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IMF officials reinforced the need to encourage the growth of a strong new Egyptian economy rooted in the private sector, and build on competition instead of favouritism.
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Experts: Uncertainty has become the future of the Egyptian economy, A number of financial and economic advisers agree that President Mohamed Morsi’s decisions worsened the economy
Subsidies, political consensus among prerequisites which Egypt still struggles to meet
Once the card owner depletes their allotment of the subsidized fuel, they will then be forced to pay market prices.
Darrag told Reuters that, “the loan will come as part of a Saudi finance package provided to Egypt, lent at 3% interest, and set to be paid back over a period of 8 years, after a 2-year initial grace period.”
IMF was working “constructively” with the authorities with the hope of a swift conclusion of loan negotiations: IMF spokesman
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 …
Government’s Officials to auction off their valuable gifts, amid a soaring budget deficit
Loan delayed by inconsistent implementation of subsidy cuts and tax hikes
Experts express concerns over Egypt’s alarming internal debt
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 same day in Menufiya, a policeman was injured after residents blocked the Cairo-Alexandria road, in protest against the failure to secure fuel quotas which were promised by the governor.
IMF held up by lack of signs of political consensus over the $4.8bn
The report predicted that annual inflation rates would increase by the end of this year to 10.8%, compared to 8.4% in the previous fiscal year
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.
Last year, the budget deficit reached EGP 134.996bn.
Egypt’s Central Bank decided to keep overnight deposit and lending rates unchanged at 9.75% and 10.75%, respectfully
The prospectus tasked HSBC Holdings and QNB Global with the rights to organise and administer the programme
Reform measures hampered by unrest and lack of political support for plans
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
Experts: Good step, but no impact on cash reserves
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 …
The IMF expected Egypt’s GDP to grow 2% over the next year as opposed to 2.2% in 2012
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 …
Participants to voice opposition to Morsi’s economic policies and commemorate dead activists
Top US official on Middle East reaffirms importance of US-Egypt relationship
By Iris Boutros The focus of Egypt’s progress to secure the pending $4.8bn loan from the International Monetary Fund (IMF) has been on the size, timing, and conditions of the loan. Many have speculated on the impact of protracted negotiations, the economy, the currency, investment, price inflation and subsidy cuts. These questions are critical, but …
MERIS downgrades long- and short-term credit ratings of NBE, Banque Misr, and CIB