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Must Read馃嚜馃嚞Egypt Today路47 mins ago
IMF and Egypt reach staff-level agreement on seventh review of reform program
The International Monetary Fund and Egypt have reached a staff-level agreement on the seventh review of Egypt's economic reform program. This agreement, if approved by the IMF Executive Board, would unlock approximately $1.6 billion in financing, including $1.5 billion under the Extended Fund Facility and $136 million through the Resilience and Sustainability Facility. The IMF noted Egypt's economic resilience despite regional and global pressures, with real GDP growth reaching 5 percent in the third quarter, bringing the first three quarters of the fiscal year to 5.2 percent. Gross international reserves remained stable, and portfolio inflows supported the exchange rate. Egypt also exceeded primary balance and tax revenue targets by March 2026, with the primary surplus projected to rise to 5 percent of GDP in FY2026/27. Progress in domestic revenue mobilization is expected to increase the tax-to-GDP ratio by 1.2 percentage points this year. However, the IMF warned of risks from geopolitical tensions and global inflation, with headline urban inflation projected to reach 15.8 percent by the end of the fiscal year. The fund emphasized the importance of exchange rate flexibility, improved debt management, and accelerated structural reforms, including the State Ownership Policy, to boost private sector-led growth and job creation.
1 min read
馃嚜馃嚞Egypt Today路4 hours ago
Egypt pledges disaster relief to Venezuela after earthquakes
Egyptian Foreign Minister Badr Abdelatty announced Egypt's readiness to provide humanitarian support and disaster relief to Venezuela following recent devastating earthquakes. In a diplomatic call on Monday, Abdelatty extended condolences from the Egyptian government and citizens to the Venezuelan people and victims' families to Yv谩n Gil Pinto, the Minister of Foreign Affairs of Venezuela. Pinto expressed appreciation for Cairo's solidarity and briefed Abdelatty on the human casualties, material damage, and ongoing emergency mobilization efforts by Venezuelan authorities.
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馃嚜馃嚞Egypt Today路6 hours ago
Egypt condemns Israeli strikes in southern Syria
Egypt's Ministry of Foreign Affairs has strongly condemned recent Israeli military strikes in southern Syria. In a statement released on Monday, Cairo described the airstrikes as a blatant violation of Syria's national sovereignty, territorial unity, and geographic integrity. The ministry further stated that these military incursions constitute a clear breach of international law provisions and the fundamental principles of the United Nations Charter. Egypt reaffirmed its absolute rejection of any military actions that compromise the sovereignty or territorial safety of Arab nations and renewed its total solidarity with Syria. The statement concluded by emphasizing Cairo's diplomatic support for all international and regional measures aimed at safeguarding Damascus's institutional unity and state sovereignty.
1 min read