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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

The IMF loan in the context of economic reform

The air of ambiguity surrounding Egypt’s receipt of the IMF loan provides a distraction from what the loan is really about, and the clandestine nature of the negotiations goes a long way towards substantiating the true objective of the loan. For the sake of dodging bouts of public rage in times when they’re as frequent …

Mohamed El-Bahrawi

Morsy and IMF chief confirm independence of Egypt’s economic policy making

By Noah Chasek-Macfoy International Monetary Fund Director Christine Lagarde confirmed on Saturday that there are no preconditions placed on Egypt before the expected arrival of an IMF delegation at the beginning of next month to discuss Egypt’s request for $4.8 loan. Lagarde’s comments were made after attending a meeting with GCC countries in Riyad. Egypt …

Daily News Egypt

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

Petroleum minister Abdallah Ghorab emphasised the need to readjust subsidy policies in order to reach those in who need it most (AFP Photo)

Petroleum Minster stresses subsidies’ rationalisation

By Ahmed Mokhtar Abdullah Ghorab, Minister of Petroleum and Mineral Resources, has said that the petroleum sector was able to persevere and see some success, despite the difficulties that have faced the Egyptian economy and negatively impacted a number of sectors. He noted that petroleum workers performed well despite the significant increase in demand for fuel …

Daily News Egypt

Egypt looking at energy subsidies to cut deficit

By Patrick Werr and Sherine El Madany / Reuters CAIRO: Egypt is pinning its hopes on natural gas to help it reduce energy subsidies that are eating up 20 percent of its state budget and are likely to continue growing if measures aren’t taken soon. For years, the government has resisted cutting subsidies for fear of …

DNE

Subsidies in question as Egypt’s deficit rises

CAIRO: While talk of reducing expenditures by cutting back on some subsidies may make sense in numbers and figures — to deal with Egypt’s increasing budge deficit and decreasing foreign reserves — it will likely prove difficult to justify on a social level. Mahmoud Nasr, a senior army financial official, told Reuters last week that …

DNE

Officials speak of subsidies amid rising social unrest

By Sarah Daoud CAIRO: Amidst protests and social unrest, Egyptian officials are again talking about subsidies. Officials have told local media that they will absorb the global rise in food prices through subsidies. “I think the government was keen to press ahead with the subsidies reform prior to the protests, gradually phasing out price subsidies …

DNE

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