I (Nile News TV 27/10) i Media Reaction Egyptian media outlets reacted to the government's decision to increase key interest rate by 2%, as well as its deal to get a fresh loan from the IMF and other international organisations. B The deal is accompanied by a further currency ...
The new exchange rates come a week after the International Monetary Fund (IMF) completed its third financial review of Egypt, allowing the government to draw $820 million. That amount is part of a $8 billion bailout loan intended to support Egypt’s ailing economy, slowed by a shortage of...
In a joint press conference with Georgieva following the meeting, Egyptian Prime Minister Mostafa Madbouly said that the IMF will start on Tuesday its fourth review of the latest 46-month IMF loan program that was approved in 2022 and expanded to 8 billion U.S. dollars this year. During the...
compared to 3.8% per annum from 2012 to 2017. Its unemployment rate dropped from 12.9% in 2015 to 7.2% in 2023. However, high inflation and depreciation of the Egyptian Pound continue to pose risks for the Egyptian economy, as the IMF projects 32.5% inflation for 2024, while the Egyptian ...
as the IMF projects 32.5% inflation for 2024, while the Egyptian Pound has further depreciated by one‑third against the US$ compared to 2023. Affected by reduced shipping through the Suez Canal, and poor earnings from tourism due to the regional conflict, economic growth in 2024 is forecast...
Egypt may be walking towards a much-needed IMF loan, but that hasn’t put off some foreign partners. GB Auto, the Cairo-listed auto assembler(汽车组装公司), will begin putting together and selling cars from China’s Geely in the second quarter of 2012. GB will assemble the cars from ...
"The IMF loan deal will definitely affect the foreign exchange rates and will improve the value of the Egyptian pound against the dollar, but this will not last forever, as the value of a local currency mainly depends on the powerfulness of economy," the political economy professor explained....
Will another IMF loan solve Egypt’s problems?Egyptian authorities met with IMF staff on the sidelines of the IMF and the World Bank annual meetings held in Washington over October 10 – 16 to discuss the soon-to-be-announced economic reform package. A statement released by IMF Spokesperson, ...
In order to qualify for that loan, the government imposed a set of tough economic measures, including subsidy cuts and the flotation of its local currency. The economic measures were hailed by the IMF but have left many Egyptians struggling with both reduced buying power and spiraling inflation ...
The country's main sources of foreign currency, including tourism, the Suez Canal and the remittances of Egyptian expatriates, declined over the past few years for various reasons and the government is currently struggling to get the IMF loan to help in covering the shortage. ...