Mena Economic and financial news

  • 08/01/2017

    The Executive Board of the International Monetary Fund (IMF) today completed the second review of Iraq’s three-year Stand-By Arrangement (SBA), which is designed to support Iraq’s economic reform program and restore fiscal balance over the medium term. The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million.

  • 07/19/2017

    Dubai: A new global report suggests the UAE is the “third most-prepared for change in the world”, said global audit firm KPMG on Wednesday.

    The UAE also topped the list of all Middle East and North African (Mena) countries as the most ready to meet the future, KPMG said in its international Change Readiness Index (CRI).

    The index ranked 136 countries for their capacity to “respond and adapt to significant change, resulting from short-term events, such as natural disasters, and longer-term demographic, economic, social and technological trends”, said authors.

  • 07/19/2017

    Lebanon has become a shareholder of the European Bank for Reconstruction and Development (EBRD) with a view to becoming a recipient of the Bank’s investments and advisory services.

  • 07/25/2017

    The EU-Egypt Association Council today endorsed the EU-Egypt partnership priorities for 2017-2020. The aim of the partnership priorities is to address common challenges, to promote joint interests and to guarantee long-term stability on both sides of the Mediterranean.

    The EU-Egypt partnership priorities are guided by a shared commitment to the universal values of democracy, the rule of law and respect for human rights, and cover three main areas:

    Egypt's sustainable modern economy and social development

  • 07/27/2017

    DUBAI — Proven Saudi Arabia, the leading business support provider for the KSA, provides further insight on the implementation of VAT and the effect it will have on businesses operating within the Kingdom. It has been confirmed that a 5% VAT will be applied across the KSA at the beginning of 2018. VAT will affect most goods and services except for a list of essentials such as medical supplies, books and daily necessities as well as services such as education, health, transport and exported goods and services.

  • 07/26/2017

    With the aim of strengthening the Palestinian banking sector by transferring skills and exchanging know-how, the Palestine Monetary Authority (PMA) and the European Bank for Reconstruction and Development (EBRD) have held a first joint workshop in Ramallah in the West Bank.

    The workshop focused on the banking products needed to support the development of small and medium-sized enterprises (SMEs) in the West Bank and Gaza and achieve the objectives and requirements of financial inclusion.

  • 06/04/2017

    WASHINGTON, June 4, 2017— The World Bank forecasts that global economic growth will strengthen to 2.7 percent in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging market and developing economies.  

  • 05/11/2017

    The Administrative Control Authority in the Arab Republic of Egypt, the Ministry of Investment and International Cooperation, and the United Nations Development Programme (UNDP) signed on 11 May 2017 a letter of intent which aims to enhance cooperation among both entities in support of the inclusive and effective implementation of the UN Convention against Corruption in Egypt, as well as the ‘National Anti-Corruption Strategy” and the “Transparency and Integrity of Government Institutions” pillar of “Egypt Vision 2030”.  

  • 04/28/2017

    The EU and Tunisia have signed a new Macro-Financial Assistance (MFA) programme package worth €500 million. The programme will take the form of a medium-term loan made in three instalments, or disbursements, over the course of 2017 and 2018. This assistance is part of the EU's comprehensive efforts to help Tunisia respond to the severe economic difficulties it has faced since 2011, particularly as a result of the 2015 terror attacks and persistent political instability in the region.

  • 05/03/2017

    On the occasion of the Tunisian week at the European Parliament, EU High Representative Federica Mogherini reaffirmed the EU's willingness to fully support Tunisia in its democratic transition and to support the Government's efforts for more socio-economic development, in particular through increased support in youth-related fields such as employment, education, research and student and youth mobility.