Turkish Central Bank revises inflation outlook

The bank significantly raised its inflation projections, citing the effects of the war in Ukraine, but inflation was high before the war.

Turkey

IMF: Oil producers better prepared for Ukraine-related economic downturn

The International Monetary Fund’s report also highlighted currency depreciation in Egypt, economic effects of the war in Yemen and Jordan’s fledgling tourism sector.

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change

Iraq grapples with rising food costs as a result of Ukraine war

Ripple effects from the Russian invasion of Ukraine are driving the Iraqi government to allot additional funds to ensure the food supply is stable.

Iraq

Italy's ENI to tap North African gas for Europe

Europe’s race to reduce its energy dependence on Russia has put the spotlight on Algeria, Egypt and Libya, but their capacity to boost exports in the short term is limited and any significant increase would require large investments and stability.

North Africa

Saudi Arabia, France pledge aid to Lebanon for food, health sectors

Some countries have been reluctant to provide aid to crisis-stricken Lebanon without the government's implementation of economic reforms.

Lebanon

Egypt wants shipping agencies to deal in pounds amid dollar flight

After Egypt’s currency devaluation in March, the Egyptian government hopes to ease the strain on its banking system by mandating that international shipping agencies accept Egyptian pounds instead of US dollars as payment.

Egypt

Explainer: UAE business delegation visits Kashmir, meets Indian PM

The UAE and India have a strong economic relationship. The Kashmir visit could affect UAE-Pakistan ties.

United Arab Emirates

Will sanctioned Russian oligarchs find haven in Egypt?

Its current economic hardships may prompt Cairo to double down on investments with Russia.

Egypt

US becomes Turkey's second biggest gas supplier, but for how long?

Turkey's second biggest gas supplier over the past winter was the United States, but Ankara may have to turn back to its neighbors to ensure it has sufficient supplies.

Turkey

Ankara’s interest liabilities balloon to dizzying heights

The ratio of the Turkish government’s interest liabilities to its principal domestic debt has hit a staggering 117%, up from 60% last year.

Turkey

Brent crude falls nearly 10%, OPEC basket drops slightly

Saudi Arabia has acted to keep prices high recently against the wishes of the US.

Saudi Arabia

War in Ukraine tests Algeria’s wheat reserves amid inflation, drought

Wheat supplies should be sufficient for the rest of 2022. But the country will eventually be compelled to secure additional quantities at higher prices

Algeria