Latest in Tag: Economy Highlight
Latest in Tag: Economy
Investment Council chairman: tax increases acceptable if fair and just
Hamdi Rashad said the government, and ministers in particular, needed to take tangible steps to address the country’s economic problems.
Egypt’s biggest oil debts
By Farah Halime, Rebel Economy Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble. It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion. The magnitude of EGPC’s debts is such …
New Israel, Palestinian finance ministers in first talks
Both sides said that the initial aim was to relaunch regular meetings on technical issues such as crossing points; fuel, power and water supplies to the Palestinians; and payment for treatment of Palestinians in Israeli hospitals.
The Egypt-IMF loan negotiation: The soap opera continues
Watching Egypt’s negotiation with the IMF for a proposed $4.8bn loan has been like watching a daytime soap opera. New characters are added to the main plot while old characters fade into the background, but the storyline remains largely unchanged. Every episode introduces a bit of new drama with no resolution of the main conflicts …
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 Morsi’s tenure.
Egypt blacklisted for violating labour rights
The International Labour Organisation blacklisted Egypt for failing to comply with international agreements
While the world succeeds in battling poverty, Egypt fails
By Iris Boutros Between 1990 and 2010, nearly 1 billion people were pulled out of extreme poverty globally. The Millennium Development Goal (MDG) of halving global poverty between 2000 and 2015 has been achieved five years early, surpassing the progress seen in achieving any of the other MDGs. This week, key politicians and officials …
Egypt Africa’s second most attractive country for FDI
A report by Ernest & Young states Egypt receives about 10.5% of Africa’s foreign investment
Inflation hikes to 8.1% in April on currency slide
Egypt’s Central Bank decided to keep overnight deposit and lending rates unchanged at 9.75% and 10.75%, respectfully
Saudi says IMF growth forecast too low
The IMF said this month that it expected growth in the largest Arab economy to drop to 4.4% in 2013 from 6.8% last year
Op-ed review: Adjusting the tax law…a new cycle of economic confusion
Ziad Bahaa El-Din Al-Shorouk Newspaper Columnist Ziad Bahaa El-Din tackles the issue of the new tax law issued by the Shura Council. “While Egyptians are busy pondering the fate of the kidnapped soldiers, the economic crisis, the blackouts, and preparing for the exams season, the Shura Council is issuing a new tax law. Its purpose …
New $12bn bonds programme announced
The prospectus tasked HSBC Holdings and QNB Global with the rights to organise and administer the programme
Investment minister: New chart for Egyptian investment to be launched soon
A new catalogue of investment opportunities across different sectors will be made available in the coming months
Reducing risks: Wheat supply in Egypt
Wheat supply matters for Egypt’s food security. Production is high but demand is higher. Self-sufficiency in wheat is not a realistic goal given limits in water and land, as well as dismal agricultural investment levels. So, imports are high. Risks from both domestic and international wheat markets coupled with reduced purchasing power from the current …
Egypt bans male masseuses from women’s spas
The ban by the Tourism Ministry comes in an attempt to fight mounting problems within the tourism sector
“Show me the Money…”
The longing for freedom, justice and access to the wealth usurped by its rulers was a major driver behind the popular uprising that toppled former president Mubarak in early 2011. The Guardian’s famed “$70 billion” estimate of Mubarak’s family wealth, as provided by Princeton professor Amaney Jamal, did much to arouse the sensation of a …
Egyptian website invites users to share opinions
Website lets you share your opinion, contribute to charity and boost the economy.
The IMF conundrum: austerity and unrest
Accepting the International Monetary Fund loan in Egypt means testing the public’s willingness to endure a harsh economic climate
IMF: Inflation in Egypt expected to rise by 10.9% this year
The International Monetary Fund also projects the country’s budget deficit to shrink to 8.7% in 2014
Egypt’s investment problems: The Cemex case
By Iris Boutros The young, new Minister of Investment, Yehia Hamed recently announced that the government would not sell or privatise any of the public sector companies while in a meeting with the Egyptian Aluminum Company in Naga Hammadi, Qena, according to Egypt’s State Information Service on 14 May. He assured workers of public sector …
Turkey pumps $250m more in its credit line to Egypt
Experts: Good step, but no impact on cash reserves
In search of real reform
Despite the growing crisis, Egypt may be better resisting the temptation to do too much too soon In the discussion over the worsening economic crisis facing Egypt, there has been at times an implicit attitude towards Egypt’s future: the country needs only to get back on the horse. A few decisive moves to reduce the …
Muslim Brotherhood hosts former Malaysian PM
Former prime minister of Malaysia stresses importance of national unity and economic progress in Egypt
Finance minister requests aid from Saudi Arabia
Egypt asks for $500m in aid from Saudi Arabia to support its national budget
Egypt: Too big to bail!
An interesting assumption is continuously being adopted by many of Egypt’s intelligentsia as well as political analysts: “Egypt is too big to fail!” Several people have weaved their own theories touting Egypt’s strategic position and weight in the region which will make it unwise for the “powers that be” to allow it to descend into …
Egyptian foreign debt increases by $8bn
Internal debts hit an alarming EGP 1.4tn, equivalent to about $200bn.
Dearth of consumer confidence in first quarter
Experts attributed lack of confidence to insecurity, expensive living and political uncertainty
Finance Ministry official resigns over dispute with Brotherhood
Adviser Sami Khallaf accuses Muslim Brotherhood of interfering in his work and marginalising him
Survey results highlight negative outlook
Figures show dissatisfaction with democratic transition and overwhelming concern for better economic conditions
Downgrade expected to negatively impact pharmaceutical industry: Experts
Adverse affects on banks following Egypt’s downgraded S&P rating extend to pharmaceuticals