Egypt to deduct 1% of state employees’ income for one year amid coronavirus crisis. Egypt’s Prime Minister Mostafa Madbouly approved on Wednesday a draft law cutting the net monthly income all of state employees by [ More … ]
The World Bank Group’s board of directors approved a $50 million loan to Egypt to finance emergency response activities related to the coronavirus (COVID-19) pandemic. Egypt has been eligible to receive $50 million loan, the [ More … ]
A paper the World Bank released last February shows that countries dependent on aid from the organization see increased flows into tax secrecy havens, suggesting that some of its funds are ending up in the wrong hands. [ More … ]
Turkey officials have held talks with Japan and the UK on setting up currency swap lines, sources tell Reuters. The recently embattled Turkish lira edged up on Friday and held gains from late Thursday following reports that [ More … ]
Talks began on Wednesday with Lebanon seeking a multi-billion-dollar bailout to avoid bankruptcy. Lebanon’s leaders are seeking a financial lifeline from the International Monetary Fund. Talks began on Wednesday with Lebanon seeking a multi-billion-dollar bailout [ More … ]
Egypt has been building a bridge adjacent to – and almost touching – residential buildings in Giza, causing an outcry from local residents and social media. Pictures of the bizarre construction, which encroaches on residents’ [ More … ]
The Executive Board of the IMF approved Egypt’s request for emergency financial assistance of US$ 2.772 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic. Following the [ More … ]
Newspaper quoted a financial report saying Egypt’s Central Bank was planning to allow the Egyptian pound to fall by 7.5 percent and the monetary policy was destined to fail. Egyptian security forces arrested the chairman [ More … ]
(Reuters) – Egypt has postponed its plans to sell a minority stake in state-owned Banque du Caire (BQDC.CA) in an initial public offering (IPO) starting mid-April due to the spread of the coronavirus, a local [ More … ]
Egyptian Minister of Finance Mohamed Maait revealed that around $8.5 billion in foreign investments in government debt instruments have left Egypt during the last three months. Maait told Al-Arabiya channel on Thursday that foreign investments in government debt instruments are [ More … ]
Some 95 persons infected with the deadly COVID-19 virus have left Egypt to 9 countries over the world, reported Rassd, citing data announced by these 9 countries. The Rassd news network on 10 March said [ More … ]
An expanding network of enterprises owned by the armed forces blocks much-needed reforms, says Timothy Kaldas in a recent report published in Bloomberg. “As Egypt marks the third anniversary of its bailout by the International [ More … ]
India’s PM Narendra Modi announced the plans while at an investor summit in Riyadh. Indian Prime Minister Narendra Modi on Tuesday said Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between [ More … ]
The Central Bank of the Republic of Turkey (CBRT) on Thursday lowered its benchmark interest rate — the one week repo rate — by 325 basis points to 16.50% from 19.75%. Following the rate cut, [ More … ]
Media reports linked the company with the Egyptian armed forces, the company denied
Copyright © 2016 | Middle East Observer