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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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.
Egypt's Minister of Tourism and Antiquities, Sherif Fathy, approved new regulations for Umrah trips for the 1448 AH season, developed by the Supreme Committee for Umrah and Hajj. These measures aim to streamline the organization of the new season, improve services for Egyptian pilgrims, and strengthen monitoring systems from contract signing to their return. Key provisions include the launch of the "Rafeeq" electronic application for pilgrims and supervisors, requiring tourism companies to ensure pilgrims download the app and upload contractual documents. Companies must promptly respond to reports via the app and other official channels, and issue identification cards with trip details for each pilgrim. Advertising Umrah programs without notifying the General Directorate of Religious Tourism is prohibited, and advertisements must include full program details. Exemptions apply for programs from the 15th of Sha'ban to the 17th of Ramadan, extending to a maximum of 35 days. New Umrah trips will not be approved until 70 percent of a company's pilgrims have returned, and during peak months, new trips are contingent on previous trips returning, with a maximum of three trips remaining in the Kingdom. Airlines must provide meals for delays up to six hours and accommodation for longer delays. An electronic system will track Umrah buses outside Egypt, and land trip buses must be 2022 models or newer and technically sound. An integrated electronic system will also evaluate service quali
Must ReadThe United States conducted a new wave of military strikes against Iranian targets, while Iran announced attacks on US military targets in several Gulf states. These Iranian attacks prompted Bahrain and Kuwait to activate their air defenses, marking a fifth day of renewed hostilities that further strained a preliminary Washington-Tehran agreement. Egypt condemned the Iranian attacks on Kuwait, Bahrain, and Jordan, calling them a “grave escalation” that violates sovereignty and undermines regional stability. US Central Command stated its strikes targeted Iranian command centers, air defense sites, missile and drone capabilities, and coastal surveillance facilities, including locations in Bandar Abbas. US forces also disabled a Curaçao-flagged oil tanker attempting to violate a US naval blockade near Kharg Island. Iran, in turn, claimed strikes on US military targets in Bahrain and Kuwait, with Bahrain and Kuwait confirming aerial interceptions. Jordan's army also shot down eight Iranian missiles. Amid these events, US President Donald Trump warned of potential future strikes on Iranian infrastructure if negotiations fail, while Iran's top negotiator, Mohammad Bagher Ghalibaf, indicated Tehran might not adhere to the agreement if it no longer serves its interests. Iran's Khatam al-Anbiya Central Headquarters threatened to strike all regional infrastructure if the US attacks Iranian infrastructure.