Debt addiction: Egypt exempts German bank from taxes to take EUR 15 million loan
On Thursday, President Abdel Fattah El-Sisi approved a German loan of 15 million euros in exchange for a tax exemption for the KfW Development Bank. According to the decision, the Egyptian government will exempt the German bank from direct taxes…
Against hiking inflation: Central Bank of Egypt raises interest rate
On Thursday, the Central Bank of Egypt raised the interest rate by 3%, 300 basis points, to 16.25% on deposits and 17.25% on lending. The bank is trying to rein in rising inflation and contain its pressures after a sharp…
Government proposes Suez Canal Fund to get canal revenues outside the public budget
On Monday, the House of Representatives approved a draft law to establish a fund owned by the Suez Canal Authority to increase its ability to contribute to the economic development of the canal, according to government statements. MPs criticized the…
Egyptian national debt reaches 288.9 billion dollars
Statista has said Egypt’s national debt rose from $149.6 billion in 2017 to $288.9 billion this year. The online platform specialized in the market and consumer data has expected the rise to continue in the coming years, reaching more than…
IMF expects daily movements in exchange rates in Egypt
On Tuesday, Reuters reported that the International Monetary Fund (IMF) expects to see daily movements in exchange rates in Egypt by the end of the month. On Friday, the IMF issued a statement announcing that its Executive Board had agreed…
Banque du Caire: New state-owned asset to be abandoned to acquire cash
On Sunday, press reports revealed that Banque Saudi Fransi showed interest in acquiring Banque du Caire amid an expected valuation of about $3 billion. It still needs to be determined whether the acquisition will be partial or complete. According to…
Egypt is the Arab and African nation that detains journalists the most, says CPJ
On Wednesday, the Committee to Protect Journalists (CPJ) said Egypt still detains journalists the most in Africa and the Arab world. The CPJ’s rating does not take into account disappeared or abducted journalists. It defines journalists as people who cover…
Ramy Shaath turns to African Commission on Human and Peoples’ Rights against the Egyptian governmental violations
On Tuesday, Egyptian-Palestinian political activist Ramy Shaath said he would turn to the African Commission on Human and Peoples’ Rights to demand compensation for what he described as the violations he was subjected to while he was held in Egypt…
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…
Recent Comments