economy
This forecast is only slightly below the International Monetary Fund’s (IMF) expectations of 4.1 percent after its latest revision, followed by the World Bank and Egypt’s own forecast of 4.2 percent
This came in a speech the Egyptian premier gave during his participation, on behalf of President Abdel Fattah El Sisi, in the 6th African Union Mid-Year Coordination Meeting which is being held in Accra, Ghana, in light of Egypt’s current presidency of the New Partnership for Africa’s Development (NEPAD).
The Minister travelled with the Egyptian delegation that will be headed by the Prime Minister, to participate in the sixth coordination meeting of the African Union and the regional economic groupings at the summit level (the 6th Mid-Year Coordination Meeting.)
Egypt's Ambassador to Japan, Mohamed Abu Bakr, confirmed that the Egyptian economy is taking steady and rapid steps on the path to adapting to the pressures imposed by global crises.
Abu Bakr emphasized the critical importance of ongoing coordination between Arab countries and Japan to bolster the resilience of the Palestinian economy. This comes in response to the continuous Israeli attacks and devastation in Gaza, which have severely impacted essential infrastructure and livelihoods. He also denounced Israeli actions in the West Bank, including land confiscations and settlement expansions, which undermine Palestinian capabilities.
Central to Madbouly's agenda are immediate actions on critical issues, including economic stability, healthcare, education, and industrial growth.
For the coming fiscal year, the WB affirmed its previous forecast, predicting a 4.2 percent growth rate for FY2024/2025, while estimating a slight bump for FY2025/2026 to 4.6 percent
The Egyptian government is taking significant steps to shield its citizens. In a major budgetary shift, more than half of the expected state revenues, amounting to LE 2.99 trillion, are being directed toward social spending programs for the upcoming fiscal year
President Abdel Fattah El-Sisi met Wednesday with Zhao Leji, Chairman of the Standing Committee of the National People's Congress of China in Beijing.
During the meeting, Hala Al-Saeed reviewed the role of the Sovereign Fund of Egypt, its mechanism of operation, and the investment opportunities provided by the Fund.
Egypt is currently targeting a growth rate of between 4 and 4.2 percent for FY2024/2025, she added and expects a slowdown to 2.9 percent for the current fiscal year with growth impacted by geopolitical tensions
EBRD anticipates the economy to recover in 2025, expecting an uptick to 4.4 percent while forecasting a climb to 4 percent for the coming fiscal year
The agreement on the Ras El-Hikma project, along with the increase in the flexibility of the pound exchange rate, has significantly reduced the risks of external financing.
The International Monetary Fund (IMF) has released its experts' report on Egypt's financing program, shedding light on the country's economic policies and financial commitments.
Maait emphasized the pressing need for the private sector to assume a more prominent role in Egypt's economy, considering that nearly one million young individuals enter the labor market yearly while the government can only create around 100,000 new jobs
Kaolin, or China Clay, as it is commonly called, is a type of fine, white, soft rock, produced from feldspar rocks.
Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The Prime Minister commended major international companies that have established factories of the highest standards within a remarkably short period.
The March PMI survey indicated that recent measures taken to address Egypt's currency crisis, such as raising interest rates and floating the Egyptian pound, provided some relief in terms of price pressures
President El-Sisi pointed out the state's keenness to achieve strong, sustainable, and balanced economic growth, strengthen the role of the private sector, focus on the sectors of agriculture, industry, communications, information technology and tourism, and increase their contributions to the domestic product
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