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El-Beblawi briefs Lagarde on Egypt’s latest economic developments
The fund increased its estimate for world growth this year slightly to 3.7%, after 3.0% in 2013, while warning that the rebound of the world economy is still “weak and uneven”.
The IMF chief dined with Kenyan President Uhuru Kenyatta on Monday evening in the coastal city of Mombasa.
By Farah Halime One of the key markers of a thriving economy is whether investors are committed. For Egypt, attracting investors has remained a point of contention in the last three years – are they or are they not putting money in Egypt? Marshall Stocker, an American venture capitalist, was among a band of businessmen drawn …
Egypt has diversified debt instruments, but still has the same creditors
Interest rate sharply reduced but the government’s options remain limited
The government is ignoring Sukuk and depending on Arabs to meet urgent needs
Royal Institute of International Affairs examines interim government performance, post revolution economy political participation and IMF development
By Farah Halime General Abdel Fattah Al-Sisi must be revelling in the image of an all-powerful oligarch created by the media. Apparently he reigns over a sprawling economic empire that journalists describe (in now rather clichéd terms) as so varied that it covers everything from the production of flat-screen televisions and pasta to refrigerators and …
Any IMF deal would require economic reform commitments that the government might find politically risky
The economies of Arab countries rocked by the uprisings that swept the region two years ago, remain sluggish because of unfinished political transitions
Reform is needed to boost investor confidence and bring back higher levels of FDI
Bessma Momani has a PHD in political science with a focus on international political economy. She is an associate professor at the Balsillie School of International Affairs at the University of Waterloo and authored the book IMF-Egyptian Debt Negotiations.
Momani highlighted three key areas investors view as intersecting with politics: confidence, perception and reform.
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.
Egypt Business Directory explores factors behind the EGX30 index surge on Thursday to its highest level in eight months. Where did the optimism come from to push the mark to 5765.8 points in that session.
Daniel Markey, a senior fellow at US think-tank the Council on Foreign Relations, said that since coming to power in May Sharif had impressed Washington with his willingness to be a partner.
IMF: The political uncertainly Egypt underwent has clouded the economic outlook and impacted the policy performance.
Growth rates in emerging market and developing economies are now down some three percentage points from 2010 levels, mostly due to a slowdowns in Brazil, China, and India, the IMF said.
PM Hazem El-Beblawi says negotiations are ongoing over whether IMF will recognise current government
By Farah Halime It was bound to happen sooner or later. Egypt has returned to Qatar the $2bn the Gulf state deposited in Egypt’s central bank after negotiations to convert the money into three-year bonds failed. Though this represents only a quarter of the total funds Qatar has lent or given to Egypt, the decision …
No official statement on whether or not negotiations were reinitiated after post 3 July hiatus
Increases in inflation rates from January to August 2013 totaled 9.4% compared to the same period during the previous year.
By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …
Galal announced that no property taxes or income taxes would be modified “in order to not harm the economy.”
The global lender said all discussions are being held with the technical team from the Central Bank of Egypt and the Ministry of Finance
Galal downplayed the importance of resuming talks with the International Monetary Fund (IMF) over the country’s pending $4.8bn loan, which the previous government under former president Mohamed Morsi had been pursuing since August 2012.
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
Spokesman says the decision to engage with the interim government depends on shareholders
Prime Minister states that the US stands ready to support Egypt economically
Moran said he considers economic growth and Egypt’s inability to attract new investment among one of the largest challenges facing the country’s new government.
El-Beblawi also expressed his concerns over the country’s fuel supply situation.
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Slashing energy subsidies is one of the requirements set by the International Monetary Fund (IMF)to secure the proposed $4.8bn loan package.