Latest news with #Egyptians'
Mada
3 days ago
- Business
- Mada
IMF still pushing for privatization after otherwise ‘relaxed' Egypt loan review
An International Monetary Fund (IMF) delegation concluded its fifth review of the ongoing US$8 billion loan program with Egypt this week in Cairo with praise for the country's economic performance. However, the fund noted that further steps toward privatization are required, stressing 'the need to accelerate reforms aimed at reducing the state's footprint in the economy.' The current program began in 2022, as Egypt's economy faltered in the economic tailwind caused by Russia's invasion of Ukraine. The agreement has been marked by friction between the IMF and Egyptian authorities, which have been cautious not to spark public anger while implementing recommended policies that undermined Egyptians' purchasing power. The praise Egypt received this time, however, appeared to reflect the degree of 'laxity' shown by Egyptian officials and 'leniency' on the part of the IMF Executive Board during the talks, a government source told Mada Masr on condition of anonymity. Pressure on Egypt has diminished somewhat, according to a member of the House of Representatives' Planning and Budget Committee who attributed the IMF's softened stance to the country's delivery on key loan requirements in ways that 'exceeded expectations.' Liberalizing the exchange rate and monetary tightening are at the forefront of these requirements, the source said. Moving away from a managed peg, the central bank has devalued the Egyptian pound multiple times against the dollar since 2022, allowing daily fluctuations in the exchange rate in recent months. The source also mentioned recent hikes in fuel and electricity prices. Delays in implementing scheduled price increases in both sectors, recommended under the IMF's program to reduce expenditure on subsidies, had been a major stumbling block in completing past reviews. The government has hiked fuel prices by as much as 87 and 207 percent in recent years. During the same period, electricity rates increased by 40-65 percent. Natural gas bracket prices, which had remained unchanged for three years, were raised in September by 15-25 percent. Further hikes in fuel and electricity prices are expected in the upcoming fiscal year, the parliamentary source and a former Petroleum Ministry official told Mada Masr. Inflation has slowed overall, and private investment has increased relative to public, the IMF said. Inflation peaked at around 30 percent in 2024 and has slowed by around 13 percent, according to recent figures. The statement the IMF released on Tuesday to mark the end of its delegation's visit to Cairo also praised a 35 percent increase in the share of private investment relative to public investment over fiscal year 2024/25 compared to FY 23/24. Government investment has shrunk over the past three years from around $15 billion annually to less than $10 billion, the parliamentary source noted. The program has included diminishing expenditure on key public services like education and health. Another reason the review went smoothly is the relative easing of the acute dollar shortage that had frozen imports and economic activity in previous years. 'The government has reopened imports, but they remain constrained primarily by falling demand and purchasing power,' the source said. Speaking to Mada Masr, a financial analyst at an investment firm echoed this view, pointing to around $35 billion in hot money inflows that have helped shield Egypt from a dollar gap. This, they said, has given the government some breathing room, especially with the program set to expire in October 2026. $4.8 billion are yet to be disbursed from the IMF's $8 billion loan. What remains unresolved in the program, the parliamentary source added, is the state's role in the economy. Privatization has been a priority for the IMF in successive package reforms it has recommended since 2016. The source said that the government has offered several explanations for its slow progress toward privatization, including a lack of satisfactory bids for state assets and the need to restructure some of them before they can be put up for sale. In its statement, the IMF emphasized the need to accelerate reforms aimed at reducing the state's footprint in the economy, primarily through the sale of state-owned assets in sectors the government had pledged to exit under its State Ownership Policy. This, the statement said, 'will play a critical role in strengthening the ability of the private sector to better contribute to economic growth in Egypt.' It also warned of Egypt's widening budget deficit, driven by a surge in imports and a decline in fuel exports due to