These reforms aren’t easy but they will unleash the potential of Egypt’s economy and serve its people, says IMF managing director Egypt successfully secured the International Monetary Fund’s (IMF) approval for the three-year, $12bn loan agreement on Friday. The first instalment of $2.75m has already been received following the IMF executive board’s approval. The loan[…]
Russian flights to Egypt resume in hopes of reviving Egyptian tourism and economy According to the Italian website Web it Mag, Russian flights to Egypt will resume on 23 February. Russian flights will be flying to three Egyptian airports: Cairo, Sharm El-Sheikh, and Hurghada. The Egyptian airport authorities have received ocular biometric scanners from Russia[…]
Significant increase in hard cash supply as foreigners invest in government debt instruments The Egyptian pound continued to strengthen against the US dollar on Monday, amid expectations of gaining more power and estimates of settling below EGP 17 per USD within the coming few days. The price of the US dollar at the Central Bank[…]
Christine Lagarde, head of the International Monetary Fund (IMF), said on Monday that Egypt is making good progress in the $12bn loan programme, noting that the currency is likely to stabilise after months of depreciation. Lagarde said in an interview during a visit to Dubai that the IMF sees good, noticeable progress by the Egyptian[…]
Council membership includes prime minister, CBE governor, ministers, and regulatory body representatives President Abdel Fattah Al-Sisi issued Republican Decree No. 89 of 2017 to establish the National Council for Payments under his chairmanship. According to the text of the presidential decree, the council includes Prime Minister Sherif Ismail, the Governor of the Central Bank of[…]
Egypt has successfully restored foreign investors’ confidence in the economy, says UAE’s minister of state and CEO of ADNOC British ambassador to Egypt John Casson and UK trade envoy Sir Jeffrey Donaldson attended the first ever Egypt Petroleum Show (EGYPS), which is the largest oil and gas industry event to take place in North Africa,[…]
Foreign exchange and inflation rates exceeded the IMF’s preliminary predictions; IMF may have miscalculated the foundations of the Egyptian economy Mission chief for Egypt and advisor to the International Monetary Fund’s (IMF) Middle East and Central Asia Department Chris Jarvis discussed in a press briefing the details of the agreement between Egypt and the[…]
Egypt’s economy will grow by 4% during this FY, says Planning Minister The government raised its estimate of gross domestic production (GDP) to EGP 3.4tn, up from EGP 3.22tn estimated before for the current fiscal year on the back of the Egyptian pound’s flotation. Minister of Planning Ashraf El-Araby told Daily News Egypt that the[…]
Seven companies make their bids The Ministry of Electricity contracted with Belgian consulting office Tractebel Engineering consultancy company to assess the most suitable technical and financial offer across seven presented bids to establish a coal-fueled power plant that will cost $10bn with a 6,000 MW output. Sources at the ministry said that the consulting office[…]
20 more projects will be implemented by the end of the month to link 20,000 more units Minister of Housing Mostafa Madbouly said that the ministry has completed 100 projects to link facilities to 53,000 residential units in 18 governorates, as part of the social housing project. The minister said that 20 more projects will[…]