Latest news with #Maait
Egypt Independent
02-05-2025
- Business
- Egypt Independent
Egypt repays $10 billion to the International Monetary Fund
The Executive Director for the Arab Group at the International Monetary Fund (IMF), Mohamed Maait, stated that Egypt has repaid more than $10 billion to the Fund from the principal amount of previous financing it received, excluding interest. In statements made on Thursday, Maait clarified that the total financing related to cooperation programs between Egypt and the IMF, amounting to three financing programs since November 3, 2016, up to the present, has reached $28 billion, including the current program. He pointed out that the current cooperation program between the two sides is valued at $8 billion and ends at the end of December 2026, noting that Egypt has received less than half of its value so far, with approximately $5 billion remaining to be disbursed. He added that 'the world, through financial institutions and the international investment community, appreciates the Egyptian reform experience, which has enabled the Egyptian economy to withstand successive international and regional crises, the latest being the customs duties crisis imposed by the United States of America on many countries worldwide.' Maait affirmed that the next phase for the development of the Egyptian economy focuses on investment, growth, and employment, which will support the sustainability of GDP growth rates and increase export rates. In recent days, the International Monetary Fund disbursed the fourth tranche to Egypt, amounting to $1.2 billion, which has been deposited into the foreign currency reserves at the Central Bank of Egypt, according to Maait. He noted that the Fund's Executive Board approved a $1.3 billion financing program for Egypt in recent months from a special fund for climate financing, resilience, and sustainability, allocated to reforms related to climate change such as renewable energy, water, and the reduction of carbon emissions.
See - Sada Elbalad
01-05-2025
- Business
- See - Sada Elbalad
Egypt Repays Over $10 Billion to IMF, Says Executive Director
H-Tayea The Executive Director representing the Arab Group at the International Monetary Fund (IMF), Mohamed Maait, announced that Egypt has repaid over $10 billion in principal to the IMF as part of its cooperation programs since 2016, excluding interest payments. In press statements in Washington, Maait stated that the total value of Egypt's three financing programs with the IMF since November 3, 2016, has reached $28 billion, including the current program. He explained that the ongoing IMF program is valued at $8 billion and is set to run until the end of December 2026. Egypt has received less than half of the current program's funding to date, with around $5 billion remaining to be disbursed. Maait emphasized that the international financial community and global investors highly value Egypt's economic reform experience, which has enabled the country to remain resilient in the face of global and regional crises, including the recent wave of tariffs imposed by the United States on multiple countries. He further highlighted that the next phase for Egypt's economy will focus on investment, growth, and employment, aiming to ensure sustainable GDP growth and boost export volumes. The IMF Executive Board recently approved a $1.3 billion funding package for Egypt under the Resilience and Sustainability Facility (RSF), aimed at supporting climate-related reforms in renewable energy, water management, and carbon emission reduction. The fourth tranche of this package, totaling $1.2 billion, has already been disbursed and added to the Central Bank of Egypt's foreign currency reserves. 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
Egypt Today
07-04-2025
- Business
- Egypt Today
Global tariff tensions impact Egypt's currency and stock exchange
Cairo – April 7, 2025: On Sunday, both the Egyptian pound (LE) and the Egyptian Exchange (EGX) experienced declines. The EGX30 index dropped by 3.3 percent, reflecting global market reactions to the US administration's economic policies. By the end of the trading session, the dollar closed at LE 51.0564 for buying and LE 51.1944 for selling, up from LE 50.5296 and LE 50.6669 at the close of the previous week. This shift in both local and global markets follows the implementation of a blanket 10 percent tariff by the Trump administration on all incoming goods, which came into effect on Saturday. The prevailing uncertainty surrounding the US tariffs has led both foreign and local investors to adopt a "wait-and-see" approach, contributing to a slowdown in capital inflows into emerging markets. More severe tariffs — up to 49 percent — are set to follow for 57 countries on April 9. Egypt was affected by the baseline 10 percent tariff, avoiding the harsher rates imposed on regional peers such as Syria (41 percent), Iraq (39 percent), and Libya (31 percent). In the banking sector, the average exchange rate of the dollar also rose on Sunday, reflecting the changes seen in the Central bank of Egypt's official rate. By the end of the trading day, the average dollar rate stood at LE 51.0728 for buying and LE 51.1728 for selling, up from LE 50.5474 and LE 50.6474 at the close of the previous week. The dollar began Sunday's trading with a notable jump across various banks. The National Bank of Egypt posted a rate of LE 51.11 for buying and LE 51.21 for selling. Other banks, such as Banque Misr and Bank of Alexandria, quoted slightly higher rates at LE 51.22 for buying and LE 51.32 for selling. The Commercial International Bank (CIB) listed the dollar at LE 51.18 for buying and LE 51.28 for selling. At United Bank, the dollar was pegged at LE 51.25 for buying and LE 51.35 for selling, while the SAIB Bank posted rates of LE 51.16 for buying and LE 51.26 for selling. The Abu Dhabi Islamic Bank Egypt offered rates of LE 51.15 for buying and LE 51.25 for selling. The full impact of the new US tariffs remains uncertain, with IMF Executive Director and former Finance Minister Mohamed Maait stating that it's too early to gauge the damage. However, early indicators suggest significant declines in global financial markets, falling oil prices, and a weakening of the USD against a basket of currencies, excluding the LE. Maait also noted that inflation could rise, which could dampen expectations for interest rate cuts. This scenario may keep borrowing costs elevated for an extended period, increase the cost of goods, slow economic growth, and contribute to higher unemployment. He warned that global trade volumes could shrink by more than 1 percent, as uncertainty continues to mount and confidence in the current economic system falters. Looking ahead, Maait suggested that the short- and medium-term economic outlook will heavily depend on how other countries respond to the trade war and how the US reacts to these responses. "We'll have to wait and see how things unfold in the coming days," he concluded.
