Latest in Tag: subsidies Highlight
Latest in Tag: subsidies
Government eliminates subsidised energy for paper and glass industries
Industries no longer considered energy intensive, says government
Smart cards for subsidies within three months
LPG subsidies system to end at ‘appropriate time’, says minister of state for administrative development
Government amendment package to close budget deficit and amend subsidy laws
Half of revenues collected from real estate taxes to be used to improve slums
Lagarde to BBC: Political instability hindered loan negotiations
Stability is sine qua non condition for loan, says IMF managing director
MENA biggest spender on energy subsidies
IMF report shows Middle East and North Africa governments account for 50% of global energy subsidies bill
Ramez: World at large concerned with Egypt’s economic success
Cyprus ‘impressed’ with Egypt’s banking sector, says governor of Egypt’s Central Bank on sidelines of spring meetings in Washington
Cargas inks EGP 5m deal to fund conversion of 1,000 vehicles to natural gas
Agreement represents sixteenth signed between Cargas and Social Fund For Development
IMF delegation returns to Cairo amid protests
Protestors marched from the High Court to the Cabinet to denounce the IMF loan
Budget details released
Subsidies, grants and social welfare benefits set to be cut during coming fiscal year
Energy subsidies to be lifted in three years: Hatem Saleh
Claims the State is seeking to restructure subsidies
Ministry of Finance approves Ali Lotfy’s call for pay back of subsidies
Former prime minister called on the rich ‘to voluntarily pay back to the Egyptian Government the value of the subsidies they have received over the last year’
Logistics Special: Sixty percent decrease in MCV exports to the Gulf
MCV automobile exports in 2012 decreased from 2,000 to 800 per year
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
Rebel Economy wrap
EGYPT’S BUDGET DEFICIT: WHY NO ONE WANTS CUTS By Farah Halime, Rebel Economy While many people generally agree that governments faced with deficits must cut spending, most do not like cuts to specific programmes. It’s the same everywhere, not least in the US where a national survey found that for 18 of 19 programs tested, the majority wanted either …
Rebel Economy Wrap
Egypt runs out of cash for diesel subsidies
Rebel Economy Wrap
Egypt scales back energy subsidy reforms
Plan to wean industries off government’s natural gas
Gas would still be supplied to power plants, households and vehicles
The IMF loan in the context of economic reform
The air of ambiguity surrounding Egypt’s receipt of the IMF loan provides a distraction from what the loan is really about, and the clandestine nature of the negotiations goes a long way towards substantiating the true objective of the loan. For the sake of dodging bouts of public rage in times when they’re as frequent …
Morsy and IMF chief confirm independence of Egypt’s economic policy making
By Noah Chasek-Macfoy International Monetary Fund Director Christine Lagarde confirmed on Saturday that there are no preconditions placed on Egypt before the expected arrival of an IMF delegation at the beginning of next month to discuss Egypt’s request for $4.8 loan. Lagarde’s comments were made after attending a meeting with GCC countries in Riyad. Egypt …
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 …
US lodges WTO complaint over China auto subsidies
US Trade Representative accusing Beijing of at least $1b in illegal subsidies
Khaled Ali sues President Morsy to reveal IMF loan information
Khaled Ali defends people’s right to know about IMF loan in a lawsuit against President Morsy
Ministry of Finance to present its economic platform to the IMF shortly
MOF finalising the economic platform necessary for obtaining the $4.8b IMF loan
Minister of Supply seeks ways to sustain bread subsidies
Held a meeting with bakeries owners, Supply and Internal Trade Minister seeks sustaining bread subsidies
Ministry of Finance to be responsible for electricity and export subsidies
By Islam Zayed Minister of Trade and Industry, Hatem Saleh, has handed responsibility for his electricity and export subsidies dossiers to Minister of Finance, Momtaz El-Saeed. El-Saeed plans to increase subsidies for the export sector from EGP 3.4 to 3.5 billion; EGP 600 million of which was approved in the state budget by the former …
Petroleum Minster stresses subsidies’ rationalisation
By Ahmed Mokhtar Abdullah Ghorab, Minister of Petroleum and Mineral Resources, has said that the petroleum sector was able to persevere and see some success, despite the difficulties that have faced the Egyptian economy and negatively impacted a number of sectors. He noted that petroleum workers performed well despite the significant increase in demand for fuel …
Egypt looking at energy subsidies to cut deficit
By Patrick Werr and Sherine El Madany / Reuters CAIRO: Egypt is pinning its hopes on natural gas to help it reduce energy subsidies that are eating up 20 percent of its state budget and are likely to continue growing if measures aren’t taken soon. For years, the government has resisted cutting subsidies for fear of …
Subsidies in question as Egypt’s deficit rises
CAIRO: While talk of reducing expenditures by cutting back on some subsidies may make sense in numbers and figures — to deal with Egypt’s increasing budge deficit and decreasing foreign reserves — it will likely prove difficult to justify on a social level. Mahmoud Nasr, a senior army financial official, told Reuters last week that …
Officials speak of subsidies amid rising social unrest
By Sarah Daoud CAIRO: Amidst protests and social unrest, Egyptian officials are again talking about subsidies. Officials have told local media that they will absorb the global rise in food prices through subsidies. “I think the government was keen to press ahead with the subsidies reform prior to the protests, gradually phasing out price subsidies …