Sisi Congratulates UAE Leader on Union Pledge Day
President Abdel Fattah El-Sisi sent a congratulatory cable to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, on the occasion of Union Pledge Day.
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Taarek Refaat Moody's Investors Service on Friday upgraded the country's credit rating to 'Ba3' from 'B1', citing an improved track record in monetary policy, easing inflation, and narrowing macroeconomic imbalances. The agency also revised Turkey's outlook to 'stable' from 'positive', indicating a more balanced view of the country's economic trajectory amid ongoing political and external risks. 'The upgrade reflects an increasingly credible track record of policymaking, particularly the central bank's commitment to a monetary policy framework that sustainably reduces inflationary pressures,' Moody's said in its statement. The upgrade comes just one day after the Central Bank of Turkey surprised markets by cutting its key interest rate by 300 basis points to 43%, resuming its monetary easing cycle after a brief pause due to political volatility earlier this year. Since President Recep Tayyip Erdoğan's reelection in 2023, Turkey has reversed course from years of unorthodox economic management. The government has embraced more conventional policies, including aggressive interest rate hikes, tighter credit controls, and a return to market-based financial mechanisms. These efforts appear to be bearing fruit. Official data show that annual inflation dropped to 35% in June 2025, down sharply from 72% a year earlier. Meanwhile, the Turkish lira has shown signs of stabilization, and foreign currency reserves—once severely depleted—have started to recover. However, the outlook remains tempered by lingering political uncertainties. In March, investor sentiment was rattled after the arrest of Istanbul Mayor Ekrem İmamoğlu, a leading opposition figure and key challenger to Erdoğan. The incident triggered a sudden hike in interest rates and a temporary drain on foreign reserves. Despite such tensions, international agencies are recognizing Turkey's shift toward orthodox economic policy. Earlier this month, S&P Global Ratings affirmed Turkey's credit rating and also maintained a stable outlook. While the 'Ba3' rating marks an improvement, it remains within non-investment grade, commonly referred to as 'junk status.' Nevertheless, it signals that Turkey's creditworthiness is on the mend, potentially boosting investor interest and lowering borrowing costs for the government and private sector. As Turkey navigates the complexities of economic reform and political headwinds, the coming months will test whether the central bank can maintain its current course without external shocks or policy reversals. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
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Egyptian Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, has held a series of bilateral meetings with international officials on the sidelines of the G20 Development Ministerial Meeting in South Africa. The discussions focused on the outcomes of the G20 meeting and the recent Seville conference on financing for development, as well as the future of bilateral economic relations in light of Egypt's national priorities, the ministry said in a statement. Al-Mashat met with delegations from France, Canada, Singapore, Spain, Japan, South Korea, and Portugal, as well as the heads of several international organizations, including the World Food Programme (WFP), the Organisation for Economic Co-operation and Development (OECD), the International Fund for Agricultural Development (IFAD), and the United Nations Industrial Development Organization (UNIDO). During the meetings, the minister discussed the need to restructure the global financial system to overcome development financing challenges, especially in developing and emerging economies. With French Minister of State, Thani Mohamed Soilihi, Al-Mashat discussed the significant progress in bilateral relations, particularly following the elevation of ties with the EU to a strategic partnership. They touched on French investments in Egypt and development cooperation in sectors like transport, energy, and education. In a meeting with Canada's Minister of International Development, Randeep Sarai, Al-Mashat expressed her desire to strengthen cooperation, especially in economic empowerment, climate action, and human development. She noted the previous successful collaboration with now-Prime Minister Mark Carney through Egypt's NWFE programme. Al-Mashat and Singapore's Senior Minister of State, Sim Ann, discussed enhancing cooperation in trade, education, and culture, building on over 60 years of diplomatic relations. The minister also met with the director of the Spanish Agency for International Development Cooperation, Antón Leis Garcia, to discuss increasing development cooperation in line with global financial system reforms. Talks with Japan's Parliamentary Vice-Minister for Foreign Affairs, Hisashi Matsumoto, focused on expanding ties, including financing more projects and increasing funding for the private sector in Egypt. Al-Mashat praised Japan's role in supporting Egypt's development, including recent funding for private sector empowerment and the development of the Cairo Opera House. With South Korea's Deputy Minister for Multilateral and Global Affairs, Kwoun Ki-hwan, Al-Mashat discussed the strategic development cooperation partnership, which has financed numerous projects. She expressed her hope to expand relations to include more areas of investment and technology exchange. Al-Mashat and Portugal's Secretary of State for Foreign Affairs and Cooperation, Ana Isabel Xavier, discussed expanding cooperation to increase investment in priority sectors like industry, renewable energy, and information technology. The minister also met with the heads of several international organisations. With WFP Executive Director Cindy McCain, she discussed joint efforts to enhance food security through the programme's 2023-2028 country strategy for Egypt. They also reviewed the WFP's participation in Egypt's debt-swap initiatives. In her meeting with OECD Deputy Secretary-General Mary Beth Goodman, Al-Mashat discussed the progress of the OECD's country programme for Egypt, which focuses on inclusive economic growth, innovation, governance, statistics, and sustainable development. Discussions with IFAD President Alvaro Lario covered the partnership to support agricultural and rural development and mobilise international partners for food projects under the NWFE platform. Finally, Al-Mashat met with UNIDO's Director for Gender Equality and Women's Empowerment, Cecilia Ugaz Estrada, to discuss joint efforts to enhance the competitiveness of Egypt's industrial sector.
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British Prime Minister Keir Starmer on Saturday spoke to his French and German counterparts and outlined UK plans to get aid to Palestinians in Gaza and evacuate sick and injured children, his office said. "The prime minister set out how the UK will also be taking forward plans to work with partners such as Jordan to airdrop aid and evacuate children requiring medical assistance," a statement said. In a phone conversation, Starmer, French President Emmanuel Macron and the German Chancellor Friedrich Merz discussed the humanitarian situation in Gaza "which they agreed is appalling". "They all agreed it would be vital to ensure robust plans are in place to turn an urgently needed ceasefire into lasting peace," according to a readout released by Downing Street. "They discussed their intention to work closely together on a plan.... which would pave the way to a long-term solution and security in the region. They agreed that once this plan was worked up, they would seek to bring in other key partners, including in the region, to advance it," it added. The discussion comes a day after UN Secretary-General Antonio Guterres slammed the international community for turning a blind eye to Israel's mass starvation in the Gaza Strip, calling it a "moral crisis that challenges the global conscience". Aid groups have warned of famine, particularly among children, in war-ravaged Gaza, which has been under an Israeli blockade since 2 March. Two months later, the Israeli- and US-backed Gaza Humanitarian Foundation began operating there, where Israeli forces have routinely opened fire on starving Palestinians near aid distribution points. Israeli forces have killed over 1,000 Palestinians trying to get food aid in Gaza since the so-called humanitarian foundation started operations, according to the UN. *This story was edited by Ahram Online. Follow us on: Facebook Instagram Whatsapp Short link:
