Egypt’s government is eyeing to extend the average tourist stay in Cairo to 12 days, part of the tourism ministry’s efforts to reimagine the allure of Greater Cairo and bolster the country’s tourism sector. Historical Cairo The first experience entails exploring Pharaonic Cairo and archaeological sites, while the second involves visits to museums, palaces, and gardens. The third experience centers on exploring historic Cairo. The Cabinet’s Official Spokesperson, Mohamed El-Homosany, highlighted the detailed discussion on proposed historical Cairo products and visit routes. The six routes discussed are Al-Muizz Street of Al-Fatimid Cairo, starting from Bab al-Futuh and extending through Al-Hussein…
Author: Doaa A.Moneim
The Central Bank of Egypt (CBE) is expected to raise key interest rates by 2% (200 basis points) in May, as projected in a research note from the American investment bank Goldman Sachs. This move is based on the anticipation of inflation decreasing to 20% by the end of 2024. The CBE’s Monetary Policy Committee is scheduled to convene on May 23 to review key interest rates in light of the latest inflation data. To control inflation, the committee aims for a rate of 7% (±2%) by the fourth quarter of 2024. According to recent projections from the International Monetary…
In its weekly gathering at the Cabinet’s New Administrative City headquarters, the Egyptian cabinet greenlit five pivotal resolutions regarding the Ras El-Hikma coastal zone in Matrouh Governorate. Special Free Zone The cabinet approved the establishment of a special free zone called “Ras El-Hikma Urban Development Project Company S.A.E.” Investment Zone Egypt’s cabinet also gave the green light to the Prime Minister’s proposal to establish an investment zone in Ras El-Hikma. Golden License The cabinet approved a draft decision to grant the “Golden License” to the Ras El-Hikma Urban Development Project Company S.A.E. for the investment zone and the special free…
Egypt’s budget for FY2024/2025, exceeding $353.6 billion (EGP 17 trillion), the largest in recent years, will be rolled out on July 1 amidst a challenging economic situation, with hopes for recovery bolstered by international financial institutions. Here are the key takeaways from the newly announced budget. Real GDP growth Egypt targets a 4% real Gross Domestic Product (GDP) growth in FY2024/2025, up from an estimated 2.8% in the current FY2023/2024, driven by leaving ample room for the private sector to lead the country’s economic growth and to create more of job opportunities, deepening the local industry, and boosting the merchandise…
The International Monetary Fund (IMF) has reaffirmed its forecast for Egypt’s real Gross Domestic Product (GDP) growth in the current fiscal year 2023/2024, ending on June 30, at 3%, with a projected recovery to 4.4% in the following fiscal year. However, these projections hinge on Egypt fulfilling its obligations under the IMF loan program agreement, which targets addressing imbalances in the public budget and monetary and fiscal policies. This includes transitioning to a flexible exchange rate system to enable Egypt’s economy to adapt more effectively to external shocks, facilitating exports for Egyptian businesses, and promoting increased investment. Loan boost Recently,…
The International Monetary Fund (IMF) has maintained its forecast for Egypt’s real gross domestic product (GDP) growth in 2024 at 3%, consistent with its January projection. However, this projection reflects a 0.8% decrease from the estimate for 2023. GDP growth According to the World Economic Outlook (WEO) report released Tuesday, the IMF anticipates Egypt’s GDP growth to rebound to 4.4% in 2025. The Fund attributed its outlook to the tightening of the monetary policy and the appreciation trend of the local currency. The IMF had predicted earlier that Egypt’s GDP growth will drop to 3% in the current fiscal year…
Egypt’s real gross domestic product (GDP) growth is expected to decelerate to 2.8% in the current fiscal year 2023/2024, compared to the 3.8% achieved in 2023 and 6.6%in 2022, the World Bank predicted in April in its latest MENA Economic Update titled “Conflict and Debt in the Middle East and North Africa”. GDP growth to rebound However, the World Bank remains optimistic, projecting a rebound in Egypt’s GDP growth to 4.2% in the upcoming fiscal year 2024/2025. This forecast comes after the World Bank downgraded its previous estimate of 3.7% growth for Egypt in 2024 to 3.5% earlier this year.…
The European Union (EU) has approved €1 billion in urgent short-term macro-financial assistance to Egypt, aiming to stabilize the country’s economy, a statement showed on April 12. This aid package aims to address Egypt’s deteriorating macro-fiscal situation and financing needs, which have been worsened by recent events such as the Gaza war, Houthi attacks in the Red Sea, and the repercussions of Russia’s war in Ukraine. €1 billion aid package The €1 billion assistance is part of a larger proposed package that includes an additional €4 billion from 2024 to 2027. This overall macro-financial assistance complements a revised support program…
Egypt plans to launch two mobile applications in July to tackle price inconsistencies and enhance transparency in the local market regarding commodity pricing, according to a statement released in April by the Egyptian cabinet. These apps aim to empower users to access and report commodity prices, fostering a more informed consumer experience. Regulating markets One of the two applications, the “Price Radar App,” will allow users to easily search for and compare prices of different items at nearby stores. Users can actively contribute by adding information such as item prices, store names, and locations, thereby enriching the database and improving…
Development grants totaling $178 million were utilized across five pillars during the inaugural Joint Steering Committee Meeting co-chaired by the Ministry of International Cooperation and the United Nations Resident Coordinator in Egypt, according to a joint statement released in March. Significant progress in implementing the Egypt-United Nations Sustainable Development Cooperation Framework 2023-2027 was highlighted in the statement, focusing on fostering human capital, sustainable economic development, climate resilience, governance, and women’s empowerment. Rania Al-Mashat, Minister of International Cooperation, highlighted the importance of multilateral cooperation demonstrated by the partnership between Egypt and the UN. She also emphasized that development grants from bilateral…