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Algerian government on Sunday said the country recorded slower third-quarter growth despite a significantly better performance from the energy sector. The data released by the statistics office show overall GDP growth was 3 percent in the third quarter, down from 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
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 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
A senior Algerian government official under the condition of anonymity has revealed that authorities are preparing to invite foreign and private investors to acquire controlling stakes in state-run banks. There are six (6) state banks in the country and they Read more
The International Monetary Fund (IMF), the Center on Global Economic Governance (CGEG) and Morocco’s OCP Policy Center are holding a seminar on “Energy Transition, NDCs, and the Post-COP21” in Marrakech Sept.8-9th. In preparation for COP22 due in Morocco next November, Read more
The Egyptian parliament has passed a law on Value Added Tax (VAT) after an intense debate and Finance Minister Amr El Garhy said “it’s a tax reform that Egypt needed to begin its economic reform process.” The VAT, fixed at Read more
Five political parties, four NGOs and tens of union leaders and public figures have petitioned President al-Sisi not to approve the three-year $12 billon loan agreement with the International Monetary Fund (IMF) deeming the deal will lead the “miserable” economic Read more
Egypt and the International Monetary Fund (IMF) have reached an agreement for the three-year $12 billion loan needed by Cairo to support its reform program. The head of the IMF delegation Chris Jarvis said the country has a “great potential Read more