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The precious metal has been found spread across a 32-kilometre long stretch
Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8bn, 46-month facility in March
The central bank is offering 330 million shares in United Bank at a maximum price of EGP15.6 apiece
The move toward EVs has accelerated in recent years and is seen as a key way to help countries achieve climate goals
The kingdom unveiled its Vision 2030 plan in 2016, which involves hundreds of billions of dollars of investments to wean the country’s economy off oil
According to the IMF’s WEO report, headline inflation is expected to fall to 3.5 per cent by late 2025, aligning closely with central bank targets worldwide
Growth in the UAE is broad based and driven by solid domestic activity in sectors such as tourism, construction and financial services
The IMF’s latest report showed global public debt will reach 93 per cent of global gross domestic product by the end of 2024
The East African nation is seeking to diversify its sources of financing
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains
Pakistan has relied on long-time allies such as China, Saudi Arabia, and the UAE to ‘roll over’ debt rather than force a repayment crunch
The country’s external debt fell to $154 billion as of the end of May from $168bn at the end of December
The IMF estimated that Egypt will spend EGP331bn ($6.85bn) on fuel subsidies in 2024/25 and EGP245bn in 2025/26
The Suez Canal, is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years
The central bank raised interest rates by 600 bps on March 6 as part of an agreement with the International Monetary Fund
The IMF now projects Saudi Arabia’s GDP growth to be 1.7 per cent this year, a reduction of 0.9 percentage points from its April forecast
European officials say they want to help Egypt become more resilient by boosting investment in the private sector
The World Bank projects that the support programme will create jobs, strengthen the economy, and enhance Egypt’s resilience to environmental and economic challenges
The IMF said its Executive Board would consider the staff agreement and disbursement in the coming weeks
Pakistan needs foreign investment to boost its economy and shore up its currency reserves to meet rising external repayment obligations
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors
The fund had projected in April that the country’s economy would grow by 3.5 per cent this year
Egypt promised the IMF in the March agreement it would resume tightening if necessary to prevent further weakening of its economy
Fitch said Egypt’s initial steps to contain off-budget spending should help to reduce public debt sustainability risks
The $350bn economy faces a chronic balance of payments crisis, with nearly $24bn to repay in debt and interest over the next fiscal year
Egypt is expected to implement more financial reforms amid the country’s IMF bailout
Gulf economies are seen growing 2.4 per cent this year, a downward revision of 1.3 percentage points from October
Addressing the Atlantic Council, Georgieva highlighted the pandemic’s lingering effects, including a staggering $3.3tn in global output losses since 2020, with vulnerable nations disproportionately impacted
Egypt received the initial $5bn payment from the UAE in its $24bn deal at Ras El Hekma peninsula west of Alexandria
The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%