Latest news with #AhmedKojok
See - Sada Elbalad
27-03-2025
- Business
- See - Sada Elbalad
Egypt Allocates EGP 5 Billion to Support Priority Industrial Activities in 2025/2026 Budget
Ahmed Emam Egypt's Ministry of Finance has allocated EGP 5 billion to support priority industrial activities as part of the country's draft budget for the 2025/2026 fiscal year, according to Deputy Minister of Finance Ahmed Kojok. The initiative aims to boost key industrial sectors, enhance production capacity, and support economic growth. Speaking about the allocation, Kojok emphasized the government's commitment to strengthening local industries and creating a more competitive manufacturing sector. The move aligns with Egypt's broader economic strategy to stimulate investment, reduce reliance on imports, and increase exports. The Egyptian government has approved its budget for the 2025-2026 fiscal year, which begins in July, with total expenditures set at 4.6 trillion Egyptian pounds ($91 billion), according to an official statement. The budget aligns with the country's ongoing efforts to reduce spending under its International Monetary Fund (IMF) program. Government expenditures will increase by 8%, while revenues are expected to grow by 19% compared to the current 2024-2025 budget. Projected revenues stand at 3.1 trillion pounds, leaving an estimated deficit of 1.5 trillion pounds ($30 billion). The rise in government spending partially reflects Egypt's inflation rate, which stood at 12.8% in February. However, financial reforms have helped reduce inflation from its peak of 38% in September 2023. These reforms were implemented as part of an $8 billion IMF loan agreement signed in March 2024, aimed at stabilizing the Egyptian economy. Egypt continues to implement fiscal and monetary policies designed to manage inflation, improve economic stability, and meet the conditions set by the IMF program. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Ireland Replaces Former Israeli Embassy with Palestinian Museum News Israeli PM Diagnosed with Stage 3 Prostate Cancer Lifestyle Maguy Farah Reveals 2025 Expectations for Pisces News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
Egypt Independent
01-03-2025
- Business
- Egypt Independent
Egypt expects $1.2 billion IMF loan payment next week
The Executive Board of the International Monetary Fund (IMF) included Egypt on the agenda of its meeting scheduled for March 10th, to disburse the fourth tranche of $1.2 billion from the loan granted to Egypt. The IMF's Executive Board of Directors is scheduled to approve Egypt's file during its meeting in Washington, D.C., which includes the fourth review that was recently approved at the expert level, in preparation for the disbursement of this tranche, with expectations that it will be transferred to the Central Bank of Egypt during the same month. Informed sources speaking to Al-Masry Al-Youm newspaper expected that the Resilience and Sustainability Trust funding, amounting to $1.3 billion, will be disbursed in tranches. The board is expected to discuss the results of both the Article IV consultations, which Egypt has completed, and the fourth review of the Extended Credit Facility, which will result in the disbursement of the fourth tranche of $1.2 billion. Minister of Finance, Ahmed Kojok, said in previous statements that the IMF will review the entire Egyptian file regarding the fourth review and others, and that there are expected to be positive news from the Fund towards Egypt soon. In the same context, sources expected that the fourth tranche of the Fund's loan, amounting to $1.2 billion, will be disbursed, in addition to the approval of the $1.3 billion funding and its tranches and disbursement schedules from the new Resilience and Sustainability Trust, with the meeting of the Fund's Executive Board of Directors scheduled for March 10th. The Article IV consultations are an essential part of the IMF's work, as the Fund conducts a periodic review of the economic situation in each of its 191 member countries.
