Latest news with #HassanAbdalla
Zawya
21-05-2025
- Business
- Zawya
Egypt's Al-Sisi discusses economic indicators, forex reserves with PM, CBE Governor
Egypt's President Abdel Fattah Al-Sisi met with Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla on Tuesday to review key economic indicators. According to a presidential spokesperson, the meeting addressed macroeconomic trends, government initiatives to bolster the banking sector, and strategies for strengthening the nation's foreign exchange reserves. Discussions also covered ensuring the continued availability of sufficient foreign currency and ongoing efforts to reduce inflation. Ambassador Mohamed El-Shennawy, the presidential spokesperson, elaborated that the meeting also examined various aspects of the Egyptian economy's performance. This included government efforts to ensure the successful and effective implementation of the economic development programme, insulating it from current regional and international challenges. Additionally, the talks focused on enhancing incentives to capitalise on available economic opportunities and empowering the private sector to drive economic growth, thereby attracting further investment inflows. The spokesperson added that President Al-Sisi directed officials to continue intensive efforts to create a conducive environment for attracting more foreign investment and empowering the private sector. This involves developing an appropriate legislative and regulatory framework and launching incentive initiatives, all while maintaining the improvements observed in macroeconomic indicators to ensure the effective execution of development programmes. Data from the Central Bank of Egypt revealed that foreign exchange reserves climbed to $48.144bn by the end of April from $47.757bn at the end of March. According to calculations by Daily News Egypt, the levels recorded at the end of April are the highest in decades. Egypt's foreign exchange reserves are composed of the state's gold reserves, revenues from the Suez Canal, proceeds from Egyptian exports, and remittances from Egyptians working abroad. The reserves had previously risen in March 2025 to $47.757bn, up from $47.394bn at the end of February. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Egypt's balanced monetary policy, flexible exchange rate boost resilience: IMF's Clarke
Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), stated that the Central Bank of Egypt's (CBE) balanced monetary policy and adoption of a flexible exchange rate have enhanced the Egyptian economy's ability to withstand external fluctuations. His remarks followed a Monday meeting with Hassan Abdalla, Governor of the Central Bank of Egypt, where they discussed ways to support and strengthen cooperation and monitor developments in Egypt's economic reform programme. Clarke affirmed in statements after the meeting that the discussions 'represented an important opportunity to reaffirm the strength and solidity of the partnership between the International Monetary Fund and Egypt.' In a post on the X platform, he added, 'We discussed ways to enhance the resilience of the Egyptian economy in the face of external shocks, and we stressed the importance of continuing to implement policies that promote economic stability.' The IMF Deputy Managing Director indicated that 'the Central Bank of Egypt's adoption of a flexible exchange rate system, along with pursuing a balanced monetary policy, has had a direct positive impact on strengthening the Egyptian economy's ability to cope with global fluctuations, curb inflation, and increase remittances from Egyptians working abroad, reflecting the state's commitment to effective and sustainable economic reforms.' He also noted that Egypt has made 'notable progress' on inflation and remittances from Egyptians abroad. The meeting included a comprehensive review of positive developments in macroeconomic indicators, against the backdrop of the state's efforts within the national economic reform programme, which receives technical and financial support from the IMF. Discussions also touched upon measures taken to stimulate investment and increase foreign currency inflows, particularly through remittances from Egyptians working abroad, alongside ongoing coordination between the central bank and the government in addressing inflationary pressures and supporting a downward trend in prices. The visit of the IMF Deputy Managing Director to Egypt comes in the context of continuous follow-up on the implementation of joint cooperation programmes and to affirm the Fund's commitment to supporting the Egyptian state's efforts towards achieving comprehensive and sustainable economic growth.
Zawya
19-05-2025
- Business
- Zawya
Egypt, IMF discuss latest development on 5th EFF review
Arab Finance: The Egyptian government and the International Monetary Fund (IMF) are currently undergoing the fifth review of Egypt's Extended Fund Facility (EFF), following the conclusion of four previous reviews under the IMF program, Prime Minister Moustafa Madbouly revealed. In a meeting with the IMF delegation to Egypt, headed by Deputy Managing Director Nigel Clarke, the two sides discussed Egypt's economic reform program carried out by the government and the Central Bank of Egypt (CBE), in cooperation with the IMF. The meeting was attended by the CBE's Governor Hassan Abdalla, Minister of Finance, Minister Ahmed Kouchouk, and Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, along with other officials. Madbouly highlighted that the Egyptian economy managed to be resilient and absorb external shocks over the past period. He indicated that Egypt's real gross domestic product (GDP) growth rate hit 3.9% in the first half (H1) of FY 2024/2025. Private sector investments increased by 80% during the period from July to December 2024, Madbouly said, adding that the volume of foreign direct investment (FDI) rose by 17%. Non-oil exports hiked by 33% during the first nine months of the year, contributing to achieving strong growth rates in production sectors, such as industry, information technology, and transportation, he pointed out. Madbouly also noted that inflation rates declined significantly to 13.9% in April, compared to more than 37% in the same month a year earlier. The budget deficit declined to 6.5% from 6.7% over the past 10 months, he mentioned, noting that Egypt aims to reduce the public debt to 85% of GDP by the end of June 2025 from 96% in June 2023. On his part, Clarke stressed that Egypt has made tangible and clear progress regarding its macroeconomic reform program. He stated that the Egyptian program has resulted in a strong reduction in inflation and unemployment rates, while foreign exchange reserves have jumped along with the availability and foreign currencies. Moreover, he depicted the increase in funding provided to the private sector as a direct response to the improvement and stability of macroeconomy. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
29-04-2025
- Business
- Daily News Egypt
CBE governor meets Beijing delegation to discuss economic, financial cooperation
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), received a high-level delegation from Beijing, led by Sun Shuo, Deputy Mayor of the Chinese capital, during a meeting held at the CBE headquarters in Cairo. The visit comes as part of the ongoing efforts to bolster the longstanding relations between Egypt and China. Discussions focused on strengthening bilateral ties and exploring new avenues for cooperation in economic and financial sectors, particularly within the framework of the Belt and Road Initiative—China's global development strategy introduced by President Xi Jinping to enhance connectivity and cooperation with partner countries. Governor Abdalla welcomed the delegation warmly, underscoring the deep-rooted historical relationship between Egypt and China and highlighting the robust economic partnership that continues to grow between the two nations. He emphasized that mutual visits, such as this one, play a vital role in reinforcing collaboration across various sectors, with a special focus on economic and banking affairs.
See - Sada Elbalad
28-04-2025
- Business
- See - Sada Elbalad
Central Bank Governor Discusses Progress with IMF Deputy Managing Director
Nada Mustafa On the sidelines of the Spring Meetings of the Boards of Governors of the International Monetary Fund and the World Bank, held from April 21 to 26, 2025, in Washington, D.C., Governor of the Central Bank of Egypt, Hassan Abdalla, met with Deputy Managing Director of the International Monetary Fund, Nigel Clarke. The discussions centered on strengthening cooperation between the two sides and reviewing the latest developments in Egypt's macroeconomic indicators in light of the ongoing economic reform program being implemented in partnership with the IMF. Clarke commended Egypt's management of its economic affairs amidst multiple external shocks and praised the government's steadfast commitment to advancing its economic reform agenda. 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
