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High oil prices to push MENA growth forecast up in 2013

The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …

Hend El-Behary

Ministry of Finance to issue more FRNs

The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …

Islam Serour

The Economist: Egypt third most indebted nation in the world

By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …

Daily News Egypt

Morsy drops farmers’ debts

Addressing his audience of fellaheen (farmers), President Mohamed Morsy echoed former President Gamal Abdel Nasser, saying “I’m one of you in terms of roots and upbringing.” In his speech on Tuesday commemorating farmers’ day, Morsy praised Egypt’s fellaheen, stating that “Egypt’s farmers were the first to rebel against tyranny 4,000 years ago.” Presidential spokesman, Yasser …

Islam Serour

US business delegation arrives in Cairo

A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …

Islam Serour

Government begins debt swap negotiations with European countries worth $1b

By Islam Zayed A high-ranking source at the Ministry of Finance (MOF) revealed that the government is working on several projects regarding relief of public debt, reduction of budget’s deficit and reforming the Egyptian economy, all in parallel. The Foreign Relations Department at the Ministry of Planning and International Cooperation (MPIC) continues to negotiate the …

Daily News Egypt

Bailout request by Spain would not affect debt rating: S&P

Madrid (AFP) – Ratings agency Standard and Poor’s said Wednesday that if Spain requested a full bailout from European Union rescue funds and the IMF, this would not affect the country’s debt rating. “The sovereign ratings on the Kingdom of Spain would likely not be directly affected should Spain’s government request a bailout through official …

Daily News Egypt

Spanish unemployment nears 25%

Madrid (AFP) – Spanish unemployment is now near one quarter of the workforce, fuelling fears the country might need a costly bailout as the IMF issued its latest report on the eurozone’s fourth biggest economy. The unemployment rate rose in the second quarter to 24.63 percent of the workforce and to a huge 53 percent …

Daily News Egypt

Emerging markets unable to manoeuvre due to rising domestic debt

By Rahma Abdelaziz China once again lowered interest rates, indicating Beijing’s desire to contribute to international efforts and ensure greater liquidity in worldwide financial markets in light of the euro zone crisis. The step is similar to the one taken after the collapse of Lehman Brothers. The current move, however, may not have the same …

Daily News Egypt

Shura Council report cites corruption as main cause of growing debt

The Shura Council’s Economic and Financial Affairs Committee is citing widespread corruption within the state as the main reason for worsening public debt in a report that has created a firestorm since it was released. The report highlighted 65,000 instances of corruption in a single year as evidence of massive waste, with government agencies routinely …

Daily News Egypt

Public debt overshadows economic future

It is no secret that the job president-elect Mohamed Morsi has undertaken, reforming Egypt’s long stagnant economy into a working one, will be fraught with hardship.

Hurdles are ever-present, such as a tense relationship with the all-but-ruling military council and countless social problems.

Ahmed Khalifa

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