Latest in Tag: IMF Highlight
Latest in Tag: IMF
Washington to support Egypt’s economy
Prime Minister states that the US stands ready to support Egypt economically
EU €5bn aid to Egypt stands yet stymied by limited economic reform
Moran said he considers economic growth and Egypt’s inability to attract new investment among one of the largest challenges facing the country’s new government.
PM discusses economic challenges
El-Beblawi also expressed his concerns over the country’s fuel supply situation.
Moody’s: Gulf aid is “credit positive”
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Prospective government faces daunting energy subsidies reforms
Slashing energy subsidies is one of the requirements set by the International Monetary Fund (IMF)to secure the proposed $4.8bn loan package.
Mona Makram Ebeid: IMF representatives reinforce the need to build a new strong economy within Egypt
IMF officials reinforced the need to encourage the growth of a strong new Egyptian economy rooted in the private sector, and build on competition instead of favouritism.
Fitch cuts Egypt’s credit ratings from B to B-
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Achievements and failures: One Year in Power
Experts: Uncertainty has become the future of the Egyptian economy, A number of financial and economic advisers agree that President Mohamed Morsi’s decisions worsened the economy
IMF loan talks still in limbo a year into Morsi’s tenure
Subsidies, political consensus among prerequisites which Egypt still struggles to meet
Finance minister proposes raising energy subsidies for 2013/2014 budget
Once the card owner depletes their allotment of the subsidized fuel, they will then be forced to pay market prices.
Egypt negotiating $500m loan with Saudi Arabia
Darrag told Reuters that, “the loan will come as part of a Saudi finance package provided to Egypt, lent at 3% interest, and set to be paid back over a period of 8 years, after a 2-year initial grace period.”
IMF points to progress in aid talks with Egypt
IMF was working “constructively” with the authorities with the hope of a swift conclusion of loan negotiations: IMF spokesman
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 …
Government seniors to sell gifts received from Arab and foreign leaders
Government’s Officials to auction off their valuable gifts, amid a soaring budget deficit
Egypt, IMF in final stages of verifying economic programme
Loan delayed by inconsistent implementation of subsidy cuts and tax hikes
Internal debt swells
Experts express concerns over Egypt’s alarming internal debt
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 …
Queues for fuel cause mayhem
The same day in Menufiya, a policeman was injured after residents blocked the Cairo-Alexandria road, in protest against the failure to secure fuel quotas which were promised by the governor.
Morsi’s adviser says “IMF responsible” for loan delay
IMF held up by lack of signs of political consensus over the $4.8bn
IMF expects Egypt economy to slow next fiscal year
The report predicted that annual inflation rates would increase by the end of this year to 10.8%, compared to 8.4% in the previous fiscal year
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’s budget deficit estimated to hit EGP 197.5bn by end of June
Last year, the budget deficit reached EGP 134.996bn.
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
New $12bn bonds programme announced
The prospectus tasked HSBC Holdings and QNB Global with the rights to organise and administer the programme
Kerry urges Morsi to make progress on economic reforms
Reform measures hampered by unrest and lack of political support for plans
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
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 …
IMF: Tax reforms to increase Egypt’s GDP by 0.75%
The IMF expected Egypt’s GDP to grow 2% over the next year as opposed to 2.2% in 2012