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Latest in Economy

IMF approves 4th $2bn tranche of Egypt’s loan

The Executive Board of the International Monetary Fund (IMF) approved today the disbursement of the fourth tranche of the IMF loan to Egypt worth $2bn, as part of the extended $12bn loan facility over three years. The IMF’s approval followed the completion of the third review of the IMF’s economic reform programme, during their visit …

Nevine Kamel

Egypt’s local public debt hits EGP 3.414tn end-2017: CBE

Egypt’s local public debt rose to EGP 3.414tn at the end of December 2017, compared to EGP 2.16tn in June 2017, of which 84.7% was due from the government, 8.2% from public economic bodies, and 7.1% from the National Investment Bank (NIB), according to the Central Bank of Egypt (CBE). The CBE said, in its …

Hossam Mounir

Parliament approves EGP 70.3bn additional allocations for current FY budget

The Egyptian Parliament approved on Sunday the draft law submitted by the government for additional allocations worth EGP 70.3bn for the current fiscal year (FY) 2017/2018. The bill stipulates that these additional allocations will be distributed as a EGP 57bn increase in the interest section of the state budget to meet the increase in the …

Nihal Samir

Egyptian economy in good shape as FY 2018 ends: FocusEconomics

Egypt’s economy seems in good shape as annual economic growth accelerated in the January-March period to reach a multi-year high. Additionally, in May, foreign reserves hit a record monthly high and, in April, business conditions in the non-oil private sector were in positive territory for only the second time in over two years, according to …

Mohamed Samir

Egypt PMI back to contraction in May: Emirates NBD

Egypt’s non-oil private sector activity continued to shrink in May to reach 49.2 points, down from 50.1 points in April. Nonetheless, the Purchasing Managers’ Index (PMI) score for May remained well above the long-term average, according to the latest Emirates NBD Egypt Purchasing Managers’ Index survey, published on Tuesday. However, according to the survey, there …

Mohamed Samir

Finance Ministry excludes economic stimulus plans from public expenditure control guidelines

The Ministry of Finance said in a statement on Tuesday that it has issued executive instructions to exclude the accounts of the emergency economic stimulus plan for the current fiscal year (FY) from its recent spending control instructions. The spending control instructions include banning the reregistration of discount disbursement financial documents starting 14 June, prohibiting …

Daily News Egypt