World Bank Suggests Pricing Cost of Air Pollution in the Middle East

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
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World Bank Suggests Pricing Cost of Air Pollution in the Middle East

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

A World Bank report suggests pricing the cost of air pollution and reforming fossil fuel subsidies and creating markets for emissions, along with offering cleaner transportation options in the Middle East.

The human and economic cost of air pollution and degraded seas and coastlines is immense, estimated to be more than 3% of GDP in some countries of the Middle East and North Africa (MENA), according to the new report.

The report, Blue Skies, Blue Seas: Air Pollution, Marine Plastics and Coastal Erosion in the Middle East and North Africa, focuses on the degradation of "blue" natural assets in the MENA region (clean air, health seas and stable coastlines) and offers policy recommendations to reverse the threat to this natural capital.

"Polluted skies and seas are costly to the health, social and economic wellbeing of millions of people in the Middle East and North Africa region," said Ferid Belhaj, World Bank Vice President for the Middle East and North Africa, in a press release on Monday.

"As countries recover from COVID-19, there is an opportunity to change course and choose a greener, bluer and more sustainable growth path that has fewer emissions and less environmental degradation," he added.

To address marine plastic pollution, the report's recommendations include improving solid waste management, creating reliable market structures for recycling markets and increased collaboration with the private sector for plastic alternatives, while also reducing fossil fuel subsidies which artificially reduce the price of plastics versus alternatives.

To tackle coastal erosion, governments must better understand the drivers of erosion and determine hotspots while also embarking on integrated coastal zone management schemes and adopting nature-based solutions that protect coastlines, including dune vegetation or artificial reefs. Moreover, practices that exacerbate coastal erosion should be controlled, including effective bans for illegal sand mining, and retrofitting dams that obstruct the flow of sediment from rivers to the coasts, the report said.



Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.