Latest in Tag: deficit Highlight
Latest in Tag: deficit
Central bank issues new treasury bills
EGP 6bn in t-bills issued on Sunday
Second consecutive year of recession: World Bank
The World Bank has assessed Egyptâs economic growth in the second quarter of the 2012/2013 fiscal year prior to interim prime minister Hazem El-Beblawi assuming office
Government to rely on grants to reduce deficit
Ahmed Galal : interim government is not here to watch things happening
Expertâs expectations from the new government
The Daily News Egypt spoke to Egyptian economy experts to gain their insight on how the new government should manage the current economic crisis.
IMF claims progress in loan negotiations
The statement comea a few weeks ahead of planned protests for 30 June and amid an already-ailing economy one year into President Mohamed Morsiâs tenure.
Stock market experts slam new taxes
The tax on transactions will have a âdisasterousâ effect on an already suffering market, they say
Rebel Economy wrap
EGYPTâS BUDGET DEFICIT: WHY NO ONE WANTS CUTS By Farah Halime, Rebel Economy While many people generally agree that governments faced with deficits must cut spending, most do not like cuts to specific programmes. Itâs the same everywhere, not least in the US where a national survey found that for 18 of 19 programs tested, the majority wanted either …
CAPMAS: Trade deficit jumps 28.8% year-on-year in November
Exports fell by 1.5%, while imports jumped 14.4% during the same period
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.
Press Syndicate refers Al-Wali to second investigation
The board of the Press Syndicate refers the syndicate chairman to second investigation
Government will not wait for an elected parliament to sign IMF loan agreement
Cabinet spokesperson: âPresident Morsy currently has legislative authority in the absence of the Peopleâs Assembly and can ratify international agreementsâ
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 Egyptâs 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 …
CAPMAS: Trade deficit has risen 48 per cent
By Hend El-Behary Egypt’s trade deficit nearly doubled, reaching EGP 17.6 billion in June, compared to EGP 11.9 billion in the same month last year, a 47.9 per cent jump according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). Exports have plunged by 18 percent, falling to EGP 14.6 billion, a decrease of …
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 …
Mass anti-austerity rallies in Spain, Portugal
“I see the future as very black”, says a 55-year-old worker
Real estate tax expected to raise EGP three billion
Half of real estate tax revenues will be directed to bridging the budget defici
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 …
CBE reports EGP 11.3billion balance of payment deficit
The Central Bank of Egypt (CBE) announced Monday that Egyptâs balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …
ECB hints at new bond-buying scheme
Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders. German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled …
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
Central Bank to issue more bonds and treasury bills
The Ministry of Finance announced the Central Bank of Egypt is to issue treasury bills and bonds, amounting to EGP 52 billion during September, state-owned news agency MENA has reported. The government will issue 91 day, 182 day, 273 day and 364 day treasury bills, amounting to EGP three billion, EGP eight billion, EGP 15 …
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 …
Israel to vote on sweeping austerity measures
(AFP) – Ministers in Israelâs 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 …
Inflation slows in Egypt while deficit widens.
Egypt’s inflation slowed in April, despite overall food prices remaining high and the country’s deficit widening to $11.2 billion, as Egypt’s transition seemed to be prolonging its economic woes, the Automotive Marketing Council noted in a report released yesterday.