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's efforts to end the war in Ukraine received support from the leaders of Britain, France, and Germany, who emphasized that...
Former President Jair Bolsonaro will begin a 27-year prison sentence for a coup plot against his successor, a decision made by Brazil's Supreme Court ...
The U.S.-imposed Thursday deadline on Ukraine’s peace plan is no longer Thursday, U.S. President Donald Trump said on Tuesday, adding that “the de...
Galatasaray suffered a 1-0 defeat at home to Belgian side Union Saint-Gilloise in the fifth round of the UEFA Champions League....
Beijing on Tuesday denied claims that it “detained or harassed” a resident from the disputed India-China border region at Shanghai airport, while ...
After two years of more quiet celebrations due to the war in Gaza, the historic city of Bethlehem is once again preparing for a joyful and festive Christmas in the birthplace of Jesus.
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.
The Hayli Gubbi volcano in north-eastern Ethiopia erupted on Sunday for the first time in over 12,000 years, before halting on Monday, according to the Toulouse Volcanic Ash Advisory Center.
U.S. President Donald Trump has told his advisers that he plans to speak directly with Venezuelan President Nicolas Maduro according to Axios, as Washington designated him as the head of a terrorist organisation on Monday. A claim Maduro denies.
Chinese President Xi Jinping has once again expressed strong support for Venezuelan President Nicolás Maduro, condemning foreign interference and criticising U.S. actions in the region.
The United States is preparing to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration escalates pressure on President Nicolas Maduro.
Pakistan issued a strong rebuke after India’s Defence Minister Rajnath Singh suggested that Sindh, currently a province of Pakistan, could one day return to India. Singh framed the idea as part of a civilisational link, saying borders can change and past separations may not be permanent.
U.S. President Donald Trump's efforts to end the war in Ukraine received support from the leaders of Britain, France, and Germany, who emphasized that any solution must fully involve Ukraine, following their Coalition of the Willing meeting on Tuesday.
Former President Jair Bolsonaro will begin a 27-year prison sentence for a coup plot against his successor, a decision made by Brazil's Supreme Court on Tuesday, marking the culmination of years of political turmoil and legal battles.
The U.S.-imposed Thursday deadline on Ukraine’s peace plan is no longer Thursday, U.S. President Donald Trump said on Tuesday, adding that “the deadline for me is when it’s over.”
Galatasaray suffered a 1-0 defeat at home to Belgian side Union Saint-Gilloise in the fifth round of the UEFA Champions League.
Beijing on Tuesday denied claims that it “detained or harassed” a resident from the disputed India-China border region at Shanghai airport, while reaffirming its claim over Arunachal Pradesh, which China refers to as Zangnan.
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