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Rebel Economy wrap

EGYPT’S BUDGET DEFICIT: WHY NO ONE WANTS CUTS By Farah Halime, Rebel Economy While many people generally agree that governments faced with deficits must cut spending, most do not like cuts to specific programmes. It’s the same everywhere, not least in the US where a national survey found that for 18 of 19 programs tested, the majority wanted either …

Daily News Egypt

Ministry of Finance to issue more FRNs

The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …

Islam Serour

The Economist: Egypt third most indebted nation in the world

By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …

Daily News Egypt

Egypt cellular carriers condemn new tax-per-minute proposition

By Hend El-Behary A wave of condemnation from Egypt’s main cellular carriers Mobinil, Vodafone and Etislat followed Finance Minister Momtaz El-Saeed’s unexpected suggestion to impose per minute taxes on mobile phone calls last Monday. El-Saeed declared the ministry is studying the feasibility of a one piastre per minute fee on every mobile phone call as a …

Daily News Egypt

CAPMAS: Trade deficit has risen 48 per cent

By Hend El-Behary Egypt’s trade deficit nearly doubled, reaching EGP 17.6 billion in June, compared to EGP 11.9 billion in the same month last year, a 47.9 per cent jump according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). Exports have plunged by 18 percent, falling to EGP 14.6 billion, a decrease of …

Daily News Egypt

Government promotes public-private partnerships

Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …

Islam Serour

Tax Authroity new head vowes to boost tax revenues

Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …

Islam Serour

CBE reports EGP 11.3billion balance of payment deficit

The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …

Islam Serour

ECB hints at new bond-buying scheme

Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders. German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled …

Luiz Sanchez

Central Bank to issue more bonds and treasury bills

The Ministry of Finance announced the Central Bank of Egypt is to issue treasury bills and bonds, amounting to EGP 52 billion during September, state-owned news agency MENA has reported. The government will issue 91 day, 182 day, 273 day and 364 day treasury bills, amounting to EGP three billion, EGP eight billion, EGP 15 …

Daily News Egypt

New fiscal measures to address state budget deficit

By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …

Daily News Egypt

Israel to vote on sweeping austerity measures

(AFP) – Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard. Central to the plan is a hike in income tax and VAT, as well as a 700 million …

Daily News Egypt

Previous fiscal year characterised by rising GDP deficit

The Egypt Economic Performance Report for July-May of the fiscal year 2011-2012 revealed a continued rise in the overall GDP deficit, valued at EGP 136.5 billion or 8.8% of GDP, compared to EGP 112.6 billion for the same period last year. The former has dropped by 2.9%, as opposed to the latter, which dropped by …

Daily News Egypt

Egyptian stock exchange

Inflation slows in Egypt while deficit widens.

Egypt’s inflation slowed in April, despite overall food prices remaining high and the country’s deficit widening to $11.2 billion, as Egypt’s transition seemed to be prolonging its economic woes, the Automotive Marketing Council noted in a report released yesterday.

Moustafa Ayad

Egypt Q4 balance of payments deficit $5.7 bln

By Patrick Werr / Reuters CAIRO: Egypt’s balance of payments slid into a deficit of $5.65 billion in the politically-fraught final quarter of 2011, turning around a year-earlier surplus of $557.0 million, central bank figures indicated on Sunday. Egypt’s economy had been hammered by a year of turmoil since its popular uprising, which scared away tourists …

DNE