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%
Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence
As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line
The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent
IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9 per cent this year
The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria
An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition
The IMF was working with seven countries on debt restructurings, while a couple more would need help to reduce their debt burden
Economic expansion in Qatar is starting to normalise after the 2022 World Cup, according to a team from the International Monetary Fund.
The IMF and the World Bank, which are holding their annual annual meet in Morocco said the ongoing violence in Israel threatened to darken the already tepid global economic outlook
It has gradually lowered its overall growth forecasts for Saudi Arabia, the world’s biggest oil exporter, over the course of this year
According to the IMF, the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022
The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt