Egypt targets 5% inflation by 2026, government document says
Egypt - A government document says that Egypt will aim to achieve price stability and lower inflation rates to 7% (±2%) by the end of 2024, and to 5% (±2%) by the end of 2026, while keeping it below 5% by 2030. It expects inflationary pressures to ease from this year, with an average inflation rate of 9.2% during 2024-2028. The Central Bank of Egypt (CBE) has been pursuing a tight monetary policy to rein in inflation, which reached 34.2% in December 2023. The MPC has stressed that the interest rate path depends on expected inflation rather than current inflation and that it will use all available tools to reduce monthly inflation and achieve the announced targets. Moreover, the growth rate of exports of outsourcing services would increase by 10% annually to reach a target of $13bn.
Source:Daily News Egypt
January 15, 2024 13:36 UTC
Salah rescues point for Egypt with late penalty against Mozambique
Salah's spot-kick went in off the post after Mozambique defender Domingos Macandza committed a foul in the box. But they were denied a first victory at the Cup of Nations in their 13th game as Salah kept his nerve. Egypt now look ahead to a second pool fixture against Ghana on Thursday, while Mozambique meet Cape Verde on Friday. They then turned the game on its head with a second three minutes later as they cut Egypt apart down the middle. Egypt came close to an equaliser when Hamdi Fathi's clever flick looped onto the post and away, before they won the penalty that denied Mozambique one of the greatest shocks in Cup of Nations history.
Source:Egypt Today
January 15, 2024 07:56 UTC
Clinical Iran hand Palestine 4-1 defeat at Asian Cup
Goals from Karim Ansarifard, Shoja Khalilzadeh, Mehdi Ghayedi and Sardar Azmoun gave Iran all three points while Tamer Seyam scored a consolation for Palestine, who are still seeking their first win at the Asian Cup. Huge cheers greeted the Palestine squad before their national anthem was played as the Iranian fans showed solidarity with their Middle Eastern counterparts, with some holding the Iran flag side-by-side with the Palestine colours. "I thank all the fans that were in the stadium, the Iranian fans, the Qatari fans, the Arab fans, everyone who supported Palestine," Palestine coach Makram Daboub told reporters. Although the Palestinians managed to mount a couple of promising attacks, Iran held firm to go top of the group while Palestine are bottom. Despite notching up the biggest win of the tournament so far, Iran coach Amir Ghalenoei was not entirely impressed with his team's performance.
Source:Egypt Today
January 15, 2024 07:41 UTC
Egypt’s external debt edges lower to $164.521bln in Q1 FY 2023/24
Egypt’s external debt burden eased in the first quarter of fiscal year (FY) 2023/24, inching down to $164.521bn from $164.727bn at the end of the previous quarter. This welcome decline is driven by a drop in long-term debt, which stood at $134.252bn in September 2023, down from $136.577bn in June. The government played a key role in reducing external debt, with its liabilities falling to $82.527bn from $83.428bn, all of it long-term. This breakdown includes $24.563bn in long-term debt and $19.822bn in short-term debt. Banks’ external debt remained largely stable at $20.905bn, with a slight decrease from $20.978bn in the previous quarter.
Source:Daily News Egypt
January 15, 2024 07:30 UTC
Al-Sisi, Wang Yi discuss Gaza crisis, bilateral cooperation
Egyptian President Abdel Fattah Al-Sisi met with Chinese Foreign Minister Wang Yi on Sunday to discuss the situation in Gaza and ways to enhance their strategic partnership. In a related context, Shoukry emphasized that Egypt continues to strive to strengthen bilateral relations and coordinate with China on regional and international issues. Shoukry and his Chinese counterpart Wang Yi held a joint press conference on Sunday, where they discussed bilateral relations, regional issues, and the situation in Gaza. He added that Egypt supports the one-China principle and seeks to develop bilateral relations and coordination on regional and international matters. Wang Yi, for his part, stressed that China and Egypt will continue to strengthen coordination and cooperation to find a lasting, comprehensive and just solution to the Palestinian issue.
Source:Daily News Egypt
January 15, 2024 06:23 UTC
100 days of Israeli attacks and Palestinian resistance in Gaza
The Gaza Strip’s Ministry of Health said that the Israeli forces carried out 11 massacres, killing 125 people, in the past 24 hours. On the 100th day of the Israeli attacks, the ministry said that the Israeli army deliberately bombed residential areas with their families, and targeted the health system and infrastructure. Meanwhile, the Palestinian Prisoners’ Club said on Sunday that the Israeli army arrested about 5,875 Palestinians, including 355 children and 200 women, in the occupied West Bank in 100 days. Moreover, the Israeli army also announced that 1,106 soldiers were injured since the start of the ground operation, 240 of them seriously. The army reported that 12 officers and soldiers were injured in the battles in the Gaza Strip during the past 24 hours.
Source:Daily News Egypt
January 15, 2024 06:11 UTC
Pharmacies sector suffers from drug pricing crisis, capital loss over 50%
The pricing crisis in medication is the biggest challenge facing the pharmacy sector in Egypt, said Ashraf Kordy, Board Member of the Giza Chamber of Commerce. He spoke at a meeting led by Ahmed Al-Wakil, President of the Federation of Chambers of Commerce Egypt, with pharmacy profession leaders and representatives from chambers of commerce in various governorates. Kordy said that this crisis caused significant capital losses for pharmacy owners, exceeding 50% in one year. Kordy added that meeting participants suggested solutions to ease the crisis, such as printing barcodes instead of prices to standardize selling prices in all pharmacies. The meeting also discussed the difficulty of securing funding for pharmacies, as they resort to personal loans due to the Central Bank’s classification of pharmacies as “High Risk”.
