First Independent Mena Newspaper
Egypt will be receiving the remaining $1billion within two months from Turkey after satisfying the conditions attached to the $2billion loan agreement concluded last year to support its budget deficit. Turkey’s Eximbank will be handling the transactions. The money is needed by Egypt to suppress its problems as the government continues to run out of […]
With its economy showing no sign of recovery and the inflation on the rise, Jones Lang LaSalle has stated that property prices have been escalating especially in two large well known Cairo satellite cities; New Cairo and 6th of October City. In its latest report, the two cities have witnessed an average price rise of […]
Three North African countries namely Tunisia, Morocco and Algeria will be benefitting from the Open Data Platforms alongside other 17 other African countries launched by the African Development Bank (AfDB). Upon completion of the project in July 2013, it is believed that quality data on Africa will be brought to the doorsteps of its users […]
If Egypt has declared that it’s no more interested in International Monetary Fund’s (IMF) loan, Tunisia on the other hand has not ruled out its emergency loan which is on standby. However, planned protests and strikes for the following weeks might jeopardize the Tunisian government’s ability to overcome its shaky finance and at worst, its […]
Algeria announced on Monday a series of measures to fight the chronic unemployment excluding thousands of Algerian youths from the work market, mainly in the southern parts of the country. The announcement came while anger is growing among these youths who have planned a massive protest demonstration for Thursday and who no longer believe the […]
In 2011, Libya’s economy contracted to around 60% but according to the International Monetary Fund, it grew by more than 100% in 2012 as it continues to recover. It is forecasted to reach around 16.7% this year after attaining 121.9% in 2012. The head of an IMF mission which went to country, Ralph Chami, stated […]
Egypt’s Minister of Finance, Mursi Hijazi, revealed that the country is losing about 100 million pounds per day because of insecurity and political unrest and that workers’ repeated strikes have also contributed to the losses. According to the minister, “the losses are caused by various disruptions, such as sit-ins, protests, cutting off roads and breaking […]
Governor Hisham Ramez of the central bank has said that the foreign cash reserve recession rate may decline by next month. The central earlier on this month announced that the reserves had reached US$13.6 billion, which would amount to a 16-year low, compared to $36 billion on the eve of the 2011 uprising that ousted […]
According to the analyses of the president of Canada’s International Development Research Centre (IDRC), David Malone, the 4.8 billion International Monetary Fund (IMF) loan is insufficient to end to end Egypt’s economic woes. President Malone is in Cairo when he said that what Egypt needed is not a “western tailored” development model. Malone, a renowned […]
Egypt was pinning great hopes on the International Monetary Fund (IMF) promised loan to boost its economy, stabilize the country and attract investors and tourists anew. The country is in dire need of this loan also to inject cash in the state’s reserves as foreign currency reserve can barely cover 3 months of imports and […]