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Loan follows $50m provided in December 2013
Tanmeyah aims to bring loan to small and medium enterprises by end of 2014 through new loans issuance ranging from EGP 30,000 to EGP 200,000
Hopes to restore confidence in Egypt’s economy through tax legislation, reducing budget deficit
The government has so far distributed 2.6m out of the targeted 4.5m smart cards, said Tareq Al-Mula, chairman of the Egyptian General Petroleum Company (EGPC).
Finance and tourism ministers to meet this month to resolve dispute between Real Estate Taxation Authority (RTA) and Chamber of Hotels over property tax law
An IMF delegation will visit Egypt before the end of 2014, minister adds
Reuters – The Egyptian government sees its budget deficit, if it does not implement reforms, running at 14-14.5% of gross domestic product in the fiscal year starting on July 1, Finance Minister Hany Kadry Dimian said on Sunday, above a target of 10-10.5% he gave in March. Egypt’s economy has suffered from more than three …
Reuters – Egypt’s Finance Minister said on Sunday spending on energy subsidies next year will be 10-12% above the EGP 130bn ($18.66bn) budgeted for the current fiscal year, unless immediate reforms are made. Successive governments have stressed the importance of reducing energy subsidies, which account for more than 20% of state spending, but none have …
Government aims to reassure that Egypt safe for investors
El-Beblawi said that economic progress cannot be achieved unless security, political stability and futuristic economic vision prevailed.
“Despite the road being long, there does appear to be a shared vision of where both the government and direct foreign investors want to be – and that is moving forward,” said Richard Banks, Regional Director of the Euromoney Conference.
Ministry of Finance sets aside EGP400m in government funds
Poverty rates have increased from 20% to 25%.
These statements came during a press conference on Sunday night with a number of political youth groups, including Tamarod, April 6th and the Socialist Union, in addition to a number of liberal and Salafi parties.
The Brazilian currency, which has been at its lowest level against the dollar in four years, closed at 2.35 to the greenback Friday, up 3.2% from Thursday’s close.
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
By Farah Halime, Rebel Economy Egypt’s deputy finance minister, Hany Kadry Dimian, has left his post after six years in the ministry, a source at the finance ministry told Rebel Economy, delivering a blow to the country’s chances of concluding a loan agreement with the International Monetary Fund. Mr Dimian, who has served as the deputy …
Will Egypt’s new finance minister be open to discussion?
Delays in the reform programme could lead lower wages and potential layoffs
By Edmund Blair / Reuters CAIRO: Egypt’s finance minister-designate told Reuters on Tuesday that the government was committed to a market economy and to creating an environment in which investors could predict the future “reasonably well.” Hazem El-Beblawi, who has yet to take the oath of office, said he did not rule out the possibility of …