Follow the latest in economic news and developments about the Arab transition countries.
The Yemeni government’s deal with Houthi rebels is broadly in line with conditions of a loan provided by the IMF, despite the rollback of some subsidy cuts, IMF managing director Christine Lagarde was quoted as saying. The IMF agreed in July to provide a $553 million loan to Yemen over the next three years after the government made ambitious economic reform pledges, including a reduction of about 50 percent in fuel subsidies and higher tax revenues. [Reuters]
Egypt’s overall budget deficit fell to EGP 253.7 billion or 12.4 percent of GDP in the fiscal year of 2013/2014, from 13.8 percent of GDP in 2012/13, according to according to a new report released Thursday by Central Bank of Egypt (CBE). [Egypt Independent]
Egypt has received requests from the largest three global financial institutions to participate in financing and constructing public projects through public-private-partnership (PPP), according to Finance Minister Hany Qadry Dimian. The institutions are the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). [Egypt Independent]
Initiated by the Arab Institute for Entrepreneurs (IACE), in collaboration with the Center for International Private Enterprise (CIPE) and Stanford University, a study entitled “Reform of entrepreneurial ecosystems in Egypt and Tunisia post-revolutionary” is led by two Tunisian academics Noomen Lahimer and Bilel Belaaj. The study looks at cross-border trade with both Algeria and Libya, and the goal is to find a way not to completely eradicate this phenomenon immediately but to gradually integrate informal trade into the formal sector. [Kapitalis (French)]
Also of Interest:
Egyptian expat remittances hit highest level ever, boosts economy | Egypt Independent
Egypt repays $350 million debt to British Gas | Ahram Online
IMF to participate in Egypt’s economic summit (Feb. 21): Lagarde | Ahram Online
EGAS pumps $4 billion to increase gas production in 2014/2015 | Egypt Independent
Egypt cuts accumulated oil debt to $4.9 billion | Ventures Africa
Goldman relationship with Libyan fund ‘shocked’ lawyer | Bloomberg
Op-ed: Morocco—An emerging economy enjoying increasing visibility | Eurasia Review
Lagarde: conflict in Iraq can trigger higher global oil prices | Asharq Al-Awsat