A delegation from the International Monetary Fund (IMF) will visit Egypt next week, on October 24, to start the second review of Egypt’s reform program, before it disperses the third installment of a $12-billion loan program, the Finance Ministry said Thursday.
Prime Minister Sherif Ismail said Wednesday that the executive regulations of the investment law will be issued next week. The cabinet received the executive regulations of the investment law on Wednesday, he said, adding that it was carefully reviewed and suggestions of the various ministries and bodies concerned were taken into account.
Egyptian negotiations succeeded in lifting the ban imposed by the Kuwaiti and Bahraini authorities on some of the country’s agricultural crop exports. Crops banned from being exported included bell pepper, lettuce, guava and onions.
Egypt’s inflation rate should decrease by the beginning of next year, Minister of Finance Amr El-Garhy said in a roundtable discussion hosted by CI Capital in the UK. He said the government plans to sustain the six percent GDP growth within the next 10 years.
The Egyptian Exchange (EGX) ended Thursday on mixed note on foreign sales.
Benchmark EGX30 grew 0.91 percent at the end of the trading session to stand at 13,713 points.
Foreign Minister Sameh Shoukry opened on Thursday the Egyptian-Portuguese business council in the presence of visiting Portuguese Minister of Foreign Affairs Augusto Santos Silva. The opening ceremony was attended by a host of Egyptian and Portuguese businessmen.
The Egyptian pound exchange rate was stable against U.S. dollar in Thursday's morning banking transactions. The exchange rate of the U.S. dollar recorded an average of LE 17.60 for buying and LE 17.70 in majority of banks.
President Abdel Fatah al-Sisi issued on Thursday a decree approving a memo of understanding signed between Egypt and the UAE on boosting financial and technical cooperation. The memo was signed in January 2017 and was approved by the House of Representatives during its July 5 session.
Investment and International Cooperation Minister Sahar Nasr met with the EU Delegation to Egypt headed by Ivan Surkos on Thursday to discuss European subsidies for the Mediterranean countries and cooperation priorities. The minister affirmed that the government’s socio-economic program aims to improve the economic conditions of citizens, especially the low income ones.
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