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17.4% increase in total bank deposits balance in 2017/18: CAPMAS

Total deposits balance increased in 2017/18 to reach EGP 3553.6bn, with an increase of 17.4% with the household and private business sectors having the greatest impact on high deposits. The Central Agency for Public Mobilisation and Statistics (CAPMAS) has issued the annual statistical bulletin for deposits and credit. It included information on the evolution of …

Hossam Mounir

Op-ed review: Political rehabilitation, Ismaili’s crowd trouble

Columnists remarked on several topics in Sunday’s newspapers issues including a process of political rehabilitation in the era of President Abdel Fattah Al-Sisi and Ismailia’s match crowd trouble. Yasser Rezk, the board chairperson of the daily state-owned Al-Akhbar, suggested that if Egyptians want a sustainable, stable, and democratic political regime based on the concept of …

Fatma Lotfi

Fuel subsidies phasing out faces significant challenges which must be faced: WB

According to the recent report issued by the Energy Sector Management Assistance Programme (ESMAP) which is administrated by the World Bank (WB), Egypt’s economy was adversely affected by a growing energy deficit, in the aftermath of the Arab Spring , slowing economic growth, increasing poverty, and socioeconomic transition. Egypt faced growing fiscal pressures. With fossil …

Daily News Egypt

About 75% of fuel subsidies phased out till now, projected to be fully cut by 2020: secretary of fuel division at FECC

All the actions which have been taken since November 2016 until now definitely aim to boost economic growth, reform the Egyptian economy, according to the Secretary of Petroleum and Fuel Division at Federation of Egyptian Chambers of Commerce (FECC) Mohamed Abdel Moneam. He added that phasing out fuel subsidies is an essential procedure for the …

Daily News Egypt

“Fuel subsidy reform plays a key role in fiscal consolidation”: IMF

In its third review under the extended arrangement in accordance with the Extended Fund Facility issued in July 2018, the International Monetary Fund (IMF) assured that the ongoing energy subsidy reform continues to play a key role in fiscal consolidation. It clarified that the fuel subsidy bill has decreased from 3.3% of the GDP in …

Daily News Egypt

Egyptians bear 70% of fuel prices through threefold price hikes in 2 years

To meet the demands of the IMF to grant Egypt the $12bn loan, curb the budget deficit, and to deal with the increasing inflation rate, fuel subsidies underwent non-recurrent stages to be phased out, toward being fully suspended in 2019 according to a subsequent 2018 statement for the Minister of Petroleum and Mineral Resources, Tarek …

Doaa A. Moneam

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