Follow the latest in economic news and developments about the Arab transition countries.
Finance Minister Mohammed Zemam held a meeting with EU ambassador to Yemen Bettina Muscheidt to discuss aspects of EU support to Yemen. The discussion focused on the assistances the EU provides to Yemen in the institutional, financial and economic reforms and to cover the gap in the State’s budget. On the other hand, the Finance Minister held talks with World Bank’s Country Manager for Yemen Wael Zakout over bilateral cooperation. [SABA]
Finance Minister Hani Kadry speaking to Egypt’s CBC TV said on Tuesday he expects the new budget deficit to stand at 10 percent in the coming fiscal year that starts on July 1. His ministry issued a statement later saying it would revise the budget on Wednesday and re-send it to Sisi. [Reuters]
The IMF is ready to help Egypt if requested to, representative of Egypt and the Arab countries in the IMF Abdel Shakour Shalan said. Till now, Egypt did not ask for any help from the fund or announce plans for seeking to get a loan or a certificate of the safety of the Egyptian economy, Shalan told a number of reporters accompanying the Door-Knock mission of the American Chamber of Commerce in Egypt (AmCham Egypt) to Washington. [SIS/MENA]
Foreign investors are expected to inject $96 billion in the Middle East and North Africa this year, a 17 percent increase over 2013, despite continuing instability in some parts of the region. Net direct investment to the region will likely rise to $47 billion in 2014 and to $52 billion next year, compared to $38 billion in 2013, according to the Institute of International Finance (IIF). [Zawya]
Also of Interest:
Central Bank of Egypt establishes ‘Long Live Egypt Fund’ to support economy | DNE
Egypt expanding efforts to ease food subsidy costs | Reuters
IDB approved $752 million loan to Egypt | Arab News
Underprivileged families to receive JOD 100 under Royal makruma | Jordan Times
Central Bank of Jordan cuts interest rates by 50 basis points | Jordan Times
First house of Moroccan parliament approves Islamic finance law | Reuters
Tunisia: Business development and education sectors benefit from EIB support | ENPI
EBRD announced €10 million loan for Tunisia | APA
Tunisia: FDI down 27.5 percent in 2013 | TAP
Yemen, AFESD sign funding agreement of $20 million | SABA
Yemen’s unemployed turn to the black market | Al-Monitor
$25 million US fund pumps investment into MENA start-ups | Business Arabia