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.
According to Bloomberg News, the United States and Russia are working toward an agreement aimed at halting the war in Ukraine by formalizing Russia’...
A fire broke out at Cordoba’s historic mosque-cathedral on the night of 8 August but was swiftly extinguished, preventing damage to one of Spain’...
Wildfires driven by powerful winds swept through Greece on Friday, from the southern outskirts of Athens to the region near Ancient Olympia....
The Canadian government announced Friday it will join key allies in reducing the price cap on Russian seaborne crude oil in response to Moscow’s ong...
Washington, D.C., will see its federal security funding reduced by $20 million this year under a Trump administration plan, despite the president’s ...
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.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
According to Bloomberg News, the United States and Russia are working toward an agreement aimed at halting the war in Ukraine by formalizing Russia’s occupation of territories seized during its invasion.
A fire broke out at Cordoba’s historic mosque-cathedral on the night of 8 August but was swiftly extinguished, preventing damage to one of Spain’s most treasured architectural landmarks.
The Canadian government announced Friday it will join key allies in reducing the price cap on Russian seaborne crude oil in response to Moscow’s ongoing war in Ukraine.
Washington, D.C., will see its federal security funding reduced by $20 million this year under a Trump administration plan, despite the president’s repeated claims that crime in the capital is spiraling.
U.S. President Donald Trump personally welcomed Azerbaijan’s President Ilham Aliyev at the White House today, ahead of a historic peace signing ceremony. The meeting sets the stage for a U.S.-brokered framework aiming to stabilize relations in the South Caucasus.
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