Egypt is set to receive 17 shipments of liquefied natural gas (LNG) following the closure of a recent tender. According to a Reuters report, these shipments are scheduled as seven in July, six in August, and four in September, with deferred payments of up to six months. On Tuesday, the Cabinet convened a press conference to address the persistent power cuts that have affected various regions of the country over the past week, with some areas experiencing outages lasting more than four hours. Urgent $1.1B for LNG and mazut shipments Prime Minister Mostafa Madbouly announced that Egypt will allocate $1.1…
Author: Doaa A.Moneim
Private sector investments are pivotal for advancing healthcare across Africa, particularly in accelerating the digital transformation and integrating cutting-edge technologies for enhanced medical services. This focal point resonated strongly during the inaugural World Future Health Africa event, a highlight of the second edition of GITEX Africa, held in Marrakech from May 29 to 31. As the continent’s largest tech and startups showcase, the event served as a crucial platform bridging public and private sectors. Its aim was to forge partnerships essential for securing the necessary financial backing to expedite Africa’s healthcare digitalization. Key priorities discussed included the integration of artificial…
The International Monetary Fund (IMF) announced on June 7 a staff-level agreement with Egypt, outlining the policies adopted and actions to be taken over the next six months to complete the third review of the $8 billion Extended Fund Facility (EFF) loan program. An IMF mission led by Ivanna Vladkova Hollar held in-person discussions with Egyptian authorities from May 12-26 in Cairo, followed by virtual sessions. The IMF approved a $3 billion loan for Egypt in December 2022 in response to the government’s request to address the fallout from the Russia-Ukraine conflict that began in May 2022. Economic challenges, worsened…
Egypt’s annual headline inflation rate continued its downward trend for the third consecutive month, reaching 27.4% in May, down from April’s 31.8%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) on Monday. Inflation eases in May In May, the monthly headline inflation declined by 0.8% compared to April, marking the first negative change since June 2022, when the rate dropped by -0.3%. CAPMAS attributed the decrease in the monthly headline inflation rate in May compared to April to the decline in prices of food and beverages (3.1%). In contrast, the prices of other goods and services groups…
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers Organization (APPO) have inked a historic agreement to establish the African Energy Bank, with an initial capital of $5 billion. Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla witnessed the signage. Agreement details Under this agreement, the African Energy Bank will operate as an independent regional institution dedicated to the development of energy resources across the continent. The bank’s objectives extend beyond traditional fossil fuels, aiming to bridge the financing gap in the oil and gas sector while also supporting investments in renewable energy sources. Minister El-Molla stressed the…
Sweden-based tech firm Ericsson announced on June 4 that Vodafone Egypt became the first mobile operator to deploy its triple-band radio, which supports both FDD and TDD spectrum, as part of its network modernization and capacity expansion initiative. Triple-band ratio Vodafone Egypt is using the new Radio 4466 product to support 2G, 3G, 4G and 5G across 1800 MHz, 2100 MHz FDD, and 2600 MHz TDD spectrum layers via a single unit, rather than using separate units for each band. Ericsson claims the deployment marks the first live use of a triple-band radio for those bands. Consolidating three bands in…
Egypt’s non-oil private sector showed improvement in May, with the Purchasing Managers’ Index (PMI) rising to 49.6 from April’s 47.4, marking its highest level since August 2021, according to the latest data from S&P Global. Despite remaining below the neutral 50-mark, the increase suggests a marginal decline in operating conditions. This indicates that non-oil private businesses in Egypt are nearing stability. The PMI is a composite indicator that provides a snapshot of operating conditions in the non-oil private sector economy, considering factors such as new orders, output, employment, supplier delivery times, and stocks of purchases. May’s data for the country…
Egypt’s government has announced plans to introduce a capital gains tax on shares and stakes listed in the Egyptian Stock Exchange (EGX), commencing from the March/April 2025 tax season. This decision comes amid a complex economic scenario, with the government actively addressing challenges through an International Monetary Fund (IMF)-backed $8 billion loan deal to rectify imbalances in the country’s economy. As part of this program, taxes are being emphasized as a crucial revenue source to mitigate the budget deficit until the conclusion of the loan program in 2026. The Egyptian Tax Authority (ETA) and the Egyptian Clearing Company have been…
Egypt’s international reserves soared to a record high of $46.125 billion in May, an increase of over $5 billion compared to the previous month’s level of $41.057 billion, data from the Central Bank of Egypt (CBE) showed. Record-high reserves Egypt’s international reserves hit their highest level since the onset of the COVID-19 pandemic in March 2020, reaching $46.125 billion in May 2024. This surpasses the previous peak seen in February 2020 at $45.5 billion. According to the CBE, these reserves are now sufficient to cover eight months of the country’s imports. The surge in Egypt’s foreign reserves was primarily fueled…
As Egypt navigates through economic reforms and inflationary challenges, the private sector finds itself in a tight spot with the recent approval of a minimum wage hike by the National Council of Wages. Issued in April, this decree commands private enterprises to raise minimum wages for employees to EGP 6,000, taking effect from May. This move aligns with President Abdelfattah El-Sisi’s initiative to uplift wages nationwide, aimed at mitigating economic challenges exacerbated by IMF-supported reforms. The 5th rise in two years The recent uptick marks the fifth minimum wage adjustment within two years. In January, the wage rose from EGP…