Egitto 6.875% 30.04.2040 ISIN XS0505478684

IMF says Egypt needs progress on fiscal and structural reform
Oggi 00:39 - RSF
CAIRO, July 26 (Reuters) - The International Monetary Fund said on Tuesday that Egypt needed to make "decisive progress" on fiscal and structural reform as Cairo seeks a new round of support from the fund.

In an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020, the IMF's executive board noted "Egypt's remaining vulnerability from a high public debt burden and large gross financing requirements".

"Decisive progress on deeper fiscal and structural reforms is needed to boost the economy's competitiveness, improve governance, and strengthen its resilience against shocks," the board said in a statement.

Reforms should also foster private sector development and reduce the role of the state, the statement said.

The board's evaluation "should inform the ongoing discussions on the Fund's future engagement with Egypt", it added.

Earlier this month, the IMF said it was continuing discussions with Egypt aimed at agreeing an extended fund facility that would support economic policies and reforms.

The IMF announced that Egypt had made a request for a new programme in March as the country came under new financial pressure due to economic fallout from the war in Ukraine.



(Reporting by Aidan Lewis; Editing by Cynthia Osterman)
(([email protected]; +20-1001174410;))

Questi non fanno un quazzo. Spendono alla quazzo sussidi su tutto di privatizzare non se ne parla.
L'FMI i soldi dovrebbe sborsarli a riforme in corso. Diversamente te ne vai allegramente in default.
 
IMF Executive Board Discusses the Ex-Post Evaluation of Egypt's Exceptional Access Under the 2020 Stand-By Arrangement
Oggi 00:03 - RSF
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getne...rs.com:20220727:nPreG5zcZa&default-theme=true

IMF Executive Board Discusses the Ex-Post Evaluation of Egypt's Exceptional Access Under the 2020 Stand-By Arrangement PR Newswire

WASHINGTON, 26 July 2022

WASHINGTON, 26 July 2022 / PRN Africa / -- The Executive Board of the International Monetary Fund (IMF) met today to discuss the Ex-Post Evaluation (EPE) of Egypt's Exceptional Access Under the 2020 Stand-By Arrangement.

The IMF's financial support to the Egyptian authorities' policy response to the COVID-19 pandemic in 2020 included exceptional access to Fund resources, leading to an EPE of the 2020 Stand-By Arrangement (SBA) that was approved by the Executive Board on June 26, 2020 ( Press release No. 20/248 ). The EPE assess whether program objectives under the 12‑months arrangement were achieved, whether the macroeconomic strategy, program design, and financing were appropriate to address the challenges Egypt faced at the time, and whether the program was consistent with Fund policies.

In early 2020, the Egyptian authorities launched a broad policy response to address the immediate and severe economic disruption caused by the COVID-19 pandemic, which threatened to reverse Egypt's hard-won achievements in regaining macroeconomic stability. A central element of the authorities' response to the crisis was a request for financial assistance from the IMF in April 2020 under the Rapid Financing Instrument (RFI) ( Press Release No.

20/215 ) followed by an SBA. The overarching goal of Fund support was to maintain macroeconomic stability amid the crisis, allowing for the easing of fiscal, monetary, and financial policies to support the crisis response and for thus achieving health and social policy objectives during the pandemic.

The SBA aimed at safeguarding medium-term fiscal sustainability and at keeping the momentum in selected structural reform areas, mostly building on initiatives that began during the 2016-19 Extended Fund Facility (EFF).

The report finds that the SBA achieved its primary objective of maintaining macroeconomic stability and that policy implementation was broadly in line with program objectives, even as exchange rate variability remained limited.

External and domestic confidence strengthened, and quantitative program targets were comfortably achieved. Both reviews of the SBA were concluded on time and all program conditionality was met. While some of the governance commitments regarding COVID-19 related expenditures have been implemented, others remain outstanding. The focused structural reform agenda supported by the SBA was fully executed. Going forward, decisive progress on deeper reforms is needed to foster private sector development, improve governance and reduce the role of the state. Fund policies and procedures for financing under exceptional access were followed. The SBA expired on June 25, 2021.



Executive Board Assessment [1]

Executive Directors welcomed the Ex-Post Evaluation (EPE) of Egypt's exceptional access to Fund resources under the 2020 Stand-By Arrangement (SBA). They considered that the two-step approach—Egypt's request for emergency financing under the Rapid Financing Instrument (RFI) followed by the SBA—was an example of agile Fund support to its members during the COVID-19 pandemic.

