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Investment and our bipolar administration

Drops of tax “reforms” have been percolating from the cabinet to the public over the past few days, leaving the latter surprised, bewildered and anxious as to what’s yet to come. Wednesday the government approved a progressive income tax and variety of taxes on the securities market. Yesterday, a one per cent bump in sales …

Mohamed El-Bahrawi

Egyptian Stock Exchange. (PHOTO BY MOHAMED OMAR)

EGX30 closes above resistance level

The standard stock exchange index, EGX 30, ended Monday’s session above the resistance level of 5,800 points for the first time this month amid expectations of a continuing increase. The index closed Monday at 5,893 points compared to 5,793 points on Sunday, gaining 1.73 per cent, while the EGX70 index for small and medium sized …

Mohamed Salah

High oil prices to push MENA growth forecast up in 2013

The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …

Hend El-Behary

Egypt close to agreement with IMF

An agreement on the proposed $4.8 billion loan to Egypt could be reached by mid-November, according to director of the International Monetary Fund (IMF), Christian Lagarde. Lagarde spoke to Egyptian reporters on Thursday in a press briefing that was held during the joint meeting of the IMF and the World Bank in Tokyo. “As you …

Mohamed Salah

Egypt Discusses a New Loan with the World Bank

By Mohamed Salah The Egyptian government has started negotiating loan with the World Bank to finance the privatisation and restructuring of the public sector. The former International Monetary Fund’s assistant managing director, Dr. Fakhry El-Fekky, said the government may have to continue the privatisation process started by the previous governments. He said there are indicators …

Daily News Egypt

Government considers raising tap water prices in tourist and industrial areas

By Mohamed Salah Abdel Kawy Khalifa, the minister for public utilities, declared during the inauguration of Al-Rawda water plant that the government plans to raise consumer tap water prices, especially in tourist areas and industrial establishments. According to the minister, the increase is necessary in light of the budget deficit suffered by the Holding Company …

Daily News Egypt

The Economist: Egypt third most indebted nation in the world

By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …

Daily News Egypt

Turkey bolsters Egypt’s coffers

The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …

Islam Serour

Review: columnists observe Morsy’s attitude, IMF loan, and Coptic community

Egyptian opinion writers have explored a variety of topics that relate to President Morsy’s surprising moves, starting from his first trip to Saudi, to his latest in Iran. Many columnists continue to dissect Egypt’s internal platform with regards to the growing fears of the Coptic community in the country. Others criticise the acceptance of the …

Daily News Egypt

Where the shoe pinches

By Mohammed Ali Ibrahim the former editor in chief of both The Egyptian Gazette and Algoumhoria newspapers In 1928, Muslim Brotherhood founder, Hassan Al-Banna, adopted an approach to critics and skeptics which his followers and loyalists still adhere to today. His method was to shun reasonable argument or debate, opting instead for criticism and shouting …

Daily News Egypt

Debate over IMF loan persists

By Islam Serour Fears of negative consequences attached to the IMF loan is fuelling debate among Egypt’s business and economic community. Some worry the loan could worsen national debt if the Egyptian pound were to be devalued, while others debate whether the government should focus more on the country’s domestic fiscal position rather than relying …

Daily News Egypt

IMF Managing Director to visit Egypt

By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …

Daily News Egypt