Latest in Tag: IMF Highlight
Latest in Tag: IMF
IMF department director to visit Egypt on Monday
Egypt’s economy has nosedived as investment from abroad has dried up and key revenue-earner tourism has taken a major tumble
Folly to be wise
By Philip Whitfield Undressing the tree, the Christmas cards tease. Bundle and bung? Or pause wistfully. The ones from Palestine are most inclining. Not from bullyboys or assassins. They hail from everyday folk. One draws most attention. The writer points out that when O little town of Bethlehem is sung seldom think of today’s city …
Financial community pessimistic
By Mahmoud Kasas Experts in finance and investment banking agreed that the government’s recent decision to postpone the signing of the $4.8 billion IMF loan will have a negative impact on the country’s economic climate. “Postponing the loan will deter investors seeking to do business in Egypt,” said CEO of CI Capital investment bank, Mahmoud …
Delay of IMF deal presages economic deterioration
Anxiety due to possible downgrading of Egypt’s credit rating and the collapse of the Egyptian pound
Rebel Economy Wrap
Egypt Delays IMF Loan Deal – The Big Impact
IMF deal approval delayed
The International Monetary Fund said that Egypt had asked to delay its request for a $4.8 billion loan agreed in November as violent protests mount in Cairo ahead of a referendum on the constitution
Morsy’s actions raise uncertainty over IMF
IMF board to convene on 12 December
Political instability and the IMF loan
If the political situation escalates, the International Monetary Fund (IMF) may review its stance regarding their loan to Egypt
Egypt reaches preliminary deal with IMF
$4.8 billion to be approved on 19 December
Qandil’s plan, high on aspirations low on detials
PM Qandil predicts 3.5 per cent growth this year
EGX continues sideways movement reflecting market uncertainty
The stock exchange’s main indicator, the EGX30, reflected ongoing instability in the market with a shaky day of trading Wednesday. A slight dip started the day, followed by an up-swing that lasted until midday before it closed at 5,668 points, losing 0.38 per cent of its value. The market has been sensitive to contradictory news …
Subsidies on prime gasoline to end as IMF delegation leaves
Morsy government set to take steps toward economic reform although a formal economic plan to secure an IMF loan has not been released
Rebel economy wrap
The Flaws of Egypt’s Anti-IMF Loan Movement
Civil society groups and political parties march against IMF loan
Groups express concern over the consequences of accepting the IMF loan
Investment and our bipolar administration
Drops of tax “reforms” have been percolating from the cabinet to the public over the past few days, leaving the latter surprised, bewildered and anxious as to what’s yet to come. Wednesday the government approved a progressive income tax and variety of taxes on the securities market. Yesterday, a one per cent bump in sales …
Greek workers stage mass anti-austerity walkout
Many flights were to be cancelled or rescheduled as traffic controllers held a three-hour work stoppage.
IMF team back in town
Technical delegation resumes negotiations over loan
Rebel Economy Wrap
Human vs machine, IMF in Cairo, interest payments on Egypt debt
EGX30 closes above resistance level
The standard stock exchange index, EGX 30, ended Monday’s session above the resistance level of 5,800 points for the first time this month amid expectations of a continuing increase. The index closed Monday at 5,893 points compared to 5,793 points on Sunday, gaining 1.73 per cent, while the EGX70 index for small and medium sized …
Rebel Economy Wrap
Egypt’s oil curse – part 2
Rebel Economy Wrap
Central bank meeting, interest rates explained as Egypt cuts corners
Al-Saeed: MENA Transition Fund launched with capital of $250m
Minister of Finance Momtaz Al-Saeed, announced the establishment of a MENA Transition Fund with an initial capital of $250 million, in a press release.
High oil prices to push MENA growth forecast up in 2013
The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …
Egypt close to agreement with IMF
An agreement on the proposed $4.8 billion loan to Egypt could be reached by mid-November, according to director of the International Monetary Fund (IMF), Christian Lagarde. Lagarde spoke to Egyptian reporters on Thursday in a press briefing that was held during the joint meeting of the IMF and the World Bank in Tokyo. “As you …
Egypt Discusses a New Loan with the World Bank
By Mohamed Salah The Egyptian government has started negotiating loan with the World Bank to finance the privatisation and restructuring of the public sector. The former International Monetary Fund’s assistant managing director, Dr. Fakhry El-Fekky, said the government may have to continue the privatisation process started by the previous governments. He said there are indicators …
Government considers raising tap water prices in tourist and industrial areas
By Mohamed Salah Abdel Kawy Khalifa, the minister for public utilities, declared during the inauguration of Al-Rawda water plant that the government plans to raise consumer tap water prices, especially in tourist areas and industrial establishments. According to the minister, the increase is necessary in light of the budget deficit suffered by the Holding Company …
Government will not wait for an elected parliament to sign IMF loan agreement
Cabinet spokesperson: “President Morsy currently has legislative authority in the absence of the People’s Assembly and can ratify international agreements”
The Economist: Egypt third most indebted nation in the world
By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …
Turkey bolsters Egypt’s coffers
The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …
Morsy in Brussels seeking EU aid
The EU is Morsy’s second destination after China as he seeks foreign funding