Directors agreed that the SBA achieved its primary objective of maintaining macroeconomic stability in Egypt amidst the severe disruptions caused by the pandemic. They noted that policies were eased to accommodate emergency spending on health and social protection, while preserving fiscal sustainability. Directors welcomed that all program conditionality was met and both reviews were completed on time.

Directors observed that a better-than-expected external environment combined with policy implementation under the arrangement strengthened domestic and external confidence. They concurred that conservative macroeconomic projections, the authorities' commitment to fiscal discipline, and a well-focused structural reform agenda were important factors for the successful conclusion of the SBA.

Directors agreed that policy implementation under the SBA was broadly in line with program objectives. However, while noting the authorities' objective to bolster confidence through a broadly stable exchange rate, they considered that greater exchange rate variability during the SBA could have been entrenched to avoid a buildup of external imbalances and facilitate adjustment to shocks. In this regard, Directors welcomed the authorities' recent communications on the role of exchange rate flexibility in the policy toolkit.

In hindsight, Directors noted that the program design could have better captured upside risks as they materialized. Furthermore, they saw the benefits of a broader definition of FX reserve targets and a more comprehensive discussion of burden sharing. Directors found the structural conditionality of the SBA appropriate given its short duration and in view of its primary objective to maintain macroeconomic stability. While noting the trade-offs implied by a program of short duration, on balance, they agreed that a short duration SBA was the appropriate choice in view of prevailing uncertainties at the time. Directors called on the authorities to meet the governance commitments of COVID-19 related expenditures.

Directors concurred with the findings of the EPE that the authorities demonstrated a strong track record of implementation of Fund programs. They also agreed that the SBA was conducted in a manner consistent with Fund policies and procedures and welcomed the stringent application of the Exceptional Access Framework and risk management procedures.

Looking ahead, Directors noted Egypt's remaining vulnerability from a high public debt burden and large gross financing requirements, and emphasized that decisive progress on deeper fiscal and structural reforms is needed to boost the economy's competitiveness, improve governance, and strengthen its resilience against shocks. They noted that this EPE should inform the ongoing discussions on the Fund's future engagement with Egypt.



[1] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: Qualifiers Used in Summings Up of Executive Board Meetings .

SOURCE International Telecommunication Union (ITU)



Copyright (c) 2022 PR Newswire Association,LLC. All Rights Reserved.
 
AGGIORNAMENTO 1-Egitto, FMI che elabora "punti rimanenti" sul ministro delle finanze del prestito
27/07/2022 20:21 - RSF
(Aggiunge la citazione del ministro delle finanze, sfondo)
Il CAIRO, 27 luglio (Reuters) - L'Egitto e il Fondo monetario internazionale stanno discutendo i punti rimanenti nei negoziati su un nuovo strumento di finanziamento esteso, ha detto mercoledì il ministro delle Finanze Mohamed Maait ad Al-Arabiya.

Alla domanda se ci fossero differenze tra l'Egitto e il FMI, Maait ha detto: "Nei colloqui con chiunque si passa da un punto di vista all'altro. I colloqui sono in corso, hanno fatto progressi molto, molto buoni, stiamo discutendo i punti rimanenti".
Martedì, in una valutazione di un accordo stand-by da 5,2 miliardi di dollari concordato con l'Egitto nel 2020, il FMI ha affermato che il paese doveva compiere "progressi decisivi" sulle riforme fiscali e strutturali. (notizia)

Il FMI ha anche affermato che una maggiore variabilità del tasso di cambio avrebbe potuto aiutare a evitare l'accumulo di squilibri esterni e facilitare l'adeguamento agli shock economici.

(Segnalazione di Ahmed Tolba; Scrittura di Nadine Awadalla; montaggio di Aidan Lewis e Grant McCool)
(([email protected];))
 
AGGIORNAMENTO 1-Egitto, FMI che elabora "punti rimanenti" sul ministro delle finanze del prestito
27/07/2022 20:21 - RSF
(Aggiunge la citazione del ministro delle finanze, sfondo)
Il CAIRO, 27 luglio (Reuters) - L'Egitto e il Fondo monetario internazionale stanno discutendo i punti rimanenti nei negoziati su un nuovo strumento di finanziamento esteso, ha detto mercoledì il ministro delle Finanze Mohamed Maait ad Al-Arabiya.

