The International Monetary Fund (IMF) announced on Wednesday that it has reached a staff-level agreement with Egypt for the fourth review under its Extended Fund Facility.
This agreement could pave the way for a $1.2 billion disbursement as part of the $8 billion, 46-month programme initiated in March.
Egypt has been grappling with soaring inflation and a severe foreign currency shortage, challenges further exacerbated by a sharp decline in Suez Canal revenues over the past year due to regional tensions.
As part of the agreement, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of its GDP over the next two years. The focus will be on removing tax exemptions rather than introducing new taxes.
The IMF highlighted that this fiscal adjustment would enable Egypt to allocate more resources for social spending, providing much-needed support to vulnerable groups amidst the ongoing economic challenges.
U.S. President Donald Trump said negotiations to reopen the Strait of Hormuz are progressing and suggested an agreement with Iran could be reached “...
Tajikistan tripled fuel imports from neighbouring Central Asian countries in July after deliveries from Russia declined sharply, underscoring how disr...
The UK government announced a new package of sanctions on Thursday (6 August) aimed at disrupting Russia's financial sector and oil exports, expanding...
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening to hit Iran "really hard" if a deal was not reached.
Shipping traffic through the Strait of Hormuz and the Bab el-Mandeb Strait, two key maritime chokepoints in the region, decreased significantly from the previous day, according to shipping data.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 6th of August, covering the latest developments.
Kazakhstan’s main oil export corridor was disrupted by drone strikes near Russia’s Black Sea coast in July, forcing a temporary suspension of crude loadings and raising fresh concerns over the vulnerability of regional energy infrastructure to the war in Ukraine.
Ukrainian President Volodymyr Zelenskyy has dismissed the country's ambassadors to Tajikistan, Kyrgyzstan and several other countries. The removals came after a speech on Monday in which he said embassies would be judged on their effectiveness in securing weapons for Ukraine.
Tajikistan tripled fuel imports from neighbouring Central Asian countries in July after deliveries from Russia declined sharply, underscoring how disruptions to Russian exports are prompting governments across the region to seek alternative suppliers.
Morocco has expressed its readiness to work with Spain and other European partners to identify and return unaccompanied minors following the mass arrival of tens of thousands of migrants Ceuta last week.
Three students and three teachers have been killed in a school shooting in Thailand, with at least 15 injured and two in critical condition, according to Royal Thai Police.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 7th of August, covering the latest developments.
A U.S. judge has ordered Meta to pay an additional $567 million over claims that its platforms failed to protect children from online harm.
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