Latest in Tag: debt Highlight
Latest in Tag: debt
Egypt’s budget deficit estimated to hit EGP 197.5bn by end of June
Last year, the budget deficit reached EGP 134.996bn.
Egyptian foreign debt increases by $8bn
Internal debts hit an alarming EGP 1.4tn, equivalent to about $200bn.
Egypt and Germany sign €165m agreement
Deal part of debt swap agreement initially stalled by German Chancellor Angela Merkel
Al-Nour party rejects EU loan
Badran: the loan is against the constitution
Personal loans increase as inflation and price of goods rise
The value of personal loans made in November 2012 increased by EGP 900m from the month of October. The total value of loans in local currency was EGP 111.2bn for the month of November 2012, as opposed to EGP 110.2bn in October 2012. During the same period, loans made in foreign currency increased from EGP …
Cutting deficits without damaging growth
Average public debt in MENA countries is more than 78% of GDP, and slower than projected growth or higher interest rates could put debt on an unsustainable path.
Egypt’s media outlets owe EGP 10bn in arrear back taxes
Al-Ahram accounts for lion’s share of debt, owing EGP 5.85bn
Rebel Economy Wrap
Human vs machine, IMF in Cairo, interest payments on Egypt debt
EGPC struggles to stay afloat
The beginning of this fiscal year has seen the EGPC balancing debt to banks and financial obligations to foreign companies
Rebel economy wrap
Egypt debt default, Algeria lifeline, green energy thinking
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 …
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 …
Changing the Debt Structure
Ministry of Finance tips the scale towards treasury bonds instead of short-term bills with little or no positive effects
Asian markets up on China hopes
Asian markets rising, fears over Spanish and Greek debt returning to the fore
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 …
Ministry of Finance issues EGP 18.5bn ingovernment securities
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
Morsy drops farmers’ debts
Addressing his audience of fellaheen (farmers), President Mohamed Morsy echoed former President Gamal Abdel Nasser, saying “I’m one of you in terms of roots and upbringing.” In his speech on Tuesday commemorating farmers’ day, Morsy praised Egypt’s fellaheen, stating that “Egypt’s farmers were the first to rebel against tyranny 4,000 years ago.” Presidential spokesman, Yasser …
US business delegation arrives in Cairo
A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …
Catalonia seeks rescue as Spain recession deepens
As Spain seems closer to a sovereign bailout, Catalonia reach out for a $6.3b government rescue
Eurozone analysts see green shoots
Like the eurozone’s political leaders, analysts are also divided
Merkel gives Greece grounds for Euro hope
Germany’s Chancellor gives Greece eurozone hope, after talk with its prime minister
Ministry of Finance issues treasury bills and bonds worth EGP 135 billion
By Islam Serour The Ministry of Finance announced Saturday an issue of treasury bills and bonds with a total value of EGP 135.228 billion, which was auctioned by the Central Bank of Egypt (CBE) between April and June, in the final quarter of the 2011-2012 financial year. According to the statement by the Ministry, the …
Government begins debt swap negotiations with European countries worth $1b
By Islam Zayed A high-ranking source at the Ministry of Finance (MOF) revealed that the government is working on several projects regarding relief of public debt, reduction of budget’s deficit and reforming the Egyptian economy, all in parallel. The Foreign Relations Department at the Ministry of Planning and International Cooperation (MPIC) continues to negotiate the …
Bailout request by Spain would not affect debt rating: S&P
Madrid (AFP) – Ratings agency Standard and Poor’s said Wednesday that if Spain requested a full bailout from European Union rescue funds and the IMF, this would not affect the country’s debt rating. “The sovereign ratings on the Kingdom of Spain would likely not be directly affected should Spain’s government request a bailout through official …
Spain borrowing costs dip but crunch looms
Spain still facing a huge repayment crunch, warned analysts
IMF Managing Director arrives in Cairo
Lagarde to meet Hesham Qandil, Morsy to discuss economic and reform programme
Spanish unemployment nears 25%
Madrid (AFP) – Spanish unemployment is now near one quarter of the workforce, fuelling fears the country might need a costly bailout as the IMF issued its latest report on the eurozone’s fourth biggest economy. The unemployment rate rose in the second quarter to 24.63 percent of the workforce and to a huge 53 percent …
Emerging markets unable to manoeuvre due to rising domestic debt
By Rahma Abdelaziz China once again lowered interest rates, indicating Beijing’s desire to contribute to international efforts and ensure greater liquidity in worldwide financial markets in light of the euro zone crisis. The step is similar to the one taken after the collapse of Lehman Brothers. The current move, however, may not have the same …
Shura Council report cites corruption as main cause of growing debt
The Shura Council’s Economic and Financial Affairs Committee is citing widespread corruption within the state as the main reason for worsening public debt in a report that has created a firestorm since it was released. The report highlighted 65,000 instances of corruption in a single year as evidence of massive waste, with government agencies routinely …