Latest in Tag: Economy Highlight
Latest in Tag: Economy
Fitch raises Egypt’s economic outlook to stable
The ratings agency keeps the country’s long-term foreign and local currency sovereign credit rating at B-
Buoyed by Gulf aid, Egypt current account hits surplus
Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …
Ministry of Finance defines strategic goals for 2014/2015 general budget
Government says it seeks to achieve social justice and economic development through a transparent and publicly disclosed budget
Planning minister expects 2% growth in second quarter
The government targets 3.5% growth in the current fiscal year, which ends June 2014.
Swedish ambassador looking to the future
What is important now is to move ahead, says ambassador
Egypt’s secret Swiss bank
By Farah Halime Nestled in the heart of downtown Cairo is the opulent headquarters of Arab International Bank, a secretive bank that has allowed kleptocrats to funnel money out of the country for decades with barely any regulatory oversight. The bank, established in 1974 by a treaty signed by Egypt, Libya, Qatar, Oman and the UAE, is exempt …
Why one foreign investor left Egypt
By Farah Halime One of the key markers of a thriving economy is whether investors are committed. For Egypt, attracting investors has remained a point of contention in the last three years – are they or are they not putting money in Egypt? Marshall Stocker, an American venture capitalist, was among a band of businessmen drawn …
Iran President Rouhani targets stagflation in first budget
Analysts say soaring inflation is due to increasingly tough economic sanctions and mismanagement by former president Mahmoud Ahmadinejad.
Why Egypt’s army is bad at doing business
By Farah Halime General Abdel Fattah Al-Sisi must be revelling in the image of an all-powerful oligarch created by the media. Apparently he reigns over a sprawling economic empire that journalists describe (in now rather clichéd terms) as so varied that it covers everything from the production of flat-screen televisions and pasta to refrigerators and …
Interests
Our dear military, we have a problem, and one that needs to be addressed immediately. We seem to have conflicting interests, and I fear that those interests, or rather your interests, will destroy this country for years to come, against the wishes of all of your supporters. Allow me to break it down for you, …
Ashton and Bahaa El-Din sign EUR 90m assistance package
EU foreign policy chief concerned over security forces dispersal of protests and arrests
Egyptian Pound strengthens at Dollar sale
Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …
The social businesses to turn Egypt’s black skies blue
It’s that time of year. Black skies over Cairo and all over Egypt’s Delta mean the rice farmers are burning their straw. They will be burning about four millions tonnes of rice straw these recent weeks so they can prepare their fields for the next planting season. While we’re all struggling a little bit harder …
Is the worst over for Egypt’s economy?
By Farah Halime Could Egypt’s economy be on the road to recovery? Some indicators suggest this might be the case. According to Reuters: Egyptian business activity shrank for the 13th month in a row in October but at a much slower rate, suggesting the economy may be improving after months of renewed political turmoil. The seasonally …
Unemployment rates reach 13.4% in 3Q 2013
70.8% of the total unemployed are Egyptian youth
Budget deficit ratio stabilises at 2.9% of GDP, domestic debt surges to 73.5% of GDP: MOF
Ministry of Finance says GDP grew by 2.1% to EGP 1608.6bn during the past fiscal year
France to launch development projects worth €110m
Development projects aim at supporting agriculture and microfinance projects in Egypt
S&P raises Egypt sovereign credit rating to B- from CCC+
Reuters – Standard & Poor’s Ratings has raised its long and short-term foreign and local currency sovereign credit ratings on the Arab Republic of Egypt to ‘B-/B’ from ‘CCC+/C’. The upgrade reflects S&P’s view that the Egyptian authorities have secured sufficient foreign currency funding to manage Egypt’s short-term fiscal and external financing needs. “We expect support from bilateral …
Arab Spring economies hit by uncertainty: IMF
The economies of Arab countries rocked by the uprisings that swept the region two years ago, remain sluggish because of unfinished political transitions
Euromoney: Army does not influence the Egyptian economy in any way: Military spokesman
In response to questions about their food product factories, the military spokesman insisted that “the military is responsible for 400,000 recruits.
Outside looking in: An international perspective on Egypt’s economy
Reform is needed to boost investor confidence and bring back higher levels of FDI
Bessma Momani has a PHD in political science with a focus on international political economy. She is an associate professor at the Balsillie School of International Affairs at the University of Waterloo and authored the book IMF-Egyptian Debt Negotiations.
Momani highlighted three key areas investors view as intersecting with politics: confidence, perception and reform.
Kerry and Al-Faisal agree to help Egypt’s ‘economic transformation’
Anti-Coup Alliance figure condemns Kerry’s “restoring democracy” comment and US policy
Polarisation focused among political elite, not Egyptian public: Bahaa El-Din
Deputy prime minister says “capacity to dialogue, compromise and move forward is present” in Egypt during a visit to Washington DC
Philippines checking on reports of abuse in Saudi crackdown
Del Rosario said there were believed to be 660,000 Filipinos working in Saudi Arabia although it remained unclear how many were illegals.
Syria war costs industry $2.2bn: Minister
More than 120,000 people have been killed in Syria’s war, and millions more forced to flee their homes.
Editor’s letter: Egyptians between the two Gamals (3 of 5): A nation on the back burner
Mubarak’s propaganda machine had the habit of spreading false optimistic information about his “economic achievements” on an almost daily basis. Several governments appointed by the ousted president got used to the practice of faking reports about the country’s economic performance, or at least show or hide the data based on what would fix the government’s …
Egypt lost 3,000 of its millionaires under Morsi government: Credit Suisse
A significant drop in the number of Egyptian millionaires echoing the decline of Egyptian wealth level
Kuwait emir says ‘old concepts’ must change, urges reform
The emir’s announcement comes a day after the government said it planned to review subsidy policies and charges on public services and commodities.
Egyptian female youth and their labour market
Recently, I was stunned. I had quite a surprising experience while interviewing a young, Egyptian woman for a basic entry-level analyst-type position. From my perspective, the interview was going well. The young woman was bright and seemed to have many of the qualities I was looking for in a candidate. As we were wrapping up, …
Oil-rich Kuwait warns welfare state unsustainable
The programme up to the 2016/2017 fiscal year aims to review subsidies, charges and prices of public services, besides imposing a taxation system in a country that generates 94% of its income from selling oil and where individuals and corporates pay no taxes.