Month: December 2020

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) will be holding eight meetings during 2021 to determine the basic interest rates of the CBE, which is the most prominent indicator of interest rates in Egypt in the short term.

The MPC had reduced interest rates by 4% over three separate meetings this year, in a preemptive step to limit the repercussions of the novel coronavirus (COVID-19) on the Egyptian economy.

The CBE’s interest rates are currently 8.25% for deposit, 9.25% for lending, and 8.75% for credit, debit, and main operation rates.

The MPC will hold its last meeting this year on Thursday to discuss the future of these prices. The rise in inflation during November has made the country’s interest rates’ fate open to speculation.

Read More: https://dailynewsegypt.com/2020/12/19/central-bank-of-egypt-to-hold-8-monetary-policy-meetings-in-2021/

The Executive Board of the International Monetary Fund (IMF) completed, on Saturday, the first review of Egypt’s economic reform programme supported by a 12-month Stand-By Arrangement (SBA). The completion of the review allows the Egyptian authorities to draw SDR 1.158bn (equivalent to about $1.67bn), bringing total disbursements under the SBA to SDR 2.605bn (about $3.6bn).

The 12-month SBA, totalled SDR 3.763bn (about $5.2bn at the time of approval), was approved by the IMF Executive Board on 26 June 2020 to support the authorities’ economic reform programme during the COVID-19 crisis.

“The Egyptian authorities have managed well the COVID-19 pandemic and the related disruption to economic activity. The proactive measures taken to address health and social needs and to support the sectors most directly affected by the crisis have helped mitigate the economic and human impact. The growth slowdown has so far been less severe than expected with Egypt expected to be among the few countries with positive growth rate this year. External market conditions have also improved with a strong return of portfolio inflows,” said Antoinette Sayeh, Deputy Managing Director and Acting Chair of IMF.

Read More: https://dailynewsegypt.com/2020/12/19/egypt-to-draw-1-67bn-under-sba-as-imf-completes-first-review-of-reform-plan/

The number of subscribers to the Egyptian Credit Bureau “I-Score” has reached 913 banks, companies, and microfinance institutions.

According to a Saturday statement by the company, the I-Score database was expanded to 18.6 million individuals and 415,000 small and medium enterprises (SMEs) at the beginning of December 2020.

I-Score maintains a database of credit information for SMEs and individual consumers. It obtained an operating license from the Central Bank of Egypt (CBE) in January 2008, and its primary work is to collect and classify the credit data of individuals and SMEs, according to the unified definition issued by CBE in order to issue the credit report and digital assessment.

I-Score database now holds almost 100% of the credit data of individuals and SMEs from commercial banks in Egypt, thus providing a clear indicator to the lending community.

Read More: https://dailynewsegypt.com/2020/12/20/913-banks-financial-institutions-benefit-from-egyptian-credit-bureaus-services/

Egypt’s President Abdel Fattah Al-Sisi on Saturday directed for coordinating state efforts to implement the national project to develop 1,000 villages across the country, in order to achieve the sustainable development goals.

Al-Sisi’s remarks came during his meeting with President’s Advisor for Urban Planning, Amir Sayed Ahmed, according to presidency spokesperson Bassam Rady.

During the meeting, Al-Sisi followed up on the executive plan for the national project to develop 1,000 villages. The development plan aims at raising the capabilities of the infrastructure of the countryside, eliminating poverty, and enhancing the living and social conditions for the citizens. The targeted villages are located in 22 governorates.

Read More: https://dailynewsegypt.com/2020/12/20/al-sisi-directs-for-coordinating-state-efforts-to-develop-1000-villages/

Mostafa Madbouly, Egypt’s Prime Minister, confirmed that the Egyptian government has faced many challenges during the COVID-19 crisis, and was able to make achievements by adopting a proactive methodology in dealing with the pandemic and limiting its health, social and economic repercussions.

The emergency financial package for the Egyptian economy, which President Abdel Fattah Al-Sisi had ordered, amounting to EGP 100bn, equivalent to 2% of the gross domestic product (GDP), has been spent efficiently, according to Madbouly.

He said, in his speech during the Akhbar Al-Youm economic conference, delivered on his behalf by Finance Minister Mohamed Maait, that the government is determined to continue stimulating the economy and pump large investments in various sectors, in addition to maintaining balanced fiscal and monetary policies, and continuing structural reforms.

