Latest in Tag: budget Highlight
Latest in Tag: budget
Saudi 2012 surplus hits $102.9bn on rising revenues
Saudi Arabia continues to use part of its surplus to repay its public debt
Swimming against the current
The government’s prescription to treat the economic recession we’re currently enduring has been a two-fold solution of increasing foreign investment and seeking more international loans. The monetary policy of maintaining the stability of the Egyptian pound against depreciation is a top priority. But how long can the state keep this up? How overvalued is the …
For the seventh time: CBE fixes interest rates on deposits and loans
In its meeting Thursday, the monetary policy committee in the Central Bank of Egypt has decided to fix the interest rates on deposits at 9.25 per cent and on the one night lending at 10.25 per cent for the seventh time since February, in an attempt to maintain the bank’s monetary policy and to control …
Ministry of Transport considers metro fare increase
The Ministry of Transport is studying the feasibility of raising the price of metro tickets by around a quarter. Currently EGP1, the new price would be between 125 to 150 piastres, Egyptian media has reported. Furthermore, the ministry is also considering cutting subsidies for public servants, students, the military and police. Egyptian media published contradictory …
Doctors’ strike begins
Doctors demand increased wages, security, budget and overall better services
Asian markets up on China hopes
Asian markets rising, fears over Spanish and Greek debt returning to the fore
Tying the knot: 2013 trends
All about wedding, the “Big Day”
Oil prices drop after brief rebound
EU President: “Europe is on the way out of the crisis”
What if foreign investment flows in?
Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …
Ministry of Finance to issue more FRNs
The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …
The Economist: Egypt third most indebted nation in the world
By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …
Indian PM heckled over reforms
Supreme Court lawyer shouted for the prime minister to “roll back” the liberalisation measures at an international legal conference
Egypt cellular carriers condemn new tax-per-minute proposition
By Hend El-Behary A wave of condemnation from Egypt’s main cellular carriers Mobinil, Vodafone and Etislat followed Finance Minister Momtaz El-Saeed’s unexpected suggestion to impose per minute taxes on mobile phone calls last Monday. El-Saeed declared the ministry is studying the feasibility of a one piastre per minute fee on every mobile phone call as a …
New floating-rate notes see significant success
By Hend El-Behary The Ministry of Finance has received offers equating to EGP 2.5 billion for the first Floating-Rate Note (FRN) ever issued in Egypt. The move comes in the context of the ministry’s strategy to diversify public debt instruments, according the ministry’s press release. FRN are bonds with a variable interest rate. The adjustments …
Potential new tax on mobile phone calls
Mobile tax, a new burden on the average citizen!?
Government promotes public-private partnerships
Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …
Real estate tax expected to raise EGP three billion
Half of real estate tax revenues will be directed to bridging the budget defici
Ministry of Finance issues EGP 18.5bn ingovernment securities
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
Tax Authroity new head vowes to boost tax revenues
Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …
Former AIO chief slams El-Brince’s statements
Lieutenant General Hamdy Wahiba denies El-Brince’s accusations
Spain expects ECB to intervene in euro crisis
Spain on the verge of seeking a sovereign bailout
Jordan goes back on fuel price hikes
Proposed 10% rise in fuel prices stooped by King Abdullah II
Petroleum Ministry raises diesel quota for electricity stations
Fears of supply shortages arise as Petroleum minister decides to channel more diesel to power stations
New fiscal measures to address state budget deficit
By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …
Housing Authority completes the development of 153 villages in Upper Egypt
By Mohamed Darwish The Central Authority for Housing (CAH) concluded the development of 153 villages at the beginning of the month, costing EGP 2.5 billion. The development rate in 373 villages reached 45%, costing EGP 3.5 billion in the Sohag, Assuit, Qena, Luxor and Menya governorates. General Mahmoud El-Maghawry, Director of the CAH, said that …
Progress in Constituent Assembly, executive and legislative bodies finalised
Relationship between executive and legislative bodies finalised, subject to vote in the Constituent Assembly
Israel to vote on sweeping austerity measures
(AFP) – Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard. Central to the plan is a hike in income tax and VAT, as well as a 700 million …
Previous fiscal year characterised by rising GDP deficit
The Egypt Economic Performance Report for July-May of the fiscal year 2011-2012 revealed a continued rise in the overall GDP deficit, valued at EGP 136.5 billion or 8.8% of GDP, compared to EGP 112.6 billion for the same period last year. The former has dropped by 2.9%, as opposed to the latter, which dropped by …
Morsi raises government salaries
The government began implementation of the new budget decisions last Sunday, after the approval of the Supreme Council of the Armed Forces
Minister of Finance: New budget on 1 July
The new budget proposal , which is to be implemented in 1 July after SCAF approval, includes a number of reforms designed to re-start Egypt’s growth.