Source:Daily News Egypt
January 14, 2024 20:59 UTC
$88 trillion in debt and a wave of elections. World leaders are hamstrung
Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. More worryingly still, as debt burdens grow, governments could find themselves unable to borrow more to service existing obligations and fund basic services adequately. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.
Source:Egypt Independent
January 14, 2024 20:32 UTC
Egyptian MP demands ban of Ramadan imports in 2024 due to foreign currency shortage
CAIRO – 14 January 2024: Member of the House of Representatives Ashraf Amin demanded the government to ban the import of Ramadan products that are dried fruits and lamps given the shortage in foreign currency the country is enduring pointing out that the bill of such goods amounted to $30 million in 2023. CAPMAS added that the country’s imports decreased by 21 percent on a yearly basis, totaling $58.5 billion, compared to $74 billion for the same period in 2022. Egypt is striving to boost its exports and reduce imports to improve its foreign currency reserves, which have been in short supply since the onset of the Russo-Ukrainian crisis in late February 2022. To ease pressure on the dollar, the government implemented some restrictions on imports, exempting essential goods and crucial production requirements for local manufacturing. Until the end of September 2023, the government released goods and commodities from Egyptian ports, with a total value of $53.7 billion.
Source:Egypt Today
January 14, 2024 16:46 UTC
Sudan rejects IGAD Summit over unfulfilled promises
The Sudanese Sovereign Council announced Saturday it would not participate in next Thursday’s Inter-governmental Authority on Development (IGAD) summit in Uganda, dedicated to regional crises in Sudan, Somalia, and Ethiopia. The Council stated that “a summit for Sudan is unnecessary before implementing the outcomes of the previous one,” held in Djibouti in December 2023. At the heart of Khartoum’s objection lies a sense of unfulfilled promises from the previous IGAD summit held in Djibouti in December 2023. This perceived lack of accountability and commitment from the regional body eroded Khartoum’s trust, ultimately leading to their refusal to participate in the upcoming summit. His willingness to engage with IGAD despite Khartoum’s boycott underscores the internal divisions within Sudan’s power structure.
Source:Daily News Egypt
January 14, 2024 16:00 UTC
Reason behind Houthi attacks in Red Sea is not support to Gaza: military expert
The Suez Canal experienced a 40-percent decline in dollar revenues from 1-11 January, 2024, compared to the same period last year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA). In a phone-in, Rabie attributed the drop to tensions in the Red Sea, which have affected traffic through the international waterway. He emphasized that the Suez Canal remains the most efficient and secure route for cargo ships, saving time, fuel, and money. The Suez Canal is a vital link between Asia and Europe, facilitating approximately 12 percent of global trade. Over the past weeks, the Houthis of Yemen have launched attacks against Israel-linked ships against the backdrop of the Israeli aggression in the Gaza Strip.
Source:Egypt Today
January 14, 2024 15:57 UTC
New social protection package to include salary, pension improvements, reinstated tax exemption limits: Minister of Finance
He added that the government is working on completing a comprehensive and integrated development to enhance both the tax and customs systems. Maait stated that these electronic systems increased tax revenues by 26.9% during the last fiscal year without imposing additional burdens on investors. The minister emphasized that mechanized tax systems help expedite tax examination procedures, to complete them annually. This new law uses a simplified fixed tax system, and its executive regulations have been issued. The government is committed to expediting customs clearance for strategic goods, medicines, petroleum products, fuel, and production essentials for priority sectors.
Source:Daily News Egypt
January 14, 2024 12:03 UTC
From stardom to retirement: The fading glory of Egypt’s top actors
Some stars were adored by the fans who cheered their names in theaters and awarded them many prizes. But as time goes by and our stars age, producers lose interest in casting them, and the situation changes. The spotlight fades away, the cameras turn elsewhere, and producers, directors, and even writers abandon them, who once were eager to work with them. In the following lines, we will learn about who retired and who is facing retirement. Last but not least, the megastar Adel Imam is unexpected to resume artistic work again due to his health condition, which prevents him from going out or engaging in social or artistic activities.
Source:Daily News Egypt
January 13, 2024 18:21 UTC
Egypt’s Central Agency for Reconstruction to implement 14 urban development clusters in North Sinai
Egypt’s Cabinet approved the implementation of 14 urban development clusters in North Sinai by the Central Agency for Reconstruction. In November, Prime Minister Mostafa Madbouly unveiled the North Sinai Development Vision, which consists of 302 projects worth EGP 363bn until June 2030. He announced this during a press conference in Arish, where he launched the second phase of the government’s development plan for North Sinai. He also expressed the Egyptians’ willingness to sacrifice their lives to protect every inch of Egypt’s North Sinai. Among the notable projects is the desalination plant in North Sinai.
Source:Daily News Egypt
January 13, 2024 18:07 UTC
Egypt pardons prisoners on Police Day and January 25 Revolution
CAIRO - 13 January 2024: The Egyptian Official Gazette published Presidential Decree No. 1 of 2024, concerning the pardon of the remainder of the sentence for some convicts on the occasion of Police Day and the January 25 Revolution, which fell on January 25, 2024. It also applies to convicts who have been sentenced to life imprisonment, but who have served at least 20 years of their sentence. The decree is expected to benefit thousands of prisoners in Egypt. It is seen as a gesture of goodwill by the Egyptian government on the occasion of two important national holidays.
Source:Egypt Today
January 13, 2024 17:05 UTC