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Since 25 Jan and former president Hosni Mubarak’s ouster, Egypt has been in a perpetual stage of transition. All dreams of a better future and rosier outlook have evaporated in the midst of unrest that has kept investors and tourists at bay, stifling economic growth. The economy has been battered ever since, with foreign debts …
Reuters – Saudi Arabia is expected to give Egypt up to $4bn in additional aid in the form of central bank deposits and petroleum products, state-run Egyptian newspaper Al Ahram reported on Thursday. Citing an unnamed ministerial source, the newspaper said the package would be worked out during a visit next week to the kingdom by Egypt’s interim prime …
Egypt’s economy was growing at about 6% annually for several years before Mubarak was ousted.
Reuters – Egypt will return $3 billion that were invested in bonds to Qatar when the debt matures by the end of the year, a central bank source told Reuters on Thursday. “We will return $500 million to Qatar in October and $2.5 billion in November (for) the bonds,” the source said. Three years of political instability have left the Egyptian …
The investment plan is positive for Egypt’s army-backed government, which is trying to attract foreign money back to the country and create jobs to ease social discontent as it manages a difficult transition to elections this year.
The Gulf country has recently announced measures to boost the Egyptian economy
Economic and financial consulting firm Dcode estimates that Egypt will receive additional $5.5bn-$6bn during the 2014 calendar year
New bill facilitates the return of military aid to Egypt following its suspension in July
The UN leader warned that evidence of widespread atrocities committed during the nearly month-long conflict would be investigated, and that “perpetrators of serious human rights violations will be held accountable.”
The Ministry of Finance releases a report detailing the costs and distribution of the minimum wage over about 4.83 million workers
Civil Aviation Minister said: “These flights are exempt from takeoff, landing and discharging fees,” adding that “this represents the ministry’s contribution to this initiative”.
Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …
New legislation gives US president waiver over ‘foreign funding law’ within the context of national security
Any IMF deal would require economic reform commitments that the government might find politically risky
Russia’s foreign minister reiterates his country’s willingness to finance development
Security is the greatest cause for concern
State Department provide little comment on Russian delegation’s visit to Egypt
A group from the House State and Foreign Operations Appropriations Committee is expected to conduct aid-related talks with Egyptian officials
This is the interim president’s second regional tour; both tours come within a month
$250,000 monthly fee paid to Glover Park Group
Al Maktoum has renewed his country’s support of Egypt in order to face current challenges
Strong support from regional neighbours has helped buttress reserves, and GDP growth should tick significantly upwards next year, but fiscal health nonetheless represents a sticky challenge for whoever wins the forthcoming elections by next spring: traditional revenue sources such as tourism, taxation, exports and investments have declined, while government expenditures in the form of public sector wages and subsidies for both energy and food continued to expand.
The U.S. State Department announced on Wednesday that it would halt the delivery of large-scale military systems and cash assistance to Egypt’s government. It said “credible progress” must be made towards free and fair elections. US State Department spokeswoman Jen Psaki said the United States is “recalibrating” its military aid to Egypt. While State Department did …
US state department announced it would halt parts of its aid to Egypt pending progress towards democratically elected civilian government
Talks in Geneva take place as the number of Syrian refugees has crossed the two million mark
UAE’s prince Mohammed bin Zayed Al-Nahyan pledged to send $ 2bn additional aid to support Egypt
Over 2 million Syrians have fled the bloody conflict in Syria, Egypt is home to over 100,000 registered refugees
UAE prince and deputy commander Nahyan reiterates his country’s support for Egypt’s interim government and military
Prime minister comments on security, economy and ElBaradei
State department continues to review “entire relationship” with Egypt