Egypt, EU hold an investment conference to help Cairo battle inflation and foreign currency crisis
8 months, 2 weeks ago

Egypt, EU hold an investment conference to help Cairo battle inflation and foreign currency crisis

Associated Press  

CAIRO — Egypt and the European Union on Saturday opened a two-day investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro aid package for the cash-strapped Middle Eastern nation. Most of the funds — 5 billion euros — are macro-financial assistance to help Egypt shore up its economy, which is hit by a staggering shortage of foreign currency and soaring inflation. In his opening remarks, President Abdel Fattah el-Sissi said the conference “sends a powerful message of confidence and support from the European Union for the Egyptian economy and the economic reform measures implemented over the past 10 years.” The EU, represented by Executive Vice-President Valdis Dombrovskis, and Egypt will sign a memorandum of understanding for the short-term macro-financial assistance of up to €1 billion to support Egypt’s economic reform program, the EU mission in Cairo said in a statement. Over a dozen rights groups, including Human Rights Watch and Amnesty International, urged the EU in a letter earlier this month to ensure that its bailout package “secures concrete, measurable, structural, and timebound human rights progress and reforms in the country.” Egyptian authorities have carried out a relentless crackdown on dissent for a decade, and rights groups have repeatedly called for Western governments to link improving rights conditions to financial assistance.

Rights Investment Billion Egyptian European Rights Groups Cairo Egypt Eu  inflation  crisis  conference  egypt  eu  reform  rights  european  billion  help  partnership  package  investment  currency  hold  foreign

History of this topic

IMF approves $1.2 billion draw for Egypt after completing 4th review of economic reform program
5 days, 20 hours ago

IMF approves $1.2 billion draw for Egypt after completing 4th review of economic reform program

Associated Press  

CAIRO — The International Monetary Fund said Tuesday it completed its fourth review of Egypt’s economic reform program approving a $1.2 billion disbursement for the North African country. The IMF executive board also granted Egypt’s request for an arrangement under the Resilience and Sustainability Facility with access to an additional $1.3 billion. Last month, Finance Minister Ahmed Kouchouk announced that …

IMF, Egypt reach deal to unlock $1.2bn to shore up strained public finances
2 months, 2 weeks ago

IMF, Egypt reach deal to unlock $1.2bn to shore up strained public finances

Al Jazeera  

Washington, DC-based lender says Cairo agreed to raise tax-to-revenue ratio and accelerate divestment of state-owned firms. The Washington, DC-based lender said on Tuesday that it reached the “staff-level agreement”, which is subject to approval by the Executive Board, after Cairo outlined steps to improve macroeconomic stability. Egyptian authorities agreed to raise the tax-to-revenue ratio by 2 percent of gross domestic …

Egypt unlocks $820 million in IMF funding after review
7 months, 2 weeks ago

Egypt unlocks $820 million in IMF funding after review

Hindustan Times  

Egypt completed a much-anticipated review of its expanded International Monetary Fund loan program, unlocking $820 million in support for an economy emerging from its worst crisis in decades. The IMF deal along with a mammoth United Arab Emirates investment are the cornerstones of a $57 billion global bailout for Egypt “The Egyptian authorities’ recent efforts to restore macroeconomic stability have …

Egypt raises fuel prices to lock in IMF loan tranche
7 months, 2 weeks ago

Egypt raises fuel prices to lock in IMF loan tranche

Al Jazeera  

Petrol will cost up to 15 percent more from Friday. Egypt is raising fuel prices for the second time in four months, fulfilling an economic reform condition set by the International Monetary Fund to unlock hundreds of millions in new loans. Egypt’s official gazette reported an up to 15 percent price hike for petrol on Thursday, four days before the …

Donor fatigue persists as nations commit around $8.1 billion for conflict-hit Syrians
9 months, 2 weeks ago

Donor fatigue persists as nations commit around $8.1 billion for conflict-hit Syrians

Associated Press  

BEIRUT — International donors meeting in Brussels said Monday they will commit 7.5 billion euros in both grants and loans to support Syrians battered by war, poverty, and hunger for the rest of this year and beyond. The pledges surpassed the modest $4.07 billion that the United Nations had appealed for, but was also a significant drop from amounts pledged …

