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EU aid to Egypt under attack

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

Daily News Egypt

Op-ed Review: Egypt’s general budget

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 …

Thoraia Abou Bakr

Egypt’s biggest oil debts

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 …

Daily News Egypt

The Egypt-IMF loan negotiation: The soap opera continues

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 …

Iris Boutros

While the world succeeds in battling poverty, Egypt fails

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 …

Daily News Egypt

Op-ed review: Adjusting the tax law…a new cycle of economic confusion

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 …

Thoraia Abou Bakr

Reducing risks: Wheat supply in Egypt

  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 …

Daily News Egypt

“Show me the Money…”

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 …

Dr Mohamed Fouad

Egypt’s investment problems: The Cemex case

By Iris Boutros The young, new Minister of Investment, Yehia Hamed recently announced that the government would not sell or privatise any of the public sector companies while in a meeting with the Egyptian Aluminum Company in Naga Hammadi, Qena, according to Egypt’s State Information Service on 14 May. He assured workers of public sector …

Daily News Egypt

In search of real reform

Despite the growing crisis, Egypt may be better resisting the temptation to do too much too soon In the discussion over the worsening economic crisis facing Egypt, there has been at times an implicit attitude towards Egypt’s future: the country needs only to get back on the horse. A few decisive moves to reduce the …

Rasheed Hammouda

Egypt: Too big to bail!

An interesting assumption is continuously being adopted by many of Egypt’s intelligentsia as well as political analysts: “Egypt is too big to fail!” Several people have weaved their own theories touting Egypt’s strategic position and weight in the region which will make it unwise for the “powers that be” to allow it to descend into …

Dr Mohamed Fouad