Latest news with #EgyptianCabinet
Zawya
4 days ago
- Business
- Zawya
Egypt: Cabinet approves commemorative coins, backs e-tax contract to enhance tax services
Arab Finance: The Egyptian cabinet has approved two draft resolutions authorizing the issuance of non-circulating commemorative silver coins to mark major national milestones, as per a statement. A 25-pound silver coin will be issued to celebrate the 25th anniversary of the Ministry of Communications and Information Technology, while a 50-pound coin will commemorate the golden jubilee of Zagazig University. The cabinet also approved the Egyptian Tax Authority's (ETA) contract with e-tax, a technology company specializing in tax solutions. Under the agreement, e-tax will provide technical support services and develop applications in line with the authority's operational mandates. In the energy and manufacturing sectors, the cabinet approved the Egyptian Petrochemicals Company's contract with the Arab Organization for Industrialization's (AOI) engine factory to supply components for tanks and heat exchangers used in control units. The factory was selected due to its specialization and capacity to meet the required specifications and efficiency standards. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
22-05-2025
- Business
- Arab News
Cairo plans economic independence as IMF program nears end
RIYADH: Egypt is preparing to transition away from its current economic reform program with the International Monetary Fund, which is scheduled to conclude by late 2026 or early 2027, according to the country's prime minister. Speaking during his weekly press conference, Mostafa Madbouly stated that the government is developing a long-term national economic strategy that will extend to 2030 and focus on sustaining growth without relying on international institutions, according to an official release. The comments come as Egypt attempts to stabilize an economy that has struggled with record inflation, a depreciating currency, and mounting debt. Over the past few years, authorities have pushed through reforms to unlock external funding, including a major IMF deal, Gulf-backed investments, and a record sale of state assets. In a release on its official social media handle, the Egyptian Cabinet quoted the prime minister as saying: 'We are aiming to develop a national program for the Egyptian state without relying on other international institutions. This will be linked to submitting, for the first time next year, a three-year budget.' In response to a question about the government's vision beyond the current IMF program and its efforts to preserve the gains reflected in recent positive economic indicators, the release added: 'Madbouly confirmed that the government is drafting a detailed plan extending to 2030. This reflects a broader outlook beyond the IMF program, which ends by late 2026 or early 2027.' Egypt's current $8 billion program with the IMF began as a $3 billion agreement in late 2022 and was expanded by $5 billion in March 2024. The deal includes major reforms such as currency devaluation, sharp interest rate hikes, tighter fiscal policy, and privatization of state-owned assets. So far, Egypt has received about $3.3 billion, with a fifth program review conducted in early May 2025. The IMF continues to stress the importance of accelerating structural reforms and managing debt levels. In the release, Madbouly emphasized that the government is prioritizing macroeconomic stability and social development. He pointed to the growing importance of social support programs, saying they would continue to expand annually. He also underlined the importance of technological advancement, industrial development, and greater reliance on digital transformation and artificial intelligence in the country's future economic model. Regarding Egypt's ongoing IMF program, Madbouly clarified that the reform agenda was created and implemented by the Egyptian government itself, with the IMF acting in a supportive role. He said the presence of the IMF and similar institutions in Egypt serves as a confidence signal to foreign investors and the global financial community, and that the IMF's involvement does not entail new conditions or burdens on citizens. Madbouly also addressed developments in the Future of Egypt agricultural project, which he said is designed to rely on modern, mechanized farming and industrial methods. Unlike traditional high-density agricultural zones in the Nile Delta, the new areas will be less labor-intensive and structured to attract large-scale private sector participation. He said the aim is to preserve agricultural productivity by avoiding the fragmentation of land that has affected other regions. On technical education reform, Madbouly announced that the government is reviewing plans to convert outdated commercial diploma schools into modern technological schools that align with labor market needs. This reform will also involve private sector partnerships and follow successful models such as the WE School for ICT Education. He noted that graduates from current vocational tracks will be eligible to join digital transformation initiatives like the state-supported Digital Pioneers Program. In the health sector, the prime minister confirmed that the second phase of Egypt's universal health insurance scheme will expand to five additional governorates. He added that one densely populated governorate might also be included in this phase, bringing the total number of covered regions to 12. Madbouly said the system's financial viability has been reassessed and extended to ensure it can remain sustainable for up to 50 years. He also spoke about the government's plan to support the local production of infant formula, describing it as a capital-intensive industry that requires significant investment. The state is encouraging private sector participation in this strategic initiative and is ready to act as a partner to ensure long-term success and stability in production.
Jordan News
22-03-2025
- Entertainment
- Jordan News
Sisi Praises Samah Hussein's "Qataif" Program... The Artist Responds Humorously - Jordan News
Egyptian President Abdel Fattah El-Sisi praised the "Qataif" program, hosted by artist Samah Hussein, which airs during the month of Ramadan via social media platforms. He commended the program's role in promoting ethical values and reinforcing the Egyptian identity, emphasizing the importance of purposeful artistic work in shaping societal awareness, especially among the youth. اضافة اعلان During an Iftar gathering organized by the Egyptian Armed Forces in Cairo, President El-Sisi jokingly asked Samah Hussein, "Where's the qataif, Hussein?" to which Hussein responded laughing, "They've all been eaten, Mr. President," which lightened the atmosphere among the attendees. In another conversation about the program, El-Sisi asked about the cost of advertising for the show. Hussein replied, "We, Mr. President, made the program for the sake of God, and we didn't spend a penny on advertising, but the Egyptians took care of that and did the best advertising for the program." El-Sisi humorously followed up with, "So, since you didn't spend money on advertising, how much profit did you make from the program?" which caused everyone to laugh. In a related context, the Minister of Endowments of Egypt, Dr. Osama Al-Azhari, honored Samah Hussein at the ministry's headquarters in the New Administrative Capital, recognizing his distinguished artistic contributions, particularly the "Qataif" program. The minister presented Hussein with a copy of the book *What Happened to the Egyptians?* by the renowned author Galal Amin, along with a ministry shield, a certificate of appreciation, and a copy of the Holy Quran. Dr. Al-Azhari emphasized that the content of "Qataif" reflects creativity and conveys moral, ethical, and humanitarian messages that contribute to enhancing societal values and building cultural awareness. He highlighted that conscious art plays a crucial role in the journey of enlightenment and the formation of the Egyptian character. The "Qataif" program airs daily on Samah Hussein's social media platforms, delivering ethical and humanitarian messages in a straightforward style that is suitable for all age groups.