Alla domanda se ci fossero differenze tra l'Egitto e il FMI, Maait ha detto: "Nei colloqui con chiunque si passa da un punto di vista all'altro. I colloqui sono in corso, hanno fatto progressi molto, molto buoni, stiamo discutendo i punti rimanenti".
Martedì, in una valutazione di un accordo stand-by da 5,2 miliardi di dollari concordato con l'Egitto nel 2020, il FMI ha affermato che il paese doveva compiere "progressi decisivi" sulle riforme fiscali e strutturali. (notizia)

Il FMI ha anche affermato che una maggiore variabilità del tasso di cambio avrebbe potuto aiutare a evitare l'accumulo di squilibri esterni e facilitare l'adeguamento agli shock economici.

(Segnalazione di Ahmed Tolba; Scrittura di Nadine Awadalla; montaggio di Aidan Lewis e Grant McCool)
(([email protected];))

Devono smetterla di dare soldi alla capzo.
Vuoi i soldi esegui gli ordini.
 
Così dovrebbe essere, peccato che poi subentra la politica, interessi strategici, ecc.ecc...............
Certo è vero che così è sempre più difficile venirne fuori, ma così vanno le cose!

Questi sono paesi dove a 10 km dal Cairo terra di nessuno. Instabili. Perseguono modelli finiti falliti oggi non percorribili.
Oggi bisogna aprirsi ai capitali privati a 360 gradi non estrometterli. Infatti sono sempre con la manina in mano a chiedere soldi. Vediamo dopo questo finanziamento o stanno in piedi, o privatizzano tutto o.....
 
Questi sono paesi dove a 10 km dal Cairo terra di nessuno. Instabili. Perseguono modelli finiti falliti oggi non percorribili.
Oggi bisogna aprirsi ai capitali privati a 360 gradi non estrometterli. Infatti sono sempre con la manina in mano a chiedere soldi. Vediamo dopo questo finanziamento o stanno in piedi, o privatizzano tutto o.....
Quello che noi pensiamo e riteniamo giusto, purtroppo, non conta nulla.
La politica e l'economia la fanno con la prepotenza e la violenza fisica, militare e morale!
Quando ci vai, sembra ti tornare al medioevo, nonostante imbellettamenti di facciata e cose stupefacenti.
 
Egypt to add bonus to state food subsidy cards for 6 months -PM
28/07/2022 19:09 - RSF
CAIRO, July 28 (Reuters) - Egypt will be adding a bonus of 100 Egyptian pounds ($5.30) to its food subsidy cards for a period of 6 months to allow beneficiaries to cope with rising food prices, Prime Minister Mostafa Madbouly said on Thursday.

Egypt will spend 1 billion pounds ($52.99 million) per month to provide the assistance to 9.1 million families, Madbouly added, to spend on food staples provided as part of the country's subsidy programme which includes basics like rice, cooking oil and sugar.

The government aims to add the bonus from the end of August, he said.

($1 = 18.8700 Egyptian pounds)

(Reporting by Nadine Awadalla, Lilian Wagdy, Omar Fahmy; Editing by Chris Reese)
(([email protected];))
 
FACTBOX-National political dialogue in Egypt follows years of crackdowns
Oggi 08:00 - RSF
CAIRO, July 29 (Reuters) - Egypt plans to launch a national political dialogue in the coming weeks, a test of whether authorities are prepared to ease a crackdown on dissent that critics say is the most severe in the country's recent history.

General-turned-president Abdel Fattah al-Sisi has steadily tightened his grip since he toppled Islamist Mohamed Mursi - the first democratically elected head of state in Egypt's modern history - in 2013 after mass protests against his rule.

Since Sisi came to power in 2014, authorities have said that the crackdown on dissent and freedoms has been directed at terrorists and saboteurs trying to undermine the state.

Here is a look at some high-profile human rights cases in Egypt, a close U.S. ally which denies allegations of arbitrary and extrajudicial killings, torture and forced disappearances.

BLOODY CAIRO SIT-IN
Hundreds of supporters of Mursi’s Muslim Brotherhood - Egypt’s oldest and most organised Islamist movement - were killed and thousands arrested after he was ousted. Senior Brotherhood leaders were sentenced to death in what human rights groups call unfair trials. Others were driven underground or abroad.

In one of the bloodiest events in Egypt's recent history, security forces crushed the protest camps of thousands of supporters of the deposed Mursi in 2013, shooting hundreds.

Rights groups say more than 800 protesters died.

Human Rights Watch said the raids were systematic, ordered by top officials and probably amounted to crimes against humanity.

Egypt's government said the report was “characterized by negativity and bias” and relied on anonymous witnesses rather than neutral sources. Egyptian officials, who call the Brotherhood a terrorist group, have repeatedly said some protesters were armed and fired at police and soldiers.

The Brotherhood denies using violence for political ends.


