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Egypt’s Suez Canal revenues recorded $389.2 million in November dropping by 4.7 percent year on year since November 2015 when they were at $408.4 million, according to official figures published by the Suez Canal Authority. The international waterway is a Read more
The World Bank has approved the second phase of its $3 billion loan to Egypt, disbursing another $1 billion part of its support to the North African country’s “ambitious program of reforms with a strong focus on job creation and Read more
Emir Sheikh Sabah of Kuwait called for the adoption of austerity measures because the country’s income has drastically fallen. In an address before the parliament opening session, Sheikh Sabah said he is convinced that all Kuwaitis realize that cutting public Read more
Algeria’s social cohesion seems on the brink of collapse as the country braces for imposing austerity measures including taxes and a lift on subsidies in response to the plunge in oil prices which have seriously diminished the country’s revenues. As Read more
The lower Algerian parliament has approved the budget bill for 2017 but members of the opposition party boycotted the vote with some branding posters reading “Starving the people” and “Undermining the social nature of the state” to protest against the Read more
Libya’s black markets have registered an unprecedented surge in the rates of the foreign currencies in exchange of the Libyan dinar over the weekend; further increasing the differences between the Prime Minister-designate Faiez Serraj of the UN-Backed Government of National Read more
Data from the Customs Statistics and data Center (CNIS) showed that Algeria’s trade deficit has increased with importation and exportation decreasing simultaneously. The report highlighted that the deficit gap has widened from $13,76 billion in 2015 to $15,80 billion in Read more
The International Monetary Fund (IMF) has warned that “further subsidy reform is critical” in Kuwait because the country’s “fiscal and external accounts have deteriorated markedly.” The implementation of austerity reforms by the government generated displeasure and the demand for more Read more
The Egyptian Central Bank dropped the Egyptian Pound’s (EGP) value by 48% and raised interest rates by 300 basis points for “one night only” as part of its efforts to re-balance the currency market. The decision has already yielded some Read more
Federica Mogherini, Chief of the EU foreign policy called on European investors to channel investments to Tunisia. In the same vein, she urged the 28-member state bloc to consider Tunisia as a strategic priority. “Investing in Tunisia, in its present Read more