Latest in Tag: IMF Highlight
Latest in Tag: IMF
Election uncertainty to negatively affect Egypt’s economy: Standard Chartered
The low level of reserves is making it harder for the Central Bank of Egypt to manage the exchange rate, Standard Chartered’s report concluded
Balance of payments deficit drops 93% in 2012-13
The Central Bank of Egypt cited increased remittances from Egyptians working abroad this year as the main reason for the drop in the deficit
In Egypt, it helps to have the ‘right’ parents
By Farah Halime, Rebel Economy Circumstances beyond our control, including our parents’ job titles, have become more important in deciding the fate of young Egyptians in the job market, World Bank data shows. The type of job a young person ends up with is heavily influenced by the occupations of their parents, underscoring the inequality …
Review: Commentaries explore new revolutionary bloc and IMF loan
Writers in different newspapers have praised the newly established national revolutionary bloc and its objectives to protect the 25 January Revolution demands. On another level some commentators called upon Egyptians to decide their own destiny, rather than waiting for a devoted leader to come save the country. The national revolutionary movement bloc Mohamed Salmawi …
US officials speak on Egypt’s economic situation and its political consequences
US officials stated that Egypt’s economic problems can be traced back to the country’s widespread political divisions
Rebel Economy Wrap
IMF has it wrong on Egypt
Egypt refuses IMF emergency funding
Hegazy: ‘It is our right to receive the full $4.8bn loan’
US Congress freezes further aid to Egypt
IMF may offer a ‘bridge loan’ to Egypt in the meantime as short term financing solution
IMF not satisfied with Egypt’s economic reform plans
A government source revealed last week that the IMF is displeased with Egypt’s implementation of its economic and social reform programme, raising concerns of further negotiations over the loan
Egypt, US sign $190m deal
US Ambassador to Egypt Anne Patterson called the deal a ‘down payment on Egypt’s promising future’
Egypt reduces oil imports
Egypt has cut back on a total of nine million barrels of imported oil for the second quarter of the year, without any official explanation
Rebel economy wrap
Egypt’s Catch 22
Abdullah Shahata: Government seeking to decrease import bills and rein in currency speculation
Egypt’s government is currently working with the Central Bank to link foreign currency reserves to the country’s fuel and wheat imports for a period of 3 months, while engaging in negotiations with the IMF over the pending $4.8bn loan.
Kerry rewards Egypt $250m for Morsi’s reforms
Kerry said the move represented ‘a good-faith effort to spur reform and help the Egyptian people at this difficult time’
Kerry urges Egypt to finalise IMF loan agreement
US Secretary of State John Kerry met a number of opposition figures and Egypt’s foreign minister on Saturday and called for all political figures to unite to emerge from the current economic crisis
Political impasse sparks alarm on Tunisian economy
Standard and Poor’s was the first credit ratings agency to respond to the crisis, cutting Tunisia’s sovereign rating from BB to BB- with a negative outlook, citing “the risk of seeing the political situation deteriorate further”.
Egypt invites the IMF to reopen negotiations
Minster of Investment Ossama Saleh said that Egypt hopes to conclude the deal by the end of April
Stock market experts slam new taxes
The tax on transactions will have a ‘disasterous’ effect on an already suffering market, they say
Government to discuss final draft of economic programme next week
The country’s cabinet will then send a letter to the IMF with details of the revised programme in order to resume negotiations over the pending $4.8bn loan
EFG Hermes: Egypt’s economy will grow 3.5% in 2013
The acceptance of Egypt’s pending IMF loan will have a positive effect on the economy and there will be an increase in tourism and FDI throughout the year, says EFG
Moody’s downgrades Egyptian government bonds to B3
The credit-rating agency is maintaining the rating on review for possible further downgrade
IMF loan will not be included in next year’s budget
Budget will not take into account the loan or other international aid that depends on it, since the deal has yet to be ratified
Bernardino León concludes visit to Egypt
Before his departure León reiterated the EU’s commitment to aiding the democratic transition in Egypt
Global economy crisis adds more challenges to Egypt in 2013
The global economy faces fewer headwinds in 2013 compared to last year but is likely to experience a period of weak growth, according to experts.
EU delegation in Cairo
The delegation is discussing progress made on deals struck last November for financial assistance to Egypt
Rebel Economy Wrap: The IMF dam
By: Farah Halime Billions of dollars of financing earmarked for Egypt is mounting up behind an International Monetary Fund (IMF) dam. Until Egypt agrees a final deal with the IMF for a $4.8 bn loan package, none of the estimated $14.5 bn in additional financial support and aid will be released. The effects of the …
Egypt updates its economic plan to obtain IMF loan
The government is in the process of updating the economic plan it presented to the International Monetary Fund (IMF) in an attempt to secure the $4.8 billion loan desperately sought by Egypt. “One part is to see, go back and revisit those measures that they had put on hold, which they need to reinstate” and …
Morsy discusses democratic transition with McCain
McCain meets president after talks with opposition figures over “economic and political developments”
Egyptian-European Council to hold a conference on investment potential
President of the Egyptian-European Council Mohamed Abou El Enein discussed the need to improve security in Egypt, particularly in touristic regions, in addition to increasing the flow of investment into the country by providing incentives to businessmen.
Editor’s letter: Egyptian economy: Fixing a mud house in the rainy season
Fixing a mud house in the rainy season