Egypt to witness an unprecedented wave of inflation and price hikes
On Saturday, bankers said that Egypt’s approval of measures stipulated by the International Monetary Fund to approve a $3 billion loan, including switching to a flexible exchange rate system, is a precursor to an unprecedented wave of inflation and price…
IMF agrees to grant Egypt a $3 billion conditioned loan
On Friday, the International Monetary Fund (IMF) announced that its Executive Board had agreed to grant Egypt a loan of $3 billion over the next four years, with an immediate disbursement of $347 million. The IMF expected that the loan…
The government of National Unity in Libya rejects Egypt’s decision to restrict western maritime borders
On Friday, the Government of National Unity in Libya rejected Egypt’s decision to restrict its western maritime borders. A statement issued by the Libyan Ministry of Foreign Affairs said that the Egyptian decision constitutes a violation of the rights of…
Egyptian government made a statement on the economic crisis full of fallacies
The Egyptian government released a comprehensive 52-page report responding to what the information called “claims and allegations about the Egyptian economic performance” between June and November 2022. The few months witnessed the peak of an economic crisis that struck the…
Egypt to obtain $500m in financing from China
On Monday, a finance ministry source revealed that Egypt was close to obtaining $500m in financing from China as part of a $10bn financing package that China plans to redirect from its reserves in the International Monetary Fund to African…
Saudi Public Investment Fund to acquire The United Bank
On Monday, Asharq Business revealed that the Saudi Public Investment Fund is in talks to acquire The United Bank, owned by the Central Bank of Egypt, in a deal that could be worth about $600 million. The news site quoted…
Five human rights groups condemn the arrest of Egyptian dissident Sherif Othman
Five human rights groups have condemned the arrest of Sherif Othman, an Egyptian-American while visiting the United Arab Emirates. The rights groups called on the UAE authorities to release him. They also appealed to the international community “not to assist…
US dollar exchange rate hikes anticipating new devaluation of the pound
In anticipation of a new float for the local currency, the exchange rate of the Egyptian pound decreased further in the parallel market as the US dollar approached 33 Egyptian pounds. In November, the annual inflation rate spiked to 19.2%….
IMF loan is not enough to get Egypt out of its financial crisis
On October 27, the International Monetary Fund agreed to grant Egypt a loan of $3 billion in an extended credit facilitation program under a 46-month arrangement, bringing the country’s total loans from the IMF since 2016 to $23.1 billion, making…
US dollar exchange rate hikes in Egypt alarming new devaluation of the pound
Tuesday, the US dollar price witnessed a new high against the Egyptian pound in official banks and the parallel market. The US dollar price broke the barrier of 30 Egyptian pounds in the parallel market, while its price in banks…
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