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 … ]
Egyptian opposition figures at home have announced their complete rejection of the new loan that Cairo intends to obtain from the International Monetary Fund (IMF) to face the economic repercussions resulting from the outbreak of [ More … ]
Egypt’s annual urban consumer price inflation increased to 12.7 percent in January from 12.0 percent in December, as recorded by the CAPMAS statistics agency, though the data was unlikely to quell speculation the central bank [ More … ]
When the Egyptian government signed an agreement with the International Monetary Fund in November 2016, it committed to the all-too-familiar austerity measures of subsidy cuts and tax hikes, in addition to the flotation of the [ More … ]
A new report released by Stratfor -an American geopolitical intelligence platform-highlight Egypt’s spendings in arms sales during Al-Sisi’s rule despite the north African country’s wrecked economy. The report reads that over the past few years,” Egypt has opened the [ More … ]
An announcement by the Egyptian government that it will not hire any staff for the next five years has sparked anger among civil servants. Government workers said the tactic was a heavy-handed, cost-cutting measure that [ More … ]
After years of instability that had nearly brought the North African country to its knees, Abdel Fattah al-Sisi claims that the country is on its right track through his rule years. Two days ago, al-Sisi said [ More … ]
Egyptian civil servants have warned the government that increases in their salaries will not help them avoid the devastating impact of tough new austerity measures. Earlier this month the national Parliament approved a draft law [ More … ]
Egyptian police arrested 21 people for taking part in protests against the government’s surprise decision to hike fares on Cairo’s subway as part of austerity measures meant to restore the economy, officials said on Saturday. [ More … ]
Egypt’s Kafr el-Sheikh Governor asked workers to donate one day off from their monthly payroll for “Tahya Masr” government Fund . On phone interview with CBC (pro-government)channel, Major General Nasr Nasr, governor of Kafr El-Sheikh, said [ More … ]
Egypt received today the final installment of the first $4 billion tranche of the $12 billion International Monetary Fund (IMF) loan, the state-run Middle East News Agency (MENA) reported. An official source at the Central [ More … ]
Reliance on state-subsidized supplies rises after Cairo signs $12bn package with IMF, according to a Financial Times report, titled: “Egypt’s loan conditions leave poor on the bread line”. While Zeinab Ahmed and her friend are waiting [ More … ]
Egypt expects to receive a second installment, worth $1.2 billion, of a three-year International Monetary Fund loan in the second half of June. At a press conference, Finance Minister Amr el-Garhy announced that negotiations with [ More … ]
Sources in Washington predicted that the US administration would reduce its economic aid to Egypt by half, registering $75 million instead of $150 million annually, while US military aid will stay at the same level, [ More … ]
A post on Al-Sisi’s official Facebook page has provoked mockery of social media activists Al-Sisi’s Facebook page posted, “The public debt hiked from 700 billion to 3.4 trillion Egyptian pounds,”with hashtags (in Arabic)#Ask_thePresident and #BeCreative. The [ More … ]
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