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Rebel Economy Wrap: The IMF dam

By: Farah Halime Billions of dollars of financing earmarked for Egypt is mounting up behind an International Monetary Fund (IMF) dam. Until Egypt agrees a final deal with the IMF for a $4.8 bn loan package, none of the estimated $14.5 bn in additional financial support and aid will be released. The effects of the …

Daily News Egypt

Egypt updates its economic plan to obtain IMF loan

The government is in the process of updating the economic plan it presented to the International Monetary Fund (IMF) in an attempt to secure the $4.8 billion loan desperately sought by Egypt. “One part is to see, go back and revisit those measures that they had put on hold, which they need to reinstate” and …

Mohamed Salah

Folly to be wise

By Philip Whitfield Undressing the tree, the Christmas cards tease. Bundle and bung? Or pause wistfully. The ones from Palestine are most inclining. Not from bullyboys or assassins. They hail from everyday folk. One draws most attention. The writer points out that when O little town of Bethlehem is sung seldom think of today’s city …

Fady Salah

Financial community pessimistic

By Mahmoud Kasas Experts in finance and investment banking agreed that the government’s recent decision to postpone the signing of the $4.8 billion IMF loan will have a negative impact on the country’s economic climate. “Postponing the loan will deter investors seeking to do business in Egypt,” said CEO of CI Capital investment bank, Mahmoud …

Fady Salah

IMF deal approval delayed

The International Monetary Fund said that Egypt had asked to delay its request for a $4.8 billion loan agreed in November as violent protests mount in Cairo ahead of a referendum on the constitution

Liliana Mihaila

EGX continues sideways movement reflecting market uncertainty

The stock exchange’s main indicator, the EGX30, reflected ongoing instability in the market with a shaky day of trading Wednesday. A slight dip started the day, followed by an up-swing that lasted until midday before it closed at 5,668 points, losing 0.38 per cent of its value. The market has been sensitive to contradictory news …

Mohamed Salah

Investment and our bipolar administration

Drops of tax “reforms” have been percolating from the cabinet to the public over the past few days, leaving the latter surprised, bewildered and anxious as to what’s yet to come. Wednesday the government approved a progressive income tax and variety of taxes on the securities market. Yesterday, a one per cent bump in sales …

Mohamed El-Bahrawi

Egyptian Stock Exchange. (PHOTO BY MOHAMED OMAR)

EGX30 closes above resistance level

The standard stock exchange index, EGX 30, ended Monday’s session above the resistance level of 5,800 points for the first time this month amid expectations of a continuing increase. The index closed Monday at 5,893 points compared to 5,793 points on Sunday, gaining 1.73 per cent, while the EGX70 index for small and medium sized …

Mohamed Salah

High oil prices to push MENA growth forecast up in 2013

The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …

Hend El-Behary

Egypt close to agreement with IMF

An agreement on the proposed $4.8 billion loan to Egypt could be reached by mid-November, according to director of the International Monetary Fund (IMF), Christian Lagarde. Lagarde spoke to Egyptian reporters on Thursday in a press briefing that was held during the joint meeting of the IMF and the World Bank in Tokyo. “As you …

Mohamed Salah