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.
China’s exports are expected to have grown 5% in June as manufacturers hurried goods abroad ahead of a 12 August deadline that could see the U.S. re...
Kazakhstan's Ministry of Transport and Afghanistan's Ministry of Public Works have reached an agreement on the construction of a new railway line to c...
Two of China’s biggest electric-vehicle makers may have to return a combined 373 million yuan (about $53 million) in state aid after a government au...
Uzbekistan and the State of Eritrea signed a Joint Communiqué on the establishment of diplomatic relations through their respective UN Missions....
China said it is ready to "continuously" boost strategic coordination with Moscow. Chinese Foreign Minister Wang Yi told Russian counterpart Sergey La...
Brazilian authorities arrested a woman for allegedly poisoning a Christmas cake with arsenic, killing three and hospitalizing three in Rio Grande do Sul. Another New Year's incident in Piauí left three dead from rat poison-laced food. Both cases are under murder investigations.
In a solemn Christmas address, Pope Francis called for courage to end wars, heal divisions, and bring hope to a world plagued by conflict and crisis, urging nations to embrace reconciliation during the Holy Year.
Christmas celebrations across Europe brought communities together through religious events, historic milestones, and festive traditions. From Pope Francis inaugurating the 2025 Jubilee in the Vatican to the reopening of Paris’ Notre Dame Cathedral, the holiday spirit was alive with hope and renewal.
British Prime Minister Keir Starmer expressed hope for Middle East peace and a brighter future, calling Christmas a time to focus on family, friendship, and unity.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
On July 4, Azerbaijani President Ilham Aliyev met with Turkish President Recep Tayyip Erdoğan in Khankendi, reaffirming the deep-rooted alliance between the two nations.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
France recorded over 100 drowning deaths in just one month — a 58% rise from last year — as unusually high temperatures drove more people to water, public health officials say.
Migration offset natural decline for the fourth consecutive year, pushing the European Union’s population to an historic high of 450.4 million in 2024, according to Eurostat figures released on Friday.
Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
China’s exports are expected to have grown 5% in June as manufacturers hurried goods abroad ahead of a 12 August deadline that could see the U.S. restore punitive tariffs, a Reuters survey of economists indicates.
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