World donors pledge more than €2 billion in aid for war-stricken Sudan
11 months ago

World donors pledge more than €2 billion in aid for war-stricken Sudan

The Hindu  

French President Emmanuel Macron announced on April 15 that world donors are pledging more than €2 billion euros aid for Sudan after a year-long war that has pushed its population to the brink of famine. In a final statement, top diplomatic envoys, U.N. officials and aid agencies gathered at the conference also urged Sudan’s warring parties to stop rights violations …

IMF to increase Egypt's bailout loan to $8 billion
11 months, 2 weeks ago

IMF to increase Egypt's bailout loan to $8 billion

Firstpost  

The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza. The deal was reached after Egypt and the IMF agreed on a reform plan, which includes measures such as floating the local currency, reducing public investment, and fostering private …

IMF confirms increasing Egypt’s bailout loan to $8 billion
11 months, 2 weeks ago

IMF confirms increasing Egypt’s bailout loan to $8 billion

Associated Press  

CAIRO — The executive board of the International Monetary Fund confirmed a deal with Egypt to increase its bailout loan from $3 billion to $8 billion, in a move that is meant to shore up the Arab country’s economy which is hit by a staggering shortage of foreign currency and soaring inflation. The disruptions in the Red Sea are also …

The EU plans to fast-track some financial aid to Egypt. The usual funding safeguards will not apply
11 months, 2 weeks ago

The EU plans to fast-track some financial aid to Egypt. The usual funding safeguards will not apply

Associated Press  

BRUSSELS — The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc’s executive branch. With those polls in mind, European Commission President Ursula von der Leyen announced plans for “an urgent MFA operation for up to 1 billion …

World Bank to provide $6B support to Egypt: minister
11 months, 3 weeks ago

World Bank to provide $6B support to Egypt: minister

China Daily  

CAIRO -- Egyptian Minister of International Cooperation Rania Al-Mashat said on Monday that the World Bank Group will offer a financing package for the Egyptian economy worth $6 billion for the next three years. In a statement, the Egyptian minister said the WBG intends to provide $3 billion to support the economic reform program implemented by the Egyptian government, and …

European Union announces an $8 billion aid package for Egypt as concerns mount over migration
1 year ago

European Union announces an $8 billion aid package for Egypt as concerns mount over migration

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The European Union on Sunday …

European Union announces $8 billion package of aid for Egypt
1 year ago

European Union announces $8 billion package of aid for Egypt

The Hindu  

The European Union on March 17 announced a $8 billion aid package for cash-strapped Egypt amid concerns that economic pressure and conflicts and chaos in neighbouring countries could drive more migrants to European shores. While the Egyptian coast has not been a major launching pad for people smugglers and human traffickers sending overcrowded boats across the Mediterranean to Europe, Egypt …

The European Union announces an $8 billion aid package for Egypt as concerns mount over migration
1 year ago

The European Union announces an $8 billion aid package for Egypt as concerns mount over migration

Associated Press  

CAIRO — The European Union on Sunday announced a 7.4 billion-euro aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores. The deal, which drew criticism from rights groups over Egypt’s human rights record, was signed Sunday afternoon in Cairo by Egyptian President Abdel Fattah el-Sissi and …

European Union announces $8-billion aid package for Egypt as concerns grow over migration
1 year ago

European Union announces $8-billion aid package for Egypt as concerns grow over migration

LA Times  

Egyptian President Abdel Fattah Sisi, right, meets European Commission President Ursula von der Leyen at the Presidential Palace in Cairo on Sunday. The European Union on Sunday announced an $8-billion aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores. The deal, which drew criticism from rights …

Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion
1 year ago

Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion

Associated Press  

CAIRO — Egypt on Wednesday floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan from $3 billion to $8 billion, moving to shore up an economy hit by a staggering shortage of foreign currency and soaring inflation. The measures, announced by the Central Bank of Egypt early Wednesday, were among the key …

Egypt strikes expanded $8bn deal with the IMF
1 year ago

Egypt strikes expanded $8bn deal with the IMF

Al Jazeera  

The deal comes as the central bank said it would let the Egyptian pound trade freely. Egypt has signed an expanded $8bn deal with the International Monetary Fund, Egypt’s Prime Minister Mostafa Madbouly has said. The deal comes as the central bank said it would let the pound currency trade freely and announced an interest-rate hike of 600 basis points …

Will Egypt’s asset sale get it out of its economic hole?
1 year, 7 months ago

Will Egypt’s asset sale get it out of its economic hole?