PROTEST LAW
In 2013 Egypt passed a law which bans protests without prior police approval. The measure brought an outcry from rights groups and raised concerns about the democratic credentials of the army-backed government installed after Mursi's ouster.

The United States expressed concern over the new law restricting demonstrations, and said it agreed with groups that argue the law does not meet international standards.


CAPTURED ON FILM
An Egyptian police officer was charged over the shooting of a young mother at a protest in central Cairo, weeks after a photograph of her bleeding to death went viral and caused an international outcry in 2015.

Shaimaa Sabbagh, 32, was shot at a march marking the anniversary of the uprising that ousted veteran ruler Hosni Mubarak in 2011. The public prosecutor said she was killed by an officer who fired birdshot to try to disperse the protest.

Sisi responded to the fury over Sabbagh’s killing by referring to her as “my daughter” and “the daughter of Egypt”, and promised to bring her killers to justice. The officer was sentenced to seven years in prison on appeal.


STUDENT
Italian student Giulio Regeni disappeared in Cairo in January 2016. His body was found almost a week later and a post-mortem examination showed he had been tortured before his death.

Intelligence and security sources told Reuters in 2016 that police had arrested Regeni outside a Cairo metro station and then transferred him to a compound run by national security. The police have denied this and Egyptian officials have repeatedly denied any involvement in Regeni’s killing.

Italy began a trial against four senior members of Egypt's security services in absentia over their suspected role in the case, but proceedings were suspended because of concerns the men might not know they had been charged.


PRESIDENTIAL CANDIDATE
In 2018, an Egyptian court put former presidential candidate Abdel Moneim Abol Fotouh on a terrorism list after his arrest for alleged contacts with the Muslim Brotherhood. Abol Fotouh’s family say they are worried that his health is failing in prison.

ANTI-GRAFT CHIEF
A military court sentenced Egypt’s former anti-corruption chief to five years in prison in 2018 on charges of spreading false news harmful to the military, his lawyer said.

Human rights group Amnesty International condemned the sentencing of Hisham Genena, a former policeman and judge, as another example of what it called Egypt’s crackdown on all dissent under Sisi.


ACTIVIST
In 2021, prominent Egyptian activist Alaa Abdel Fattah was sentenced to five years in prison after being tried on charges of spreading fake news.

Abdel Fattah, a leading activist in the 2011 uprising that toppled Mubarak after three decades in power, had previously been imprisoned for five years in 2014 and released in 2019.

His family are worried there could be a rapid deterioration in his health after more than 115 days on hunger strike, despite some improvements in his prison conditions.


TWEET
A court in 2021 found leading human rights activist Hossam Bahgat guilty of insulting a judicial election commission in a tweet. Since 2016, Bahgat has been banned from travelling abroad and has had his personal assets frozen in connection with a separate, decade-long criminal investigation.

In 2021, Western countries called on Egypt to end the prosecution of activists, journalists and perceived political opponents under counter-terrorism laws, and to release them unconditionally.

Human rights groups estimate tens of thousands of people have been detained for political reasons since 2013. Sisi has said Egypt holds no political prisoners, that security is paramount and that the government is promoting human rights by working to provide basic needs such as jobs and housing.

The president and his backers say the detentions over recent years are necessary to stabilise Egypt.


RESEARCHER
The death of economic researcher Ayman Hadhoud requires a "thorough, transparent and credible" investigation, the U.S.

State Department said, after Hadhoud died earlier this year in a Cairo psychiatric hospital where he was sent by the security services that detained him.

Amnesty International said its investigation, based on official records, witness interviews and independent experts who examined leaked photos of Hadhoud's corpse, strongly suggested he had been tortured or otherwise ill-treated before his death.

Egypt's public prosecution said it has found no evidence of criminal violence in Hadhoud's death.


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(Writing by Michael Georgy, editing by William Maclean and Mark Heinrich)
(([email protected]; +971 52 503 5332; Reuters Messaging: [email protected]))
 
Detentions loom over Egypt's political dialogue
Oggi 08:00 - RSF
* Choreographed national dialogue to begin in coming weeks
* Critics see prisoner releases as test of good faith
* Some non-Islamist opposition brought in from cold
* Authorities say Egypt secure, entering new phase
* Muslim Brotherhood excluded, leaders jailed or in exile

By Aidan Lewis and Farah Saafan
CAIRO, July 29 (Reuters) - After nine years of sweeping crackdowns on dissent, Egypt is set to launch a carefully choreographed political dialogue, but the main Islamist opposition movement is excluded and critics say a parallel move to release prisoners is proceeding too slowly.

