Latest in Tag: IMF Highlight
Latest in Tag: IMF
IMF delegation to review Egypt starting April 28: El-Garhy
IMF to complete their review of the programme in June this year, before releasing the 2nd tranche
The Pound losing ground despite rising stock prices
In November, the Egyptian administration floated the Egyptian pound to secure a loan from the International Monetary Fund (IMF)
El-Garhy meeting with IMF in London to review Egypt’s economic performance
Proposed stamp duty to be reviewed by the Economic Affairs Committee within two weeks
Any delays of the IMF’s conditions might negatively affect Egypt: Tawfik
To measure the progress achieved by the Egyptian government, the International Monetary Fund (IMF) is scheduled to pay a visit to Egypt in April. Through this visit, the IMF’s delegation will decide whether or not Egypt would be entitled to receive the second part of the $12bn loan’s first tranche. But what if the delegation …
Egyptian economy is gaining momentum: Bank of America Merrill Lynch
With the trade in Egyptian Treasury bills (T-bills) gaining ground, the witnessed drop in T-bill yields at auctions is an indication of the increasing foreign investor participation and is providing support to the USD/EGP trade with a better tone, according to Bank of America Merrill Lynch’s February insight report. The report cites the unofficial announcement …
Egypt is making good progress in the loan programme, IMF
Christine Lagarde, head of the International Monetary Fund (IMF), said on Monday that Egypt is making good progress in the $12bn loan programme, noting that the currency is likely to stabilise after months of depreciation. Lagarde said in an interview during a visit to Dubai that the IMF sees good, noticeable progress by the Egyptian …
Egyptian pound’s value drops by 98% since 1979
According to data collected from the International Monetary Fund (IMF), Bloomberg, and Beltone research, the Egyptian pound lost a lot of its value during the past four decades. Since 1979, the pound has lost approximately 98% of its value. Now, the pound can buy only 2% of what it could back in 1979, and is …
IMF gives bad marks to eurozone
The eurozone has a large record of excessive borrowing, rigged budget figures and disrespect for EU fiscal rules, a fresh working paper by the IMF has said. It looked at the past two decades of the bloc’s development.Looking at developments in the euro area over the past two decades, the International Monetary Fund said in …
Cabinet reshuffle will not include the economic group: parliamentary sources
Policy adjustments are more important than people
IMF loan’s first tranche was not used to pay off debts: CBE governor
The total imports in 2016 amounted to $76bn, of which $2.2bn were for maize and beans
IMF financing alone will not be sufficient to stabilise US dollar: BOFAML
The report issued by BOFAML said that it expects the CBE to consider further rate hikes if US dollar neared EGP 20
Protecting the Vulnerable During Egypt’s Economic Reform
Restoring economic stability is not easy, as Egypt’s President Sisi has said many times. The country faces three interlinked problems: an urgent balance of payments problem—which means more foreign currency has been going out the door than coming in—rising public debt, as well as low growth and high unemployment. With help from the IMF, Egypt has …
Egypt’s foreign debt expected to reach $102bn after implementation of reforms: IMF
Egypt’s foreign debt had reached the $55.7bn mark in fiscal year (FY) 2015/2016
Prospects and risks of Egypt’s ambitious economic reform programme, according to the IMF
Since 2011, political and regional developments have taken a significant toll on the Egyptian economy. Underlying structural challenges and the prolonged political transition led to the build-up of macroeconomic imbalances. A significantly overvalued exchange rate undermined competitiveness and depleted reserves. Weak revenue, combined with poorly targeted subsidies and a growing public sector wage bill, resulted …
Egypt is moving in a new economic direction, reforms are hard but necessary: Chris Jarvis
Foreign exchange and inflation rates exceeded the IMF’s preliminary predictions; IMF may have miscalculated the foundations of the Egyptian economy
Egypt approves publishing details of $12bn loan next week: IMF
A technical delegation from the fund is in Egypt to follow up on the implementation of the economic reform programme this week, says government sources
IMF deal eases Egypt’s market pressure along with other frontier markets: Fitch Ratings
IMF support has played an important role in reducing external liquidity risks, medium-term default risks in Egypt, and several frontier markets that entered into new programmes in 2016, according to a Fitch Ratings press release on Friday. However, the press release indicates that each country’s compliance with IMF conditions will decide the potential improvement in …
Fiscal policies in 2016 focused on 9 pillars: Minister of Finance
Most prominent economic reform is Ministry of Finance’s participation in negotiations with the IMF
Loan conditions do not include increasing customs tariffs: IMF
Increasing customs duties on imports is not the optimal policy for improving the payments balance, says Rice
IMF-backed reform programme is Egypt’s best shot but poses high potential risk: FocusEconomics
November was a month of interesting developments for Egypt, from the Central Bank of Egypt’s (CBE) decision to float the national currency, to the International Monetary Fund’s (IMF) approval of the $12bn loan, a correction of external balances, and an expected soaring fiscal deficit. According to FocusEconomics Consensus Forecast for the Middle East and North …
In Cartoon: Egyptians sell the clothes off their backs to the IMF
How should the government pace its reforms after the IMF loan approval?
On 11 November, the executive board of the International Monetary Fund (IMF) approved a $12bn three-year extended fund facility for Egypt, in support of the government’s economic reform programme. Ever since negotiations with the IMF started, the government has implemented a number of economic reforms, including passing the civil service and value-added tax laws, floating …
Parliament’s Economic Committee to calculate unattended summons, investigative requests against government to be re-presented
The IMF loan has not been delivered to the parliament, says committee member
IMF approves $12bn loan: what’s next for Egypt’s economic reform programme?
These reforms aren’t easy but they will unleash the potential of Egypt’s economy and serve its people, says IMF managing director
IMF executive board approves $12bn loan to Egypt
EFF-supported programme will help Egypt restore macroeconomic stability and promote inclusive growth
Standard and Poor’s revises Egypt’s outlook from ‘negative’ to ‘stable’
S&P projects Egypt’s GDP growth may exceed 4% by 2019
Economic reforms will ignite uprising of the poor: political parties, figures
State decision to float Egyptian pound sparks criticism from political parties and rights groups
Increased cash support for subsidy cardholders is not enough: expert
Egypt floated its currency on Thursday, allowing it to fall from its previous peg of EGP 8.88 to the US dollar to between EGP 13 and EGP 16. This is the final push to secure the three-year International Monetary Fund (IMF) programme within days. In another step toward securing $12bn from the IMF, the government …
IMF mission chief for Egypt welcomes CBE’s decision to float the Egyptian pound
The CBE decided to float the Egyptian pound on Thursday
Egypt’s exchange rate crisis must be addressed: IMF managing director
Social protection is a cornerstone of the IMF programme, any cuts in food subsidies are not advised