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
Saudi Arabia’s Vision 2030 programme to transform the kingdom is a key support to the Saudi stock market
The World Bank projects the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023 driven by robust domestic demand
The money comes at a sensitive time for Tunisia, which risks defaulting on its debt unless it wins a bailout from the IMF
The two-day Paris gathering aimed to overhaul the climate finance system that is targeted at countries most vulnerable to global warming
The fund expects the country’s non-hydrocarbon growth to be around 4 per cent in 2023
Global economic expansion will likely slow to 3.2 per cent this year, less than the 3.6 per cent forecast by the fund in April
The IMF signalled just days ago that higher authorities needed to be in place in Sri Lanka in order for restructuring talks to resume
The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions
The growth in the oil sector’s gross domestic product is set to be at 5 per cent this year
Public revenue was OMR1.82bn at the end of March
Bahrain’s public finances have been under strain from the twin shock of the pandemic and lower oil prices
The incoming legislature will have 31 new members
The sultanate plans to transfer its 60 per cent stake in Block 6 from Petroleum Development Oman to a new company
Credit downgrades and double-digit deficits poses challenges for regional countries that are not diversifying their economies