Egypt

IMF urges Egypt to maintain tight monetary policy to ward off inflation

CAIRO, July 2 (Reuters) – Egypt should maintain tight monetary policy to contain the risk of inflation as a result of fuel and electricity subsidy cuts, the International Monetary Fund said on Monday, in a statement that praised progress on reforms tied to a new $2 billion loan. The IMF’s remark comes days after Egypt’s central bank decided to keep ...

Egypt Holds Rates as Subsidy Cuts Rekindle Inflation Worries

Egypt’s central bank kept its benchmark interest rate unchanged Thursday as increases in fuel and electricity prices rekindled concerns over inflation. The Monetary Policy Committee held the deposit rate at 16.75 percent and the lending rate at 17.75 percent. Ten of 11 economists surveyed by Bloomberg had expected no change. Inflation has dropped from highs above 30 percent for much ...

Egypt parliament to investigate World Cup failures

Egyptian Members of Parliament, along with the Head of Youth and Sports Committee of the House of Representatives, Mohamed Faraj Amer, have called for a fact-finding committee to be setup to investigate possible violations by the Egyptian Football Association (EFA) and suspicions of corruption during the recent 2018 FIFA World Cup in Russia. The intended committee is expected to draft ...

Egypt’s shrinking ‘Pharaonic Sea’ has fishermen worried

Egypt’s shrinking freshwater “Pharaonic Sea” has residents in its nearly 50 surrounding fishing villages worried. The thin 10-square kilometre stretch of water just north of the capital was once part of the Nile River, but shrivelling shorelines have left it separated from the country’s main water source for nearly 50 years. Since then, inhabitants in the surrounding villages have referred ...

After only 2 matches, Egypt eliminated from World Cup

ST. PETERSBURG: Egypt arrived in Russia with Mohamed Salah and some high expectations. The team, playing at the World Cup for the first time since 1990, was sure it had the ability to grind out results, even with Salah still recovering from a shoulder injury. But after two matches, the Egyptians were eliminated. “I always say that behind a player ...

EGYPT RE-TESTING RUSSIAN WHEAT AS ERGOT FUNGUS SPAWNS CONTROVERSY AGAIN

Egypt is re-testing a 63,000-tonne Russian wheat cargo for ergot, the common grain fungus, days after rejecting it for excessive levels, official and trade sources said. The samples were sent from the Red Sea port of Safaga to a central laboratory in Cairo. Egypt, the world’s largest wheat importer, said on Thursday the cargo, sold to state grain buyer GASC, ...

SALAH’S ABSENCE PLAYING ON EGYPT’S MIND, SAYS COACH

CAIRO – Mohamed Salah’s absence is affecting Egypt’s World Cup preparations, coach Hector Cuper said after the team played out a goalless draw with Colombia at the start of the weekend. “We are working to cover the absence of Salah. The players responded perfectly to our instructions, but Salah’s absence affects any team negatively,” Cuper said after Friday’s goallesss draw ...

Hamas: Ismail Haniya visits Egypt ahead of US embassy move

The senior political leader of Hamas Ismail Haniyahas travelled to Cairo with a high-ranking delegation to hold talks with senior Egyptian officials about “developments” in Palestine and the region. A Hamas statement on Sunday said the delegation had accepted an invitation extended by neighbouring Egypt. Hamas governs the Gaza Strip, a densely populated coastal enclave that shares borders with Egypt andIsrael, ...

China’s GCL signs pact for 5-GW PV factory in Egypt

May 10 (Renewables Now) – China’s Golden Concord Ltd (GCL) has entered into a memorandum of understanding (MOU) with Egypt’s ministry of military production that outlines a plan to build a 5-GW solar panel factory, state-run news agency MENA said. The pact envisages building the photovoltaic (PV) production facility at a total cost of up to USD 2 billion (EUR ...

Archeologists find remains of Roman-era temple in Egypt

Egypt says archeologists have uncovered the remains of a temple dating back to the second century. The Antiquities Ministry said Thursday that the temple, which dates back to the reign of Roman Emperor Antoninus Pius, was found near the Siwa Oasis in the Egypt’s western desert. It includes the foundations of a large limestone building. Abdel-Aziz al-Dimeiry, head of the ...