disrupted public finances and an economy already burdened by exploding state salary and subsidy bills. Over the past two months, the dinar has fallen more than 7 percent against the dollar on the black market, its first weakness since rebels demanding autonomy for eastern Libya seized oil export facilities 10 months ago. [Reuters]
Also of Interest:
Egypt: Domestic public debt rises to 83.3 percent of GDP in Q1 of 2014 | DNE
EGPC to invest EGP 3.8 billion in petroleum by public sector companies for FY 2014/2015 | DNE
Egypt: Domestic liquidity increases to EGP 1.44 trillion | DNE
EBRD directors on consultation visit to Morocco | APA
National bond funds reached $180 million after two weeks | TAP
Tunisia forges new trade ties | Zawya DJ