Al-Ahram Weekly
06-04-2025
- Business
- Al-Ahram Weekly
Global economic outlook uncertain amid new US tariffs: IMF Executive Director - Economy
"The new US tariffs have made it difficult to accurately assess the global economic landscape," said Mohamed Maait, the Executive Director of the Arab Group at the International Monetary Fund (IMF), as reported by Egyptian media outlet Cairo24. According to Cairo24, Maait stated that while the full effects of the tariffs are still unfolding, early signs of impact are already visible. These include significant declines in global financial markets, a drop in oil prices, and a decrease in the value of the US dollar against a basket of major currencies. Maait also pointed to warnings from global banks, which predict a 60 percent chance of a recession, particularly in the US. On Wednesday, US President Donald Trump imposed sweeping tariffs on imports from 180 countries, including Egypt and 18 other Arab nations. The new tariffs, ranging from 10 to 49 percent, took effect on 5 April. The former Egyptian finance minister noted that the impact of the tariffs would be felt swiftly, with expectations of rising inflation, slower interest rate cuts, and potentially higher financing costs in the near future. Additionally, Maait highlighted the risk of increased goods costs, slower growth rates, higher unemployment, and a decline in global trade volume by more than one percent. He also noted the potential for higher goods costs, lower growth rates, higher unemployment, and a decline in global trade volume by more than one percent. These factors could undermine confidence in the global economic system and increase uncertainty. Maait further emphasized that the short- and medium-term economic situation will largely depend on how other countries respond to the US trade measures and how the US itself reacts to those responses. He concluded that the full impact of the tariffs would become clearer in the coming days. Kristalina Georgieva, the IMF's managing director, expressed similar concerns on Friday via statement. "We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth," Georgieva wrote. "It is important to avoid steps that could further harm the world economy. We appeal to the US and its trading partners to work constructively to resolve trade tensions and reduce uncertainty." Georgieva noted that the World Economic Outlook, set to be published during the IMF/World Bank Spring Meetings beginning on 21 April, will include the IMF's full assessment. In parallel, US Federal Reserve Chairman Jerome Powell warned on Friday that the larger-than-expected tariffs could fuel global inflation and slow economic growth worldwide. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Today
12-03-2025
- Business
- Egypt Today
IMF enables Egypt to access sustainability facility worth $1.3B to support country-wide initiatives
Cairo – March 12, 2025: The International Monetary Fund (IMF) has approved $1.3 billion in funding for Egypt under the Resilience and Sustainability Facility (RSF), aimed at supporting the country's climate initiatives. This funding is part of a wider set of structural reforms, as stated by the Ministries of Finance and Environment in a joint statement on Wednesday, that aim to advance Egypt's 2050 Climate Change Strategy and meet its 2030 Nationally Determined Contributions (NDCs). The IMF's financial backing is intended to accelerate efforts to decarbonize the economy, improve environmental risk management, and evaluate the effects of investment plans on Egypt's overall climate resilience. The Ministry of Finance, the Ministry of Environment, and the Central Bank have worked closely together, ensuring Egypt's ability to secure the funds under the RSF, according to the statement. The funds, expected to arrive in state coffers within days, will be directed toward critical environmental initiatives such as expanding renewable energy, reducing emissions, managing water resources, and combating desertification. The announcement follows the completion of Egypt's fourth review under its $8 billion economic program with the IMF. IMF Executive Director and former Finance Minister Mohamed Maait confirmed to EnterpriseAM that the funds will be directed toward projects that align with Egypt's climate goals. The RSF arrangement will support key reforms to accelerate decarbonization, strengthen the management of environmental risks, and assess the effects of investment plans on achieving resilience, he said. While the exact sizes of the tranches, as well as the disbursement and repayment mechanisms, remain unknown, Maait explained that these details will be determined in coordination with the Egyptian government at a later stage. This funding is part of a larger effort by Egypt to implement its climate strategy, which has been developed in collaboration with multiple ministries and government entities. The IMF's approval of this financing is a crucial step in supporting Egypt's transition to a green economy, which is central to the country's long-term development and its commitments under the Paris Agreement to address climate change. Egypt is also preparing for the upcoming COP30 climate conference, where it is expected to play a leading role in global climate discussions and further advocate for the fulfillment of international climate goals.
