Egypt faces $16 bln in foreign debt servicing in 2022/23, including $2 bln to IMF. However, the interest payments will be equivalent to 45% of state revenue Higher interest rates, a weak currency and broader [ More … ]
Egypt to introduce new austerity measures as the war between Russia and Ukraine wrecks its economy Amid the Russia-Ukraine war, economists fear new austerity policies will exacerbate suffering of millions of Egyptians already hit by [ More … ]
Ukraine conflict may curb Egypt’s tourism and increase its food import bill, pushing government to talks with the International Monetary Fund on funding. Egypt is in talks with the International Monetary Fund on possible support [ More … ]
The loan will focus first on health and social spending The IMF noted Cairo had ‘a strong track record’ of implementing economic reforms! The IMF board on Friday approved a one-year, $5.2 billion financing package [ More … ]
The International Monetary Fund on Monday said its executive board approved $2.77 billion in emergency financing to help Egypt grapple with the new coronavirus pandemic that has brought tourism to a standstill and triggered major [ More … ]
The Egyptian National Action Group (ENAG) on Wednesday accused the International Monetary Fund (IMF) of implicating Egypt in more debts. The Egyptian National Action Group, including opposition figures from across the Egyptian political spectrum both [ More … ]
The impact of previous IMF-required economic reforms has been hardest on the poor in a country where one in three lives below the poverty line The Egyptian government is seeking an aid package from the [ More … ]
Egypt’s Abdel Fattah al-Sisi said on allegations of corruption within the army and government were “lies and slander”, in his first public response to graft accusations that have gone viral online. “I swear to God, [ More … ]
The domestic public debt of Egypt reached EGP 4.1049tn at the end of December 2018, against EGP 3.887tn at the end of September 2018, up by EGP 220bn (5.66%), according to the Central Bank of [ More … ]
Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, [ More … ]
As the Egyptian president prepares for the country’s first arms expo, analysts say Egyptian citizens do not benefit from lavish state spending In early December, the world’s arms companies are set to descend on Egypt. [ More … ]
By: Abdel-Hafez Al-Sawi* Subsidy in Egypt, a thorny issue, is usually addressed in light of government decisions to reduce it, which accordingly leads to raising the prices of goods and services. But subsidy is not [ More … ]
Egypt’s foreign debt rose to $88.2 billion in the third quarter of the 2017-2018 fiscal year, up from $73.9 billion in the same period the previous year, central bank data showed on Monday. Egypt’s fiscal [ More … ]
On July 1, 2012, when the Egyptian military junta – theoretically – handed over power to the elected authority, the foreign reserves then was only $ 15.5 billion against $ 36 billion early 2011 when [ More … ]
Egypt’s al-Sisi is confronting one of the toughest challenges he has faced since seizing power five years ago, as rising prices linked to economic austerity measures take a toll on his core middle-class supporters, according [ More … ]
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