falling production levels. A drop in Suez Canal revenues also contributed to the deficit, the statement said, offsetting gains from tourism, remittances and non-oil exports. It stressed the need to boost government revenues by broadening the tax base to bolster the state's capacity for social and developmental spending, while welcoming recent government efforts to streamline tax and customs procedures to 'increase efficiency and build confidence' — reforms it said are starting to yield positive results. The praise came even as the IMF has yet to publish its fourth review's staff report, which the Egyptian government requested be withheld. The review was approved in March, unlocking a $1.2 billion disbursement. At the time, the IMF also approved Egypt's request for a Resilience and Sustainability Facility agreement, allowing it to access an additional $1.3 billion in financing. The program terms are yet to be announced. Meanwhile, Egypt faces over $6 billion in outstanding payments to the fund through the end of next year, including nearly $3.8 billion due in 2025, according to IMF data. This issue falls under what the IMF describes as Egypt's 'deeper reforms' — measures that are expected to 'unlock the country's growth potential, create high-quality jobs for a growing population, and sustainably reduce its vulnerabilities and increase the economy's resilience to shocks.' Egypt began negotiating with the IMF for a $3 billion loan in late 2022, but the program stalled for several months. Talks resumed in late 2023 and concluded with the loan's augmentation adjustment in two years, which brought the dollar to LE50.
Al-Ahram Weekly
20-05-2025
- Politics
- Al-Ahram Weekly
Pope Tawadros II praises Lebanon progress under President Aoun - Foreign Affairs
Pope Tawadros II, the head of Egypt's Coptic Orthodox Church, praised on Monday the noticeable improvements in Lebanon's security and economic conditions under President Joseph Aoun's guidance. The pope made these remarks during his meeting with the Lebanese president and his accompanying delegation at the Papal Residence in Cairo. Pope Tawadros II welcomed President Aoun's first-of-its-kind visit to the Coptic Orthodox Church. During their meeting, the pope highlighted Lebanon's special position in Egyptians' hearts and expressed his hopes for its swift recovery and prosperity. He also spoke about the ancient heritage of the Coptic Church, founded in the first century, praising its strong ties with all institutions and components of the Egyptian state. For his part, President Aoun thanked the pope for his warm reception. Aoun noted that he, alongside the Lebanese government and parliament, is focused on moving forward and overcoming past hardships that deeply affected the country. The Lebanese president also emphasized his resolve to prevent Lebanon from relapsing into former crises, expressing confidence that the support of allies, especially Egypt and President Abdel-Fattah El-Sisi, would help Lebanon reclaim its strength. Furthermore, Aoun affirmed the deep bond between the Lebanese and the Egyptian peoples, inviting the pope to visit Lebanon soon. After the meeting, the Lebanese president wrote a message of appreciation in the official guestbook before touring St. Mark's Cathedral, where he learned about its historical background, structure, and key milestones. Earlier Monday, Aoun arrived in Cairo on his first official visit to Egypt since taking office in January. He also met with President El-Sisi, Grand Imam of Al-Azhar Sheikh Ahmed El-Tayyeb, and Arab League Secretary-General Ahmed Aboul-Gheit. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
30-04-2025
- Business
- See - Sada Elbalad
Egyptians gold purchases declined to 11.1 tons in the first quarter of 2025
Basant Ahmed - Walid Farouk Egyptians' gold purchases declined by 16% to record11.1 tons during the first quarter of this year, compared to 13.2 tons during the same period last year. They also declined by 8.3% compared to the fourth quarter of 2024, when purchases reached 12.1 tons, according to a World Gold Council report issued today. The Council revealed that this decline is caused by the rise in gold prices globally and locally, which negatively impacted citizens' purchasing power, in addition to the improvement in economic indicators and the stability of the exchange rate, which reduced demand for gold as a safe haven after periods of economic volatility. The World Gold Council's report pointed out to an increase in investments in gold exchange-traded funds in global markets by about 226 tons, reaching 3,445 tons, the highest level since May 2023. These funds also recorded financial inflows worth $21 billion during the quarter, the second-highest quarterly level ever. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
