Egyptian Prime Minister Mostafa Madbouly announced plans to boost Egyptian exports to reach $145 billion annually by 2030.

During the announcement of the comprehensive strategy to support industry and stimulate economic growth, Madbouly stressed the government’s commitment to supporting businessmen and facilitating the necessary procedures to enhance the competitiveness of Egyptian exports.

Madbouly said that it was agreed with the export councils to increase export growth rates by 15%, in order to achieve the desired goals, stressing the importance of industry as a key engine for development, and full support for investors wishing to engage in the Egyptian market.
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#Egypt #Egyptian_Exports #European_Union #International_Monetary_Fund #Mustafa_Madbouly #Ras_El_Hikma_Project

The Libyan central Bank’s Governor, Siddiq al-Kabir, filed a formal complaint to the Public Prosecutor on charges of spreading false news against an economics professor and researcher at the Libyan Academy for Graduate Studies, Youssef Yakhlef Massoud.

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In the complaint, the great friend accused the researcher Massoud of fomenting turmoil in local markets and confusing the public, by making statements containing inaccurate and false information related to the activities and operations of the Central Bank of Libya.

Al-Siddiq Al-Kabir pointed out that Massoud made statements during a seminar organized by the National Independents Party on April 6, where he claimed that the Central Bank participated in international contributions worth up to 96 billion and 600 million and has granted loans to 38 countries without collecting them, and also received financial grants, in addition to his claim that the International Monetary Fund is leading the country’s economy.

In response to these accusations, Al-Siddiq Al-Kabir strongly denied the veracity of Massoud’s claim, stressing that the Central Bank has not made any international contributions since September 2011, nor has it provided loans to any country in the same period, expressing the bank’s readiness to cooperate with the prosecution in everything that leads to justice.
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#Independent_National_Party #International_Monetary_Fund #Libya #Libya_Central_Bank #Libyan_Academy_for_Graduate_Studies #Siddiq_Al_Kabir

Algerian President Abdelmadjid Tebboune, during a speech at the headquarters of the General Union of Algerian Workers, confirmed that his country will not resort to external debt.

In his remarks, Tebboune referred to the efforts made by the government to overcome the difficult economic conditions that faced the country, considering that they resulted from years of corruption and neglect, and explained that the popular movement contributed to saving the country from the deterioration it was witnessing.

“These practices were aimed at demoralizing Algerians and handing the country over abroad by placing Algeria in the hands of the International Monetary Fund,” the Algerian president added.
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#Abdelmadjid_Tebboune #Algeria #Algeria_News #Algerian_Economy #Algerian_President #International_Monetary_Fund #Tebboune

Salameh al-Ghawil, a former minister in the outgoing government of Abdelhamid Dbeibeh, stated that the western part of the country is deeply fragmented and divided.

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The former minister pointed out that the current government, of which he was previously a part, does not have the capacity to guarantee national security or preserve the dignity of citizens.

Al-Ghwail explained at a press conference that Libya is still in the midst of political turmoil, with foreign interference continuing to complicate the scene.

He criticized the government’s policies in western Libya, saying they are exclusionary policies characterized by marginalization and domination, and use sanctions as a tool against political opponents.
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#Abdul_Hamid_al_Dbeibeh #International_Monetary_Fund #Libya #Libya_News #Salameh_Al_Ghawil

The Central Bank of Libya is preparing to participate in the activities of the Paris Economic Forum, scheduled to be held on the third of next July.

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The Central Bank of Libya received an official invitation to attend the forum, which brings together a group of experts and specialists in the financial and economic field worldwide.

The invitation came after talks between the governor of the Central Bank of Libya, Sadiq al-Kabir, and France’s ambassador to Libya, Mustafa Maharaj.

The meeting dealt with ways of cooperation in vital areas such as combating money laundering, terrorist financing, financial compliance, risk management, and enhancing cybersecurity.

#Al_Sadiq_al_Kabir #Central_Bank_of_Libya #International_Monetary_Fund #Libya #Libya_News #Mustafa_Mihraj #Paris_Economic_Forum

In its report on the economic situation in Libya, the International Monetary Fund (IMF) predicted that the country’s economy will witness an estimated growth of about 8% this year.

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The strong growth in 2023 was the result of a recovery in oil production after previous disruptions and is expected to continue at a slower pace in subsequent years.

Regarding the challenges faced by Libya over the past year, the IMF pointed to the decline in the current account surplus due to the decline in oil prices, in addition to the impact of natural factors such as Storm Daniel that hit the country last September.

