economy

Molla: Natural gas very important for economic growth

Tue, 11 Aug 2020 - 02:32 GMT

He added in statements during signing a contract of supplying natural gas to the industrial area in Eastern Port Said between the General Authority for the Suez Canal Economic Zone and Sinai Company for Gas that his ministry is working to benefit from natural gas for achieving social and economic development.

Egypt's banking system remained stable during COVID-19 pandemic: IMF

Tue, 11 Aug 2020 - 12:58 GMT

The system was liquid, profitable, and well capitalized heading into the crisis, but risks around banks’ loan portfolios, capital costs, and profitability have increased due to the economic slowdown.

IMF expects Egypt's GDP to dip to 2% in 20/21, rebound to 6.5% in 21/22

Tue, 11 Aug 2020 - 11:33 GMT

IMF clarified that this percentage came as the global recovery is now expected to be more gradual and domestic activity is projected to remain weak for longer.

Egypt's annual core inflation declines to 0.7% in July: CBE

Mon, 10 Aug 2020 - 04:46 GMT

The Consumer Price Index in Egypt has recorded a negative monthly rate of 0.1 percent in July, compared to negative 0.3 percent for the same month last year, the statement added.

Egypt’s annual inflation records 4.6% in July, rises 0.2% monthly

Mon, 10 Aug 2020 - 10:27 GMT

On a monthly basis, inflation recorded 107.8 points in July 2020, marking an increase of 0.2 percent compared to June 2020.

2020/2021 budget to 'build Egyptians,' prioritize health, education, social welfare

Sat, 08 Aug 2020 - 08:46 GMT

The 2020/2021 budget will continue to prioritize health, education and social conditions, Finance Minister Mohamed Mait said Saturday.

JP Morgan praises Egyptian economy performance amid pandemic: Finance Ministry

Thu, 06 Aug 2020 - 02:18 GMT

“Egypt has retained the confidence of all three international evaluation institutions, Standard & Poor's, Moody's, and Fitch, during one of the most difficult periods of the global economy,” the American bank stated.

Suez Canal revenues record $27.2B in 5 years

Thu, 06 Aug 2020 - 02:15 GMT

Rabie added that the canal’s revenues during the first eight months of 2020 hit $3.3 billion, through crossing 11,250 ships, with a total net tonnage of 693 million tons.

Egyptair operates 28 int'l flights on 1st day of Eid

Fri, 31 Jul 2020 - 03:54 GMT

The announced schedule includes 28 international flights in addition to the domestic and cargo flights it operates daily for the world's capitals and cities.

EGP 2.6 M of loans offered to finance 297 projects in 13 governorates- minister

Fri, 31 Jul 2020 - 03:52 GMT

The main target of the Local Development Fund is to finance several projects to support the households and women in increasing their incomes, Shaarawi said.

Egypt's public debt expected to fall to 86.2% of GDP in June 2020

Wed, 29 Jul 2020 - 04:29 GMT

The Minister of Finance added that the ratio of public debt is expected to decline to 86.2% of GDP in June 2020, compared to 90.4% of GDP in June 2019, 108% of GDP in June 2017 and 95.1% in June 2014.

CBE: economy succeeded to weather impact of pandemic on balance of payments

Tue, 28 Jul 2020 - 03:43 GMT

The improvement in the current account deficit has been maintained during the first quarter of the year to stand at $2.8 billion compared to $4.5 billion in the same period the previous year.

Fitch affirms Egypt at 'B+' with stable outlook

Tue, 28 Jul 2020 - 03:33 GMT

Fitch expected real GDP growth to be 2.5 percent in the fiscal year ending June 2021 (FY21), well below average growth of 5.5 percent in FY18 and FY19.

Egypt’s annual inflation drops to the lowest level in 14 years

Sat, 25 Jul 2020 - 12:35 GMT

The cabinet attributed the decline of inflation to the decrease in food prices.

LE 2.1 M disbursed to needy families ahead of Eidul Adha: minister

Fri, 24 Jul 2020 - 12:09 GMT

In press statements, Qabbag said branches of the general establishment for social solidarity spread across Egypt and are working on offering aid to the neediest families.

Egyptian Embassy in Canada organizes seminar to promote national economy

Wed, 22 Jul 2020 - 12:15 GMT

The seminar was organized in cooperation with the Canada Arab Business Council.

Egypt achieved miracles despite COVID-19 crisis: Businessman Ayman Al-Gamil

Sun, 19 Jul 2020 - 04:19 GMT

Gamil noted the state accomplished things and many challenges, describing them as miracles that led us to that stable stage with the least amount of problems and burdens.

Cabinet highlights int'l institutions’ positive outlook for Egypt's economy

Sun, 19 Jul 2020 - 02:25 GMT

The report attributed the country's strong economic performance, in the face of a coronavirus-led recession, to the bold economic reform program adopted by the government over the past years.

Harnessing reforms to boost Egypt's inclusive growth is a continuous process: Minister

Fri, 17 Jul 2020 - 09:36 GMT

The silver lining in the Covid-19 cloud is that many of the reforms have been expedited. In dealing with the immediate socio/economic challenges, Egypt has undertaken many actions to prepare for the future with all stakeholders.

Egypt's Finance Min. reviews details of consumption guarantee, stimulus fund

Tue, 14 Jul 2020 - 02:14 GMT

Ma’it said that the fund will be launched with a capital of LE 2 billion, and it will have multiple goals.

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