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Debt payment, fuel shortages, and stockpiling of food before Ramadan contribute to the drop
Bank of America Merrill Lynch Global Research described the transition in a report as having created a “concerning precedent, although the subsequent roadmap is broadly in line with demands from the secular opposition, in our view.”
Economic expert says US aid is “worthless” compared to Egypt’s GDP
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Regarding Egypt’s request for a $4.8b loan from the International Monetary Fund (IMF), Toulba said negotiations will definitely be put on hold given the current lack of clear political leadership.
Experts: the stability of the pound is “temporary” due to bank closures and low demand on banks
A year of achievements in the balance
Yehia Hamed sits down with Saudi investors to discuss resolution of longstanding issues, new investment incentives
Rising summertime prices and devaluing currency drive ongoing inflation
Minister of Planning and International Cooperation Amr Darrag discussed a €200m grant to support Egypt’s public budget (currently running a 10.6% of GDP deficit) with EU delegation head James Moran
Economist Mahmoud Al-Khafif addresses the 2013-2014 budget and the current economic policies of the government. Balancing between the rich and the poor Mahmoud Al-Khafif Al-Shorouk Newspaper Egypt’s national budget is an indicator of governmental policies, economist Mahmoud Al-Khafif believes. For example, Al-Khafif writes, if the government chooses to pursue loans to remedy the budget for …
Hamdi Rashad said the government, and ministers in particular, needed to take tangible steps to address the country’s economic problems.
By Farah Halime, Rebel Economy Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble. It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion. The magnitude of EGPC’s debts is such …
Both sides said that the initial aim was to relaunch regular meetings on technical issues such as crossing points; fuel, power and water supplies to the Palestinians; and payment for treatment of Palestinians in Israeli hospitals.
Watching Egypt’s negotiation with the IMF for a proposed $4.8bn loan has been like watching a daytime soap opera. New characters are added to the main plot while old characters fade into the background, but the storyline remains largely unchanged. Every episode introduces a bit of new drama with no resolution of the main conflicts …
The statement comea a few weeks ahead of planned protests for 30 June and amid an already-ailing economy one year into President Mohamed Morsi’s tenure.
The International Labour Organisation blacklisted Egypt for failing to comply with international agreements
By Iris Boutros Between 1990 and 2010, nearly 1 billion people were pulled out of extreme poverty globally. The Millennium Development Goal (MDG) of halving global poverty between 2000 and 2015 has been achieved five years early, surpassing the progress seen in achieving any of the other MDGs. This week, key politicians and officials …
A report by Ernest & Young states Egypt receives about 10.5% of Africa’s foreign investment
Egypt’s Central Bank decided to keep overnight deposit and lending rates unchanged at 9.75% and 10.75%, respectfully
The IMF said this month that it expected growth in the largest Arab economy to drop to 4.4% in 2013 from 6.8% last year
Ziad Bahaa El-Din Al-Shorouk Newspaper Columnist Ziad Bahaa El-Din tackles the issue of the new tax law issued by the Shura Council. “While Egyptians are busy pondering the fate of the kidnapped soldiers, the economic crisis, the blackouts, and preparing for the exams season, the Shura Council is issuing a new tax law. Its purpose …
The prospectus tasked HSBC Holdings and QNB Global with the rights to organise and administer the programme
A new catalogue of investment opportunities across different sectors will be made available in the coming months
By Iris Boutros Wheat supply matters for Egypt’s food security. Production is high but demand is higher. Self-sufficiency in wheat is not a realistic goal given limits in water and land, as well as dismal agricultural investment levels. So, imports are high. Risks from both domestic and international wheat markets coupled with reduced purchasing …
The ban by the Tourism Ministry comes in an attempt to fight mounting problems within the tourism sector
The longing for freedom, justice and access to the wealth usurped by its rulers was a major driver behind the popular uprising that toppled former president Mubarak in early 2011. The Guardian’s famed “$70 billion” estimate of Mubarak’s family wealth, as provided by Princeton professor Amaney Jamal, did much to arouse the sensation of a …
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Accepting the International Monetary Fund loan in Egypt means testing the public’s willingness to endure a harsh economic climate
The International Monetary Fund also projects the country’s budget deficit to shrink to 8.7% in 2014