Last Update 20:42
Monday, 17 May 2021
On the banking system, Egyptian banks face asset-quality deterioration and continued pressure on profitability through 2021 driven by the economic fallout from the pandemic, according to the report
Mauro told Ahram Online that the Egyptian authorities appropriately relaxed the fiscal stance to address the crisis, announcing a comprehensive and targeted stimulus package in March 2020
The IMF also approved new loan resources worth $24 billion for the poverty reduction and growth trust instruments as well as pledging $773 billion as extra grants to the CCRT instrument, according to the policy agenda.
Egypt’s government's gross debt reached its highest in 2017 to post 103 percent of GDP, but it started to decline as of 2018, reaching 92.5 percent and 84.2 percent in 2019 before increasing in 2020 as a result of the pandemic
Maait unveiled that total tax revenues went up by 13.5 percent, at the end of the third quarter of FY2020/21, including the non-sovereign tax revenues that increased with EGP 43.1 billion (grew by 10.4 percent)
According to the report, the currencies of major emerging markets have gained against the dollar since the last issue of the global financial stability report, released in October, but has faced notable turbulence in early 2021
Both sides acknowledged the achieved progress and the strength of the partnership between Egypt and Japan in the field of education
The report said Egypt's real GDP growth to deaccelerate to 2.5 percent in 2021, down from 3.6 percent in 2020, before rebounding by around the double to reach 5.7 percent in 2022
Nguyen said that COVAX has inked agreements to deliver 2 billion doses by the end of 2021, 1.3 billion doses of which are for developing countries
The decline was prompted by regional developments and concerns over expected decisions of the International Monetary Fund and World Bank on global economy
G-24 said that that International assistance for developing countries has fallen short of their estimated $2.5 trillion in additional financing needs
This disbursement is part of the EU’s overall contribution of €183 million ($215 million) to the CCRT, financing grants for the third tranche of CCRT debt service relief that was approved recently by the IMF´s executive board.
The IMF said on Monday that the approval followed two prior tranches approved on 13 April 2020 and 2 October 2020, respectively.
The initiative obliges banks operating in the Egyptian market to appropriate at least 20 percent of loan portfolios to SMEs
The Cairo Green Talk event is a cornerstone to remind ourselves that sustainable management of water resources, at both local and regional levels, requires global action, said Ambassador Berger
HIS’s March survey data signalled a faster decline in Egypt's non-oil private sector's operating conditions
'The PMI has also now been above the 50.0 no-change mark in each of the latest four months, signalling increased momentum in the economy’s recovery,' said David Owen, economist at survey compiler IHS Markit
'If the vaccine is sufficiently deployed by early-2022, Egypt is expected to gradually regain growth momentum during FY2021/22—23,' said the report
In September 2019, Egypt’s NIRs recorded an all-time high of $45.1 billion, before going down to $40 billion iN march 2020, driven by the unprecedented blow to global financial markets arising from the COVID-19
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