Al Jazeera  

Egypt is privatising – but is it enough to please the IMF and get more funding from the international financial body? The IMF welcomed Egypt’s asset sale, reiterating that “divesting is a critical component” of the loan agreement. “The announced sales will certainly help the government’s talks with the IMF and make the IMF’s task easier – at least in …

Egypt approves budget amid privatisation drive, economic crisis
1 year, 9 months ago

Egypt approves budget amid privatisation drive, economic crisis

Al Jazeera  

Egypt is dealing with an economic crisis, with the government seeking investments to meet its foreign debt obligations. Egypt will be allocating 127.7 billion Egyptian pounds for its food subsidy programme for the upcoming fiscal year beginning on July 1, up from 90 billion Egyptian pounds a year prior, as the most populous Arab nation grapples with an economic crisis. …

Why is the EU offering Tunisia a financial assistance package?
1 year, 9 months ago

Why is the EU offering Tunisia a financial assistance package?

Al Jazeera  

The EU hopes to stem the number of refugees departing for Europe from the country’s coast during an economic crisis. European Commission President Ursula von der Leyen says the European Union may loan Tunisia more than 1 billion euros with the lion’s share positioned as “macro-financial assistance” designed to save Tunisia’s faltering economy. The potential package, which was announced on …

Analysis: Egypt faces external debt reckoning after borrowing spree
1 year, 9 months ago

Analysis: Egypt faces external debt reckoning after borrowing spree

Firstpost  

The government says it will meet repayments, but it has not delivered on long-promised structural changes to its economy and its bid to raise cash by selling state holdings has failed to offload any major assets for foreign currency for nearly a year. Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over …

IMF wants Egypt to make reforms before bailout review: Report
1 year, 11 months ago

IMF wants Egypt to make reforms before bailout review: Report

Al Jazeera  

IMF wants Cairo to privatise state assets and allow flexibility in its currency, Bloomberg report says. The International Monetary Fund wants Egypt to enact more of the reforms that Cairo has committed to before it conducts the first review of the country’s $3bn rescue package, Bloomberg News has reported. The Washington-based lender wants Cairo to privatise certain state assets and …

Egypt is selling citizenship: How economic turmoil has left the Arab nation desperate
2 years ago

Egypt is selling citizenship: How economic turmoil has left the Arab nation desperate

Firstpost  

Reeling from economic turmoil, Egypt has decided to grant citizenship to foreign investors who will spend at least $2,50,000 in the Arab country. Amid these economic struggles, the European Bank for Reconstruction and Development in February forecasted Egypt’s economic growth to be at 4.3 per cent this year. Internal issues According to DW, a number of internal factors, such as …

Egypt’s inflation continues to surge as food prices rise
2 years, 1 month ago

Egypt’s inflation continues to surge as food prices rise

Associated Press  

CAIRO — Egypt’s annual inflation surged to a new high in January as the country continues to battle ongoing price hikes and a depreciating currency, the Egyptian statistics bureau said on Thursday. Greatly affected by the enduring hikes are Egypt’s lower-income households, most of whom are reliant on government subsidies for basic goods such as bread. The IMF deal was …

IMF approves deal with Egypt for $3 billion support package
2 years, 2 months ago

IMF approves deal with Egypt for $3 billion support package

The Hindu  

The International Monetary Fund has approved a deal that will provide a $3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in an additional $14 billion in financing for the Middle East country. The deal announced on Friday — known as an Extended Fund Facility Arrangement — is expected …

IMF approves deal with Egypt for $3 billion support package
2 years, 3 months ago

IMF approves deal with Egypt for $3 billion support package

Associated Press  

CAIRO — The International Monetary Fund has approved a deal that will provide a $3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in an additional $14 billion in financing for the Middle East country. That initial deal came hours after Egypt’s central bank introduced a series of reforms, …

