The International Monetary Fund (IMF) has drafted a comprehensive strategy to enhance Egypt’s macroeconomic stability and promote private sector growth in Egypt.  The plan outlines four elements, which are monetary and fiscal policy tightening, flexible exchange rate, targeted budget support for households, and balancing the roles of the public and private sectors. In December 2022, the IMF approved a 46-month arrangement fund to Egypt worth USD 3 billion (EGP 145.7 billion), which was later increased to USD 8 billion (EGP 388.7 billion) in March 2024. Egypt’s economy has been struggling ..read more

Egypt aims to raise USD 1 billion (EGP 48.2 billion) this year by selling state assets through its ongoing privatisation programme, Egyptian Planning Minister Hala El-Said revealed in an interview with Asharq Business on 21 April. The government will also work to improve the following year, with an increased target of USD 1.5 billion (EGP 72.3 billion) set for 2025. Previously, in February 2024, Egypt’s Minister of Finance Mohamed Maait stated that the government is looking to raise USD 6.5 billion (EGP 313.4 billion) by the end of the year. The planning minister also revealed that Egypt has r ..read more

The Central Bank of Egypt (CBE) announced an increase in daily cash withdrawal limits, the country’s State Information Service reported on 15 April. Bank branches now allow withdrawals of up to EGP 250,000 (USD 5,170) for individuals and companies – up from EGP 150,000 (USD 3,102) in January 2024. The adjustment, the second of its kind, follows the previous lift from EGP 50,000 (USD 1,034) to EGP 150,000 (USD 3,102). The daily ATM withdrawal limit was also raised to EGP 30,000 (USD 620) from the previous EGP 20,000 (USD 413) cap. In a directive to banks on Monday, the CBE highlighted these mea ..read more

  Egypt aims to procure 3.5 million tons of local wheat during the 2024 season, as announced by Ali Al-Moselhy, the country’s minister for Supply and Internal Trade. This initiative precedes the wheat harvest in Egypt, which typically commences in April and spans several months. The government’s objective is to bolster self-sufficiency in wheat and corn crops. Minister of Planning, Hala Al-Saeed, stated that the goal is to raise wheat production to 53 percent from 45 percent in 2021 and corn production to 56 percent by 2025/2026. Since November 2023, Egypt has planted three million feddan ..read more

Egyptian swimmer Marwan Al-Kamash won the title of Best African Athlete following an outstanding performance that secured a total of five gold medals and two silver medals in Acra. Upon his return to Egypt Al-Qamash received multiple honors. He is now training in the United States with renowned coach Mark Schubert for the Paris 2024 Olympics. Over his career, Al-Kamash has achieved several accolades, including qualifying for the Olympics three times. He also won several championships at the Arab, African, and international levels for Egypt. Egypt dominated the 13th All-Africa Games, which took ..read more

The International Monetary Fund (IMF) has announced on Saturday its approval of a significant increase in the loan program provided to Egypt, amounting to approximately USD 5 billion (EGP 236 billion) The loan program, initially set at USD 3 billion (EGP 142 billion) for 46 months, aims to bolster Egypt’s economic stability and will enable Egypt to immediately withdraw around USD 820 million (EGP 38 billion) from the IMF.  To address the issue of non-targeted fuel subsidies, which consume a significant portion of government expenditures, Egypt has raised prices on a wide range of fuel pro ..read more

  In a landscape saturated with well-meaning charity campaigns, MENA’s leading financial technology company, Valu, is taking philanthropy one step further. Valu’s latest corporate social responsibility (CSR) initiative, in partnership with the Forset Hayah Foundation, transforms giving into an engaging and rewarding act of generosity. As part of this campaign, users of Valu will be able to participate in supporting Forset Hayah Foundation through an automatic EGP 20 donation that Valu will donate with every transaction they make. Taking a refreshingly unconventional approach to social goo ..read more

  A business is not built on mere bones, it is built on breath. It’s the soul, not the skeleton, that gives it life. In today’s landscape, successful businesses are defined by more than just their products. Values are equally important. To truly differentiate themselves, companies must identify a core set of values with authenticity, transparency, and unwavering action. This translates to aligning every decision with a deeper purpose that drives positive change in their communities.  Maramzy exemplifies this purpose-driven approach. The brand is more than just a home decor brand; it ..read more

Standard and Poor’s (S&P) Global Ratings raised Egypt’s credit outlook from stable to positive on 18 March, weeks after the government decided to enforce a long-awaited free-floating currency exchange regime. “[The decision] reflects our view that the determination of the exchange rate via market forces will help drive GDP growth and over time support the government’s fiscal consolidation plan,” S&P explained. Despite the lift, the credit rating agency affirmed its current rating of Egypt at B-, placing it six notches into junk status, similar to El Salvador and Ecuador. “We view the e ..read more

The World Bank Group (WBG) is providing Egypt with a new USD 6 billion (EGP 283.05 billion) financial support package, the multilateral lender announced on 18 March. “[WBG] supports the measures [Egypt] is taking for its economic recovery and restoring a sustainable path for inclusive growth,” the press release explains, also highlighting WBG’s commitment to its long-term strategic partnership with Egypt. Designed to advance Egypt’s economic development and foster increased private sector involvement, the WBG outlined a program to enhance the country’s economic landscape through several channe ..read more