Hisham Salah

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Latest by Hisham Salah


Increased cash support for subsidy cardholders is not enough: expert

Egypt floated its currency on Thursday, allowing it to fall from its previous peg of EGP 8.88 to the US dollar to between EGP 13 and EGP 16. This is the final push to secure the three-year International Monetary Fund (IMF) programme within days. In another step toward securing $12bn from the IMF, the government …

Hisham Salah

30% hike in inflation rate in short term: Beltone Financial

The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …

Hisham Salah

Sugar: one more problem for Egyptians

Since the end of September, Egypt has been facing a remarkable shortage in sugar, pushing the commodity’s price upwards, while creating its very own informal market, and consequently, increasing the suffering of Egyptians. Egypt produced a total of 2.2m tonnes of sugar in 2015 and consumed 3.1m tonnes, creating a shortage of some 900,000 tonnes. …

Hisham Salah

SMEs need more than bank loans with low interest rates to succeed: experts

During his meeting with Minister of Industry and Trade Tarek Kabil, President Abdel Fattah Al-Sisi emphasised the importance of small- and medium-sized enterprises (SMEs) and how these could improve Egypt’s economy. The president noted that banks should provide loans with low interest rates not exceeding 5%, as the Central Bank of Egypt (CBE) initiative stipulated. …

Hisham Salah

2017 will not be the year tourism to Egypt improves: experts

According Russian transport minister Maxim Sokolov, Russia will resume its flights to Egypt in 2017. The minister’s announcement comes at a time when Egypt’s tourism market is in a state of atrophy and starved for foreign capital and experts agree that, while the return of the Russian market would aid in tourist numbers, 2017 will …

Hisham Salah

Consequences of rainfall caused by government’s ‘extreme negligence’, not developing infrastructure: expert

Like last year, rainfall across Egypt’s governorates has caused another crisis, killing 18 people and injuring more than 27 others. Members of parliament are preparing questions for the government about this yearly crisis. Every year, the rainfall is concentrated in particular areas of Egypt, yet the government always acts surprised, said Aliaa El-Mahdy, economist and …

Hisham Salah

The feasibility of Egypt’s national projects

  On 18 October, , said that Egypt has to focus on developing its investment climate instead of national projects. However, nobody feels the economic effects of the three main national projects that Abdel Fattah Al-Sisi announced would be implemented when he became president over two years ago, including developing the Suez Canal area, the …

Hisham Salah

$460m loan from Japan to finance construction of Grand Egyptian Museum

Minister of International Cooperation Sahar Nasr and Japanese ambassador to Egypt Takehiro Kagawa signed on Monday a $460m loan to finance the second phase of the Grand Egyptian Museum. Minister of Antiquities Khaled El-Anany also signed the loan agreement for the project with Teruyuki Ito, chief representative of the Japan International Cooperation Agency (JICA). Nasr …

Hisham Salah

External debt: a tricky, dangerous route towards reform

Egypt’s negotiations for loans from the International Monetary Fund, World Bank, and the African Development Bank would increase the country’s external debt to approximately $70bn. Yet, the government views the loans as a way for reforming poor economic conditions that have plagued the country since 2011, and a tool to attract foreign investment.   Essentially, …

Hisham Salah

Egypt cannot afford to postpone the IMF loan: expert

  During his meeting with the editors-in-chief of national newspapers on Friday, President Abdel Fattah Al-Sisi talked about the loan that Egypt is seeking from the International Monetary Fund (IMF). This was the first time that the president tackled the country’s negotiations with the IMF, as he ensured that economic reforms will be implemented and …

Hisham Salah

Deficit in trade balance down by 13.1% in July: CAPMAS

The deficit in the trade balance dropped by 13.1% in July to EGP 30.9bn, compared to EGP 35.6bn in July 2015, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin of foreign trade statistics. In a statement issued on Wednesday, CAPMAS noted that the deceleration happened because the value of exports …

Hisham Salah

The 3-week challenge: the IMF’s tricky homework for Egypt

When the people of Egypt heard that the government was willing to take a loan from the International Monetary Fund (IMF), they didn’t think that the government had decided to walk down a hard, tiring path. They didn’t know that Egypt would apply austerity measures that would affect their lives, by cutting its subsidies for …

Hisham Salah

Promises of reform: a story that could end happily, or in disaster

Prime Minister Sherif Ismail and the government have promised a litany of political and legislative reforms that would be implemented in the short term to develop Egypt’s economy and pull it out of its poor state. Debates over the Civil Service Law, the value-added tax, the investment law, as well as the budget deficit, trade …

Hisham Salah