IMF approves $3bn support package for Egypt
2 years, 3 months ago

IMF approves $3bn support package for Egypt

Al Jazeera  

The deal aims to reduce government debt and strengthen the social protection network for citizens. The support package announced late on Friday – known as an Extended Fund Facility Arrangement – will not require the Egyptian government to cut spending on subsidies but will strengthen the social protection network for citizens, an Egyptian cabinet report released on Saturday said. About …

Saudi Arabia extends terms of $5 billion in aid to Egypt
2 years, 3 months ago

Saudi Arabia extends terms of $5 billion in aid to Egypt

Associated Press  

CAIRO — Saudi Arabia agreed Tuesday to extend the terms of a $5 billion aid package to Egypt that took effect in March, Saudi state media said. The state-run Saudi Press Agency said the extension would allow Egypt to open '‘new financing channels with regional and international organizations’’ and help the completion of a preliminary $3 billion agreement the Middle …

Egypt, IMF reach preliminary agreement for $3 billion loan
2 years, 4 months ago

Egypt, IMF reach preliminary agreement for $3 billion loan

Associated Press  

CAIRO — The International Monetary Fund reached a preliminary agreement with the Egyptian government Thursday that paves the way for the economically troubled Arab nation to access a $3 billion loan, officials said Thursday. In a statement issued Thursday, Egypt’s IMF mission chief Ivanna Vladkova Hollar said the 46-month deal — known as an Extended Fund Facility Arrangement — allows …

Egypt’s pound at record low after $3bn IMF deal announcement
2 years, 4 months ago

Egypt’s pound at record low after $3bn IMF deal announcement

Al Jazeera  

Egypt has been in talks with the IMF since March in an effort to improve the country’s economic outlook. Egypt’s pound slid about 14.5 percent to a record low against the United States dollar after authorities announced a $3bn International Monetary Fund deal with a commitment to a “durably flexible exchange rate regime”. In a statement on Thursday confirming a …

Poverty and inflation: Egypt’s economy hit by global turmoil
2 years, 5 months ago

Poverty and inflation: Egypt’s economy hit by global turmoil

Associated Press  

DUBAI, United Arab Emirates — Stores are selling winter clothes from last season in the middle of summer. Asking to be identified only by her first name for fear of reprisal, she worries that crime and theft will increase “because people won’t have enough money to feed themselves.” For decades, most Egyptians have depended on the government to keep basic …

Gulf states, rich from oil, spread influence with financial lifelines
2 years, 6 months ago

Gulf states, rich from oil, spread influence with financial lifelines

Live Mint  

Saudi Arabia and other Gulf states flush with oil revenue are coming to the rescue of crisis-racked neighbors such as Egypt, Pakistan and Turkey, doubling down on a diplomatic tool they long used to build influence throughout the region. The aid represents a turnaround from a few years ago, when low oil prices forced Gulf states to rethink their financial …

EU proposes 5 billion euros in financial aid to war-hit Ukraine
2 years, 6 months ago

EU proposes 5 billion euros in financial aid to war-hit Ukraine

India Today  

The European Commission on Wednesday proposed five billion euros in financial aid to Ukraine, in the latest installment of a promised nine-billion-euro rescue package agreed by EU leaders in May. "The situation in Ukraine requires our full support," the commission's president, Ursula von der Leyen, said in a tweet announcing the emergency loans to Kyiv. pic.twitter.com/B60lueYl0Q — Ursula von der …

Donors fall well short of UN target for Syria aid
2 years, 10 months ago

Donors fall well short of UN target for Syria aid

Associated Press  

BRUSSELS — International donors on Tuesday pledged $6.7 billion to help Syrians and neighboring countries hosting refugees but fell well short of a U.N. target for assistance to millions of people from conflict-torn Syria who rely on aid to survive. Borrell said that 60% of Syria’s population “suffer food insecurity, and barely know where the next meal is going to …

IMF, World Bank say Sudan meets initial debt relief criteria
3 years, 8 months ago

IMF, World Bank say Sudan meets initial debt relief criteria

Associated Press  

CAIRO — The World Bank and the International Monetary Fund announced that Sudan has met the initial criteria for over $50 billion in foreign debt relief, another step for the East African nation to rejoin the international community after nearly three decades of isolation. The two international financial institutions said in a joint statement Tuesday that Sudan “has taken the …

EU leaders agree on $860bn joint-debt economic relief package
4 years, 7 months ago