The dialogue, announced by President Abdel Fattah al-Sisi in April and expected to start in the coming weeks, will include some moderate opposition factions pushed to the margins since Sisi, while armed forces chief, led the 2013 ouster of Muslim Brotherhood President Mohamed Mursi after mass unrest.

A presidential amnesty committee is processing thousands of requests to free some of those jailed under Sisi's rule - though the Brotherhood remains firmly left out of the dialogue, its leaders in prison or exile.

Opposition figures see the speed and extent of prisoner releases as a pivotal test of the dialogue's potential, and of the chances of any softening in what they describe as the most severe political repression in decades.

Acting Muslim Brotherhood leader Ibrahim Munir told Reuters in an interview that the dialogue could not achieve results if it excluded the Brotherhood or other figures.
As Sisi has consolidated his position, tens of thousands of dissidents or critics from across the political spectrum have been jailed, according to estimates by rights groups.

So far, some of those invited to the dialogue see too little early progress in freeing them.

"The broad release of large numbers of prisoners of conscience was a necessary prelude and still is," said Ahmed Eltantawy, a former member of parliament whose leftist Karama party is divided over participation in the dialogue and who is not planning to take part.

"It was not treated as a necessary prelude, and there are no signs that it will be an inevitable outcome," Eltantawy said in an interview.

Asked at a press conference earlier this month about the speed of prisoner releases, the chair of the dialogue, Diaa Rashwan, voiced hope for more presidential pardons of convicted inmates, but said those held in pre-trial detention were a matter for the prosecution.

Rashwan, who also heads the state information service, told Reuters he was not able to answer a request for further comment.

Most of the dialogue board's 19 members are attached to official bodies and several are members of parliament.


NEW PHASE
Egyptian officials have presented the dialogue as heralding a new phase of Sisi's rule made possible by improvements in security and political stability and dubbed "the new republic".

As the Arab world's most populous country reels from the financial impact of the Ukraine war, the officials say the dialogue will help chart a course for future economic and social development.

It follows steps, including publication of a human rights strategy, that appear intended to address Western criticism of Egypt's rights record.
In November, Egypt will be in the international spotlight as host of the COP27 climate summit.

Rashwan told the recent press conference that proposals from the dialogue, which will cover political, social and economic issues, will be presented to Sisi, who would "choose what he deems the best of them".

Some of Egypt's small remaining band of opposition figures have been given a platform on tightly controlled domestic media for the first time in years.

Amr Hamzawy, a liberal member of parliament after Egypt's 2011 uprising who returned to Cairo temporarily to take part in the dialogue, said that in the absence of alternatives it could be a "major tool for creating a moment of openness".

"The idea of us sitting together in one place and expressing different opinions without someone being labelled as a traitor, or having their patriotism questioned or motives doubted..., that would be crucially important," said Hamzawy, now Middle East director at the Washington-based Carnegie Endowment for International Peace.

But Hamzawy added that the dialogue is likely to be a complex, stop-start process, and that the release of prisoners of conscience is needed to build confidence.


PRISONER RELEASES
In the two months after the dialogue was announced, just under 300 detainees were freed, though more than 1,074 names had received initial approval for release, according to a member of the presidential pardon committee, Tarek al-Awady.

He said the Brotherhood - which is banned and accused of using violence against the state - would not be able to join the dialogue, but the pardon committee would not exclude any names on ideological grounds.

"All we can do is study the cases and submit them to the presidency specifically, who in turn seek the opinions of security apparatuses, and then make their final decision," Awady said.

The Brotherhood denies using violence for political ends.

Mohamed Lotfy, director of the Egyptian Commission for Rights and Freedoms, said the rate of releases in late April to late June had been about the same as over the past two years and that there had been nearly as many new cases before the state security prosecution as there had been releases.

"The only gain is a recognition by the government finally that there is an issue around political prisoners that needs to be dealt with," said Lotfy.

Sisi has said Egypt holds no political prisoners, that security is paramount and that the government is promoting human rights by working to provide basic needs like jobs and housing.

Some prisoners freed recently had been held in pre-trial detention since 2019, when thousands were arrested amid a wave of small, rare protests.

Khaled Dawoud, a journalist and senior member of the liberal Dostour Party, who is planning to take part in the dialogue, said authorities needed to stop making new arrests and to lift restrictions on the media.

"I'm only asking for the basics," said Dawoud, who was also swept up in late 2019 and held for 19 months, during which his sister died and his father was ailing. "We want to express our views without fear - the fear of getting arrested."


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(Additional reporting by Dominic Evans in London Editing by Mark Heinrich)
(([email protected]; +20-1001174410;))
 

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