IMF approves $12bn loan: what’s next for Egypt’s economic reform programme?

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[…]

Pound continues strengthening against USD, expected to settle below EGP 17 to the dollar within days

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[…]

Al-Sisi issues decree to establish National Council for Payments under his chairmanship

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 is moving in a new economic direction, reforms are hard but necessary: Chris Jarvis

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[…]

Electricity Ministry contracts with Tractebel to assess offers for $10bn coal-fueled power plant

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[…]