For its part, the IMF called on the Libyan authorities to intensify their efforts to address pressure on the exchange rate and avoid the negative effects of the economic cycle on spending, stressing the importance of strengthening the country’s fiscal framework.

The IMF commended the decision to reunify the central bank, saying that it will contribute to improving banking supervision and coordinating monetary policy.

#Economy #International_Monetary_Fund #Libya #Libya_News #Libyan_Economy #Libyan_Oil

Egypt’s Finance Minister Mohamed Maait revealed that the government estimates that Suez Canal revenues will decline by 60% due to ongoing tensions in the Red Sea.

The Egyptian minister’s remarks came during his participation in the economic policy-making conference held in Cairo, as the Red Sea crisis entered its seventh month.

Maait pointed out that the crisis in the Red Sea, in addition to the slowdown in economic activity, the decline in trade and the restrictive policies imposed to deal with the effects of global inflationary crises, negatively affect Egypt’s tax and non-tax revenues.

Egypt’s planning minister, Hala al-Said, announced last month that Suez Canal revenues had fallen by 50 percent as a result of tensions in the Red Sea.

The Suez Canal is one of the most important sea lanes in the world, connecting Europe and Asia and is a major source of hard currency for Egypt.

In the fiscal year 2022-2023, the channel recorded revenues of $ 9.4 billion, the highest annual level recorded, an increase of 35% over the previous year.

The International Monetary Fund  also announced in March that the volume of trade through the Suez Canal fell by 50% during the first two months of 2024 due to attacks in the Red Sea.

International trade has been disrupted in recent months as a result of disruptions in this vital sea lane, through which about 15% of global maritime trade passes.

This led some shipping companies to change routes from the Red Sea and Suez Canal to the Cape of Good Hope, increasing delivery times by 10 days or more.
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#Egypt #Egyptian_Ministry_of_Finance #Egyptian_Ministry_of_Planning #Gaza_War #Houthi_Group #International_Monetary_Fund #Israel #Mohamed_Maait #Red_Sea #Suez_Canal #Yemen

The Tunisian Ministry of Finance announced that the government will benefit from a syndicated loan worth $175 million from 16 local banking institutions to finance the 2024 budget.

Finance Minister Siham Al-Boughdiri said that the combined loan will contribute to “stabilizing the foreign currency reserve,” at a time when the country is facing a scarcity of external financing.

Tunisia is facing a severe financial crisis amid the disruption of a potential program with the International Monetary Fund under which it would have received financing worth $1.9 billion, but the final agreement faltered.

A World Bank report stated that Tunisia’s economic recovery suddenly faltered in 2023, amid a severe drought, tight financing conditions, and a low pace of reforms.
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#Drought #International_Monetary_Fund #Loan #Middle_East #North_Africa #Siham_Al_Boughdiri #Tunisia_News #Tunisian_Economy #Tunisian_Government #Tunisian_Minister_of_Finance #Tunisian_Ministry_of_Finance #Unemployment_Rate

An official source at the Egyptian Electricity Holding Company revealed on Sunday that the duration of the daily power cut, or what the government calls “load shedding,” has been increased to three hours instead of two hours.

Load reduction hours will be between two in the afternoon and eight in the evening, local time, or until further instructions are received.

The source confirmed in exclusive statements to the Egyptian newspaper “Al-Shorouk” that the increase in the mitigation period to three hours came as a result of the severe heat wave that the country is suffering from during the current period, which affected the quantities of natural gas pumped necessary to operate the power stations, which reached only 13 million cubic meters, while To operate electricity generation stations, 25 million cubic meters of gas are required per day.
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#Cairo #Egypt #Egypt_News #Egyptian_Ministry_of_Petroleum #Electricity_Legalization #Fuel_Prices #International_Monetary_Fund

A report by the French intelligence website “Africa Intelligence” revealed that the Central Bank of Libya is facing difficult times as a report on money laundering approaches.

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The report indicated that the level of corruption in Libya remains worrying, and that the authorities’ management of cash is still not transparent.

According to the report, the opinion of the Financial Action Task Force is crucial to the Central Bank of Libya.

Al-Siddiq Al-Kabir, the governor of the bank, is counting on Libya being allowed to join the FATF alongside countries such as Palestine, Syria, Yemen and Sudan. However, Libya is currently excluded from the FATF assessment due to the current political and security situation.

The report noted that Libya had hoped for seven years to change this situation and join the Mutual Evaluation Group.
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#Central_Bank_of_Libya #Corruption #International_Monetary_Fund #Libya_News #Money_Laundering #Palestine #Sudan #Syria #The_Great_Friend #Yemen

The Governor of the Central Bank of Morocco, Abdellatif Jouahri, announced that his country is discussing with the bank and the International Monetary Fund the adoption of the “electronic dirham” in financial transactions.

