#International Monetary Fund
The tightening of global financial conditions is putting downside pressure on economic activity, said IMF’s Tobias Adrian
The fund said it expected energy commodity prices to decline by 2.6 per cent in 2025, more than assumed in October
The North African country is targeting about $3bn in the remainder of the current fiscal year, which runs until the end of June
The only financial institution the BRICS countries have established so far is the New Development Bank, created to finance sustainable development projects
The kingdom’s seasonally adjusted real GDP grew by 1.4 per cent compared to Q1 2024, as non-oil activities rose by 4.9 per cent YoY
The central bank said that the lending rate remained at 28.25 per cent, while the deposit rate stood at 27.25 per cent
The North African country has been using its net foreign assets to help prop up its currency since at least September 2021
Economists say central bank lending risks undermining the economy by expanding the money supply and fuelling inflation
Over 60 million people have access to discounted prices on staples such as pasta, vegetable oil and sugar through state-run outlets
The latest review, approved in late July but released only on Monday, was Egypt’s third and followed the expansion of the package size in March
The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn
The North African country has been using its net foreign assets to help prop up its currency since at least September 2021
The kingdom’s total public debt stood at SAR1.149tn at the end of June, up from SAR1.05tn at the end of last year
The government raised domestic fuel prices by up to 15 per cent ahead of the IMF review, which had been postponed from July 10
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 World Bank projects that the support programme will create jobs, strengthen the economy, and enhance Egypt’s resilience to environmental and economic challenges
The monetary policy committee left the lending rate unchanged at 28.25 per cent and the deposit rate at 27.25 per cent
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 allowed its currency to weaken sharply on March 6 after keeping it fixed to the dollar for nearly a year
Inflation dipped to 33.3 per cent in March from a record 38.0 per cent in September
The funding program will prioritise economic stability, investments and trade as well as migration and security
IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes
The Egyptian pound, fixed at EGP30.85 to the dollar since March, traded on the black market earlier this month as low as EGP71 to the dollar
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 country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation
The announcement was made during the International Monetary and Financial Committee Meeting, organised on the sidelines of the WBG-IMF Annual Meetings In Morocco
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
A prolonged property market slump, plunging demand for exports and subdued consumer spending are weighing on the economy’s recovery