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.
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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.
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.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
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U.S. President Donald Trump says Coca-Cola has agreed to use real cane sugar in the U.S., though the company has not confirmed the claim.
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Congo and the M23 rebel group have agreed on a declaration of principles after months of Qatar-mediated talks, aiming to end fighting in the country’s east.
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