The growth of “electronic currencies” internationally prompted the Moroccan Bank to try to explore electronic currency and approve the electronic dirham, with the aim of accelerating financial transactions and reducing their cost compared to paper currencies.

Al-Jawahiri confirmed, during a press conference in Rabat, that Morocco is cooperating with the International Fund and the World Bank to study ways to approve the e-Dirham project, as a special committee has been formed that has been working on this project for more than a year.
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#Abdel_Latif_Al_Jawahiri #Central_Bank_of_Morocco #Electronic_currencies #electronic_Dirham #International_Monetary_Fund #Kingdom_of_Morocco #Morocco #Rabat #Washington

“Human Rights Watch” announced on Saturday that at least 30 people were killed during anti-government demonstrations in Kenya, the highest toll since the start of protests against the tax increase law.

The organization reported that these numbers are based on testimonies, public information, and hospital and death records, while the Kenyan Commission for the Protection of Human Rights indicated that 22 people were killed.

Demonstrations broke out in the capital, Nairobi, and a number of counties in objection to Parliament’s discussion of a draft law to increase taxes, aiming to collect an additional $2.7 billion to reduce the budget deficit.
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#demonstrations #Human_Rights_Watch #International_Monetary_Fund #Kenya #Kenyan_Commission_for_the_Protection_of_Human_Rights #Kenyan_Parliament #Nairobi #Raila_Odinga #Tax_Increase_Law #William_Ruto

Data from the Central Bank of Egypt revealed a noticeable positive shift in the net foreign assets of Egyptian banks during last May, as the surplus amounted to about $14.3 billion.

This increase represents a development that has not occurred in 28 months, as it comes in light of a noticeable increase in dollar flows to Egypt during recent months.

This positive transformation is attributed to the financial support package that Egypt received worth eight billion dollars from the International Monetary Fund last March, in response to the significant devaluation of the Egyptian currency.
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#Central_Bank_of_Egypt #Egypt #Egyptian_economy #Egyptian_Pound #International_Monetary_Fund #US_Dollar

The Ministry of Foreign Affairs of the outgoing Government of National Unity denied the allegations circulating regarding fears of the bankruptcy of the state of Libya and accused the newspaper “Independent Arabia” of being biased in covering political events in the country.

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The Ministry indicated in an official statement that the external media team studied the report published by the newspaper on the economic situation in Libya, which dealt with the idea of ​​possible bankruptcy, and believed that the report contained professional fallacies and was devoid of any official statements and was based on undocumented analyzes indicating the possibility of bankruptcy.
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#Bankruptcy #Central_Bank_of_Libya #Dollar #International_Monetary_Fund #Libya #Libyan_Ministry_of_Foreign_Affairs

The International Monetary Fund announced on Friday that the inflation rate in Egypt declined for the fourth month in a row, reaching less than 28% in June 2024, compared to 35.6% last February.

This decrease is due to economic reform efforts and the Egyptian authorities’ support for macroeconomic indicators.

Ivana Hollar, head of the International Monetary Fund mission in Egypt, said that on July 29, the Fund’s Board of Directors will discuss disbursing the third tranche of the loan, amounting to $820 million.

After disbursing this tranche, Egypt has the right to apply for additional financing worth $1.2 billion from the Resilience and Resilience Fund.

The International Monetary Fund indicated at the beginning of this month that the decision to unify the exchange rate, which was taken by the Egyptian authorities last March, improved the financial conditions in the country.
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#Egypt #Egypt_s_Economy #Egyptian_Government #Inflation #International_Monetary_Fund #Ivana_Hollar

The General Authority for Supply Commodities in Egypt announced the completion of a deal to purchase 770,000 tons of wheat, most of it Russian wheat, in the largest single purchase since 2022.

The Authority, which is the government buyer of grains in Egypt, explained that the deal included 720,000 tons of Russian wheat and 50,000 tons of Bulgarian wheat.

The Russian wheat price was the lowest in practice and traders believe that Russia’s unofficial minimum export price has not been implemented.

The minimum price for Russian wheat has been implemented since last year with the aim of slowing wheat exports and calming domestic flour and bread prices in Russia, and the current purchase is considered the authority’s largest since June 2022, according to Reuters data.
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#Egypt #General_Authority_for_Supply_Commodities_in_Egypt #Hussam_Al_Jarrahi #International_Monetary_Fund #Russia #Russian_wheat #UAE