Egypt's economic policies helped absorb Iran war shock, says IMF's Azour
via Egypt Today1 min read
Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund IMF, stated that Egypt implemented early and decisive measures to bolster its economy and reduce vulnerability to external shocks stemming from the Iran conflict. Speaking at the launch of the IMF's April 2026 Regional Economic Outlook, Azour described Egypt's policy response to the conflict's spillovers as "notable." He emphasized that exchange rate flexibility was crucial in enabling the economy to withstand global volatility, and recent policy actions have enhanced resilience to external pressures. Azour noted that the Iran conflict has impacted the region through increased commodity prices, supply chain disruptions, higher fuel costs, and financial market instability. He also observed that governments are increasingly applying lessons from past crises, such as the Ukraine war, by providing more targeted fiscal support to vulnerable households instead of broad subsidies. Azour concluded that Egypt's handling of the initial shock has boosted investor confidence, leading to renewed foreign capital inflows into its domestic markets.
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Egypt presented its fourth Voluntary National Review VNR on progress toward the 2030 Sustainable Development Goals SDGs at the 2026 High-Level Political Forum on Sustainable Development HLPF in New York. This makes Egypt one of only 10 countries globally to submit four such reports. Minister of Planning and Economic Development Ahmed Rostom presented the report, which was prepared in cooperation with the United Nations Development Programme UNDP. The report reviews Egypt's progress in implementing the 2030 Agenda and outlines the country's priorities for accelerating sustainable development. Rostom highlighted Egypt's commitment to transparency and monitoring SDG progress despite global economic and geopolitical challenges. The review involved a broad consultative process with government entities, UN agencies, development partners, the private sector, parliament, youth, civil society, and academia. The report is structured around four pillars: human development, economic and social development, environment and climate, and governance and partnerships. Key priorities for Egypt include advancing structural transformation, increasing private sector participation, investing in human capital, supporting green transition and climate finance, promoting local development, and strengthening governance and sustainable financing. The 2026 HLPF theme is "Transformative, equitable, innovative and coordinated action for a sustainable future for all," featuring VNRs from 36 countries includ
Egypt's Cabinet has approved a €37 million financing package to modernize the national electricity grid. This includes a €35 million investment grant from the European Union and a €2 million technical cooperation grant from the European Bank for Reconstruction and Development. The project aims to improve grid stability and expand its capacity for wind energy integration, supporting Egypt's 2030 renewable energy strategy. Additionally, the Cabinet approved increasing the authorized capital of the Suez Canal Modern Boats Company from $100 million to $250 million. A draft law was also approved to merge the Egyptian Agricultural Authority into the Agricultural Research Center, with the ARC assuming all responsibilities. This merger is intended to enhance institutional efficiency, unify agricultural research, and improve the performance of government entities under the Ministry of Agriculture and Land Reclamation, aligning with the state's plan to improve public sector performance and citizen services.
England's aspiration to reach their first World Cup final since 1966 was dashed after Argentina scored two late goals to secure a 2-1 semi-final victory. The defeat leaves England to play in Saturday's third-place match against France. Former England captain Wayne Rooney criticized coach Thomas Tuchel's passive tactics, stating that England "crumpled" and failed their biggest test. Tuchel, however, reaffirmed his commitment to leading England, citing his contract extension through Euro 2028 and his focus on future challenges. Despite strong performances from Harry Kane and Jude Bellingham, who accounted for 12 goals, and a display of resilience throughout the tournament, England's journey ended in familiar semi-final heartbreak, having squandered leads in two of their last three World Cup semi-finals. Jude Bellingham expressed his deep disappointment, wishing he could have delivered a victory for the fans.