EU leaders agree on $860bn joint-debt economic relief package

Al Jazeera  

Deal follows days of rancour over the proportion of grants compared to loans repayable by the fund’s beneficiaries. The deal will see the EU issue 750 billion euros of joint debt to help member states mitigate the economic downturn. Italian Prime Minister Giuseppe Conte said his country expects to receive 28 percent of the 750 billion euro emergency fund, comprising …

EU refugee crisis bailout fund could require significant UK cash
9 years ago

EU refugee crisis bailout fund could require significant UK cash

Daily Mail  

British taxpayers could face a bill of millions of pounds under a plan to fund the EU’s response to the migrant crisis. The EU yesterday said it was taking steps to deal with a possible ‘humanitarian crisis’ as figures showed that more than 102,000 migrants have crossed the Mediterranean to Europe so far this year. EU migration commissioner Dimitris Avramopoulos, …

Analysis: Egypt economy ‘entered a vicious circle’
9 years, 3 months ago

Analysis: Egypt economy ‘entered a vicious circle’

Al Jazeera  

What options does Egypt have to cope with economic pressures generated by a global economic crisis and regional turmoil? Political uncertainty, macroeconomic instability and global economic turmoil since the 2008 crisis have all contributed to Egypt’s prolonged recession, soaring unemployment and foreign currency shortages. Foreign currency generating sectors such as tourism and foreign direct investment in the energy and property …

Analysis: Egypt economy ‘entered a vicious circle’
9 years, 3 months ago

Analysis: Egypt economy ‘entered a vicious circle’

Al Jazeera  

What options does Egypt have to cope with economic pressures generated by a global economic crisis and regional turmoil? Political uncertainty, macroeconomic instability and global economic turmoil since the 2008 crisis have all contributed to Egypt’s prolonged recession, soaring unemployment and foreign currency shortages. Foreign currency generating sectors such as tourism and foreign direct investment in the energy and property …

Egypt search for new investors starts with aid from old ones
10 years ago

Egypt search for new investors starts with aid from old ones

Live Mint  

Cairo: Gulf Arab nations pledged more than $12 billion of new funds for Egypt, maintaining their status as the struggling economy’s key backers. “We must all stand by Egypt today, because Egypt’s security and stability is the region’s security and stability,” Sultan Al Jaber, the United Arab Emirates minister overseeing UAE aid to Egypt, told the conference on Saturday in …

Egypt army seeks national unity as crisis mounts
12 years, 3 months ago

Egypt army seeks national unity as crisis mounts

Live Mint  

Cairo: Egypt’s army chief called for talks on national unity to end the country’s mounting political crisis after a vital loan from the International Monetary Fund was delayed and thousands of pro- and anti-government demonstrators took to the streets. Armed forces chief and defence minister Abdel Fattah al-Sisi called for a meeting of “national unity for the love of Egypt …

Egypt says will not need IMF and World Bank funds
13 years, 8 months ago

Egypt says will not need IMF and World Bank funds

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Finance Minister Samir Radwan said …

Investing in the Arab Spring
13 years, 9 months ago

Investing in the Arab Spring

China Daily  

This is the VOA Special English Economics Report. Earlier in the week, the head of the World Bank said international support can speed progress -- "but only if coupled with real reform." The World Bank will offer Egypt 4.5 billion dollars in loans over the next two years. The World Bank also promised at least one billion dollars for Tunisia. …

G8 pledges $20 billion to support Arab Spring
13 years, 9 months ago

G8 pledges $20 billion to support Arab Spring

The Hindu  

Leaders of the Group of Eight rich nations on Friday said international development banks will give $20 billion to Egypt and Tunisia to support pro-democratic reforms. President Barack Obama and other G8 leaders meeting in France on Friday said in a final statement that their countries will also “mobilise substantial bilateral support to scale-up this effort.” The statement did not …

EU Ministers agree on euro defence package
14 years, 10 months ago

EU Ministers agree on euro defence package

The Hindu  

European Union finance ministers on Monday agreed on a euro 750 billion EU and International Monetary Fund safety net for troubled eurozone countries, hoping it will keep markets from targeting the weaker members of the 16 countries that use the embattled euro. The IMF would contribute an additional sum of at least half of the EU’s total contribution, or euro …

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