The South African
26-04-2025
- Sport
- The South African
Orlando Pirates blow chance to reach CAF Champions League final
Orlando Pirates suffered disappointment in Cairo, bowing out of the CAF Champions League in the semi-finals after a 3-2 defeat to Pyramids on Friday night. It was a most gutting experience at 30 June Stadium for the Buccaneers who were within touching distance of another appearance in the final, 30 years since their historic continental triumph. Having played to a goalless draw in the opening leg at FNB Stadium, they bowed out of the competition as their unbeaten run ended in the cruellest manner on their return to the Egyptian capital. Their opponents meanwhile qualified for their first ever CAF Champions League final after maintaining the impressive home record they kept throughout the campaign. The Soweto giants fell just short in a highly entertaining clash which lived up to its early promise after the two sides showed intent early on. Pyramids' Mostafa Fathi was gifted a golden chance with only seconds on the clock when he manoeuvred his way in between the defence before misplacing a first-time shot at goal. Orlando Pirates then had to wait a good 10 minutes to test Ahmed El Shenawy's goal, with the opportunity falling to striker Evidence Makgopa who could not find a way past the shot-stopper after getting on the end of a cutback from Deon Hotto. That proved to be the start of a promising period for the visitors as they made several forays deep into opposition territory without making the most of their front-foot ball. The Egyptians however maintained some control of proceedings but were also not able to create any clear-cut chances despite a clear dominance in possession. With the break approaching, the Soweto giants managed to make a much-needed breakthrough following a set piece which the hosts failed to clear. The ball was instead worked onto the path of Relebohile Mofokeng, who made no mistake as he volleyed into the net to put his side ahead in the 41st minute. The lead proved to be short-lived as the dangerous Fiston Mayele pounced on some sleepy defence moments before the break to draw the North Africans level. Despite level pegging, Orlando Pirates were still at an ever-so-slight advantage through the away-goal rule in place in the competition. They set about finding a second after the restart, but were almost on the backfoot as the home side went close through a direct free-kick kept out by a diving Sipho Chaine. Having just survived a scare, they set up an uphill climb for the hosts through a stunning effort from Mohau Nkota, who netted a blinder past El Shenawy to make it 2-1 in the 52nd minute. It was yet another advantage the Buccaneers were not allowed to enjoy for long, as Pyramids hit back almost immediately with Ramadan Sobhi finding a way past Chaine five minutes later. Mostafa Fathi headed wide from a few paces from goal, while Evidence Makgopa was forced into some crucial defensive work on the goal line as Mayele looked to put the home side ahead. Orlando Pirates also had attempts at the Egyptians' goal, but could not convert with Thalente Mbatha firing wide after benefitting off some tenacious work on the flank from Nkota. With the visitors needing to see out the clock in the closing stages, Pyramids descended upon their half in the final 10 minutes. Chaine pulled off a stunning save to keep his side in the contest, plus another one in the resultant corner. Failure to clear from the set piece allowed Mayele another opportunity, and the Congolese striker obliged as he knocked the ball into the net to make it 3-2. Attempts at wrestling back the initiative proved futile for the Buccaneers, who had to contend with the clock plus opposition with one foot in the final. It finished in disappointment in the end as Pyramids held on to deny Pirates their first CAF Champions League final in 12 years. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Yahoo
25-03-2025
- Science
- Yahoo
Ancient Egyptian pyramids weren't built for who we thought, study suggests