Read More:https://dailynewsegypt.com/2020/12/20/major-investments-to-be-injected-to-stimulate-economy-maintain-balanced-monetary-policy-prime-minister/

Minister of Water Resources and Irrigation, Mohamed Abdel Aaty, visited Suez governorate on Saturday, to inspect the governorate’s water resources and irrigation projects.

He particularly visited the saline lands allocated for cultivating highly saline wheat and other crops by using agricultural wastewater.

The experiment is being conducted on an area of ​​15 feddan which has previously suffered from a rise in the level of groundwater and an increase in the concentration of salts, which amounted to 7000 to 10,000 parts per million.

Medium saline agricultural drainage water, which reaches 1339 parts per million is being used for agriculture in the saline land. 

Read More: https://dailynewsegypt.com/2020/12/20/irrigation-minister-inspects-saline-lands-cultivation-experiment-in-suez/

Egypt’s President Abdel Fattah Al-Sisi on Saturday received Jordanian Foreign Affairs Minister Ayman Safady and Palestinian Foreign Affairs Minister Riyad Al-Maliki.

The meeting addressed the latest developments related to the Palestinian cause and efforts for resuming the peace process and negotiations. 

Egypt’s Minister of Foreign Affairs Sameh Shoukry attended the meeting.

During the meeting, Al-Sisi affirmed Egypt’s commitment to supporting the Palestinian cause as one of the constants in the Egyptian diplomatic policy. He stressed that Egypt will remain a supporter of Palestinians until restoring their legitimate rights in establishing an independent state in accordance with the international references. 

The president also noted that the recent changes in both the regional and international arenas should be considered.

He further stressed the importance of unifying the Arab efforts to reactivate peace talks between the involved parties, in line with efforts for achieving internal reconciliation between the Palestinian factions.   

Read More:https://dailynewsegypt.com/2020/12/19/al-sisi-affirms-egypts-support-to-palestinian-cause/

Egypt’s Head of General Intelligence Service (GIS) Abbas Kamel held a meeting with the Commander of the Libyan National Army Khalifa Haftar in Benghazi on Saturday.

During the meeting, the two sides discussed security files of common interest between the two countries. Kamel stressed Egypt’s support to the 5+5 joint military commission talks outcomes and the permanent Libyan ceasefire.

GIS head also met with Libyan House of Representative (HoR) Speaker, Aguila Saleh and several other members of parliament. During the meeting, Kamel emphasized Egyptian support to UN efforts aimed at reaching a political settlement in the Libyan crisis and maintaining a ceasefire in the country. The two sides also tackled ways to boost bilateral relations between the two north African nations in the upcoming period.

Read More: https://dailynewsegypt.com/2020/12/19/egypts-intelligence-chief-meets-haftar-in-libyas-benghazi/

Egypt’s Ministry of Tourism and Antiquities has canceled the New Year celebrations in line with Prime Minister Mostafa Madbouly’s mandates to prevent large gatherings in a bid to curb the spread of the novel coronavirus (COVID-19).

Abdel Fattah Al-Assi, Assistant Minister of Tourism and Antiquities for monitoring tourism facilities, said that the decision will be circulated to all hotel establishments.

He also emphasized the implementation of the state-imposed precautionary measures in all tourist establishments, adding that punitive actions will be taken against restaurants, cafes, and hotels that will not adhere to these measures.

Read More: https://dailynewsegypt.com/2020/12/19/egypt-cancels-new-year-celebrations-due-to-covid-19/

Egypt has called for holding an international conference with Germany, France, and Jordan, in the so-called “Munich format” to stimulate the Palestinian-Israeli peace process. It came during a Saturday joint press conference by Foreign Ministers of Egypt, Jordan, and Palestine in Cairo.

Sameh Shoukry, Egypt’s Minister of Foreign Affairs, stated that all political and diplomatic moves that Egypt took with neighbouring countries come within the framework of the two-state solution. He added that this Cairo meeting is a continuation of diplomatic efforts to find a just solution to the Palestinian cause.

He added that during the discussion with his Jordanian and Palestinian counterparts, he found a great consensus in visions, which can be turned into practical steps by coordinating moves in various international and regional frameworks.

Read More: https://dailynewsegypt.com/2020/12/19/egypt-calls-for-conference-in-munich-format-to-stimulate-palestine-israel-peace-process/