economy
Now the question is how does the Egyptian economy benefit from participating in the Rio de Janeiro summit?
He made the remarks during the Ministerial Meeting of the IEA World Fusion Energy Group.
Economist Mohamed Rezq has lauded the recent step taken by Fitch Ratings after upgrading Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) from (B-) to (B).
The minister highlighted Egypt's economic reforms and the government's commitment to improving the business climate and facilitating foreign trade.
New data is expected to reveal the effects of economic reforms on household spending following two years of currency devaluation and rising prices.
In the IMF’s latest World Economic Outlook report released on Tuesday, the fund revealed that Egypt recorded a real GDP of 3.8 percent in FY2023/2024, 1.1 percent higher than the IMF's earlier projection of 2.7 percent in July.
According to the release, the Ras El Hekma megaproject is expected to contribute approximately $25 billion annually to Egypt's GDP and create around 750,000 jobs, with projected cumulative investments reaching $110 billion by 2045
In its latest report on the country’s Balance of Payments (BoP), the Central Bank of Egypt (CBE) highlighted that the overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion
During a recent visit to London, Finance Minister Ahmed Kouchok addressed over 200 investors from major financial institutions and investment banks across several meetings, presenting a comprehensive strategy aimed at stabilizing and transforming the nation's economy
Egyptian wheat imports increased significantly in the first half of this year 2024, compared to the same period last year 2023, according to data from the Central Agency for Public Mobilization and Statistics.
Kouchouk highlighted three core priorities for the upcoming period - enhancing economic stability, supporting the private sector, and reducing government debt
The Central Bank of Egypt (CBE) announced that the remittances of Egyptians working abroad increased during July 2024 - for the fifth consecutive month - by 86.8 percent.
The program aims to enhancing Egypt's position as a regional center for the electronics industry and increasing electronics exports by 8 percent annually by 2026/2027.
Moubarak highlighted that remittance flows from Egyptians working abroad surged to $7.5 billion in Q4 FY2023/2024
The financial recovery can be partly attributed to a decree issued by Prime Minister Mostafa Madbouly in November 2022
Madbouly noted that this movement of capital was largely due to Egypt's flexible exchange rate policy, which allowed for high-value withdrawals, according to Reuters
President Abdel Fatah El-Sisi held a meeting Sunday with Prime Minister Mostafa Madbouli to follow up on economic affairs of priority and quality of services.
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.)