When you buy through links on our articles, Future and its syndication partners may earn a commission. The pyramids of ancient Egypt and Sudan may not have been just for the rich, according to burials found at the archaeological site of Tombos in Sudan. "Our findings suggest that pyramid tombs, once thought to be the final resting place of the most elite, may have also included low-status high-labor staff," archaeologists wrote in a paper published in the June issue of the Journal of Anthropological Archaeology. Ancient Egypt controlled parts of Sudan at times and Tombos was established as an Egyptian colony. Tombos is located at the third cataract of the Nile River in Sudan. In ancient times, this area was known as Nubia or Kush. Following the Egyptians' takeover of the region around 1400 B.C., they established Tombos. "Shortly after the Egyptian conquest of Nubia, Tombos was constructed by the Egyptians in what was Nubian territory to facilitate colonial control," the team wrote in the study. Wealthy individuals were buried in tombs with small pyramids atop them. In the new study, the scientists examined about 110 skeletons at Tombos. They analyzed where the muscles and ligaments (which had long since decayed) attached to the bone — a proxy that shows how much labor people did. "As the body is used more frequently and more intensively, the muscles and ligaments require a stronger mode of attachment," the team wrote in the study. "This can result in distinct crests and ridges on the bone at the point of attachment." These shifts in the bone are known as entheseal changes. The team reported that people who had a low rate of entheseal change were presumably high-status individuals who worked in bureaucracy and didn't do hard labor. But the tombs also held the remains of people who had a high rate of entheseal change and presumably did a large amount of hard labor. Put another way, the pyramids weren't just for the rich; lower-class laborers were buried alongside the elite, the study authors proposed. Previously, it was believed that pyramids were built for elite members of society. Image 1 of 2 The face-shaped lid of a ceramic coffin at Tombos. Image 2 of 2 This shabti was buried in the tomb of the scribe Tiy. Shabtis were thought to work for the deceased in the afterlife. This finding suggests that "social classes were not segregated, but instead that a hard laboring non-elite were buried alongside an elite who avoided tasks that led to entheseal wear," the team wrote in the study. "We can no longer assume that individuals buried in grandiose [pyramid] tombs are the elite. Indeed, the hardest working members of the communities are associated with the most visible monuments." There are a few possible explanations for why non-elite individuals were buried in the pyramid tombs, said study first author Sarah Schrader, an associate professor of archaeology at Leiden University in the Netherlands. "This practice may have been encouraged by elite individuals in order to reinforce a hierarchical social order," Schrader told Live Science in an email. "It could've also been that people of lower social economic status may have wanted to be buried next to people of higher economic status." Study co-author Stuart Tyson Smith, an anthropology professor at the University of California, Santa Barbara, told Live Science in an email that "our thinking is that elites surrounded themselves with the non-elites who worked in some capacity for them, effectively replicating the social order with burials in and around their funerary monuments." Less affluent people "may have hoped to benefit from associations with their employers in terms of status, magical protections, and the funerary cult," Smith said. Although the work focused only on Sudan, Schrader said it's possible that elite and non-elite individuals were also buried together in pyramid tombs in Egypt, although more research needs to be done to figure that out. Responses to the findings were mixed. Julia Budka, a professor of Egyptian archaeology and art history at the Ludwig-Maximilians-University Munich, praised the study, telling Live Science in an email that "all in all, this is a great study that will have an impact on future interpretations of new and old excavations and data." However, Aidan Dodson, an Egyptology professor at the University of Bristol in the U.K., said we should approach these findings cautiously. He noted that members of the elite also may have engaged in tasks that involved hard labor, so those with bulked-up muscles may have actually belonged to the upper class. RELATED STORIES —Remains of ancient temple with hieroglyphic inscriptions discovered in Sudan —4,000-year-old rock art of boats and cattle unearthed in Sudan paint a picture of a green Sahara —Evidence of ancient hydraulic engineering discovered along Nile "The fact that Tombos was a colonial outpost might particularly mean that the elite had military and physical training," Dodson told Live Science in an email. It is important to note that the pyramids at Tombos are different from those at Giza or Saqqara, noted Wolfram Grajetzki, an Egyptologist and honorary senior research fellow at University College London. The pyramids at those sites were built for pharaohs and their queens whereas the pyramids at Tombos were built for nonroyal individuals.
