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.
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.
Christmas events are celebrated in Syria's capital Damascus, just thirteen days after the defeat of President Bashar Al-Assad's regime.
The Houthi group in Yemen claimed responsibility for a series of missile and drone attacks, targeting Ben Gurion airport in Israel and U.S. warships in the Red Sea.
The European Union views the Palestinian Authority as "best placed to govern Gaza," according to EU foreign policy chief Kaja Kallas, following her meeting with Palestinian Prime Minister Mohammad Mustafa in Ramallah.
U.S. President Donald Trump has indicated that he is prepared to take a more flexible stance on new tariffs for automobiles and other goods than initially expected.
A group of top Trump administration officials reportedly shared sensitive military plans over the encrypted messaging app Signal just hours before the United States launched strikes on Houthi targets in Yemen, sparking a political storm in Washington.
Bank of America (BofA) said the recent volatility in Turkish markets has so far had only a limited inflationary impact, stressing that Türkiye’s economic management remains in control.
In a groundbreaking study published in Cell on January 18, Chinese researchers have unveiled a novel cancer treatment that ingeniously disguises tumors as pig tissue, triggering the body’s immune system to mount a hyperacute rejection response against the cancer cells.
Sweden’s Prime Minister Ulf Kristersson stated on Thursday that purchasing U.S. weapons does not pose a security risk for his country, but emphasized the need for Europe to reduce its reliance on American defense systems. His comments come amid growing discussions within Europe.
NASA astronauts Butch Wilmore and Suni Williams completed an unexpectedly long 286-day mission on the ISS, returning to Earth aboard a SpaceX capsule after delays caused by technical issues with Boeing’s Starliner.
Russian President Vladimir Putin agreed on Tuesday to a proposal by U.S. President Donald Trump that Russia and Ukraine cease attacking each other's energy infrastructure for 30 days, the Kremlin said following a lengthy phone discussion between the leaders.
Mexican forces have dismantled a massive meth lab in Zacatecas, dealing a blow to a Sinaloa Cartel faction.
The Houthi group in Yemen claimed responsibility for a series of missile and drone attacks, targeting Ben Gurion airport in Israel and U.S. warships in the Red Sea.
The European Union views the Palestinian Authority as "best placed to govern Gaza," according to EU foreign policy chief Kaja Kallas, following her meeting with Palestinian Prime Minister Mohammad Mustafa in Ramallah.
U.S. President Donald Trump has indicated that he is prepared to take a more flexible stance on new tariffs for automobiles and other goods than initially expected.
A group of top Trump administration officials reportedly shared sensitive military plans over the encrypted messaging app Signal just hours before the United States launched strikes on Houthi targets in Yemen, sparking a political storm in Washington.
Bank of America (BofA) said the recent volatility in Turkish markets has so far had only a limited inflationary impact, stressing that Türkiye’s economic management remains in control.
The Houthi group in Yemen claimed responsibility for a series of missile and drone attacks, targeting Ben Gurion airport in Israel and U.S. warships in the Red Sea.
The European Union views the Palestinian Authority as "best placed to govern Gaza," according to EU foreign policy chief Kaja Kallas, following her meeting with Palestinian Prime Minister Mohammad Mustafa in Ramallah.
U.S. President Donald Trump has indicated that he is prepared to take a more flexible stance on new tariffs for automobiles and other goods than initially expected.
A group of top Trump administration officials reportedly shared sensitive military plans over the encrypted messaging app Signal just hours before the United States launched strikes on Houthi targets in Yemen, sparking a political storm in Washington.
Bank of America (BofA) said the recent volatility in Turkish markets has so far had only a limited inflationary impact, stressing that Türkiye’s economic management remains in control.
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