World
A Reuters poll expects the Egyptian economy to grow at this rate
Economy of Egypt – Cairo
A Reuters poll showed that growth in the Egyptian economy will be at a slower pace than previously expected, while the pound will depreciate slightly more than earlier expectations.
Despite the economy growing steadily amid shocks from the Covid-19 pandemic and the Ukrainian war, Egypt has long been plagued by foreign exchange shortages, record inflation and a rising debt burden.
In December, the government agreed to a $3 billion loan program with the International Monetary Fund, amid pledges to adopt a flexible exchange rate regime, reduce the state’s role in the economy and boost the private sector.
However, the first review of the scheme has been postponed as the exchange rate has remained stable at around 30.85 pounds to the dollar since March.
The median forecast for growth in a July 10-18 Reuters poll of 13 economists was 4.2 percent in the fiscal year that began July 1, down slightly from the 4.5 percent growth forecast in April.
The poll also expects growth to pick up to 4.8 percent in fiscal 2024-2025.
The Egyptian government aims to increase GDP by 4.1 percent in the fiscal year 2023-2024, according to the official website of the Council of Ministers last March.
Yesterday, Wednesday, Egyptian Finance Minister Mohamed Moeed said preliminary data showed real GDP growth of 4.2 percent in 2022-2023.
The survey’s median forecast indicated that the pound would fall to 34.8 against the dollar by the end of the year, slightly lower than the previous forecast of 34 pounds.
Economists expect the pound to fall to 36.95 against the dollar by the end of 2024 and to 38.90 next year.
The currency has lost about 50 percent of its value against the dollar in a series of sharp devaluations since March 2022, and it is still facing pressures in the parallel market.
“Horizon”: State-sponsored program spurs private sector in Egypt
Annual urban inflation rose to a record 35.7 percent in June, surpassing its highest level recorded in 2017, following a sharp currency devaluation under the previous IMF plan.
An average forecast of 11 economists polled by Reuters indicated that inflation in Egyptian cities will fall to 22 percent in the current fiscal year June 2024 and fall to 13 percent next year.
In an earlier survey in April, economists’ median forecast for inflation in Egyptian cities was 20.9 percent in fiscal 2023-2024 and 9.3 percent in fiscal 2024-2025.
Bankers and analysts say the increase in the money supply has been used to offset a growing budget deficit, leading to a further rise in inflation and further pressure on the pound.
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World
Hamdok’s dissolved government addresses the United Nations regarding al-Burhan’s participation
Abdallah Hamdok’s government, dissolved by the decision of Sudan’s military commander, said al-Burhan’s participation in the United Nations General Assembly in New York was “contrary to declared international positions against military coups”.
According to a memorandum signed by Abdullah Hamdok and several former ministers, the participation of the Sudanese military commander in the work of the United Nations General Assembly sends alarming and encouraging signals to the military revolutions that have recently spread in Africa.
October 2021 mentioned in the memorandum
Mr. United Nations. Secretary-General, Antonio Guterres:
Subject: Participation of the leader of the October 25 coup in Sudan at the 78th session of the United Nations General Assembly.
We, the undersigned members of the Government of Sudan formed in 2019, this year’s constitutional document, address you to clarify the following:
- First, on October 25, 2021, a military component led by Lieutenant General Abdel Fattah al-Burhan Abdel Rahman led a military coup against the interim civilian government, leading to a complete constitutional collapse. This led to the existence of a de facto government which collapsed with the outbreak of the 15th War, a direct result of a coup against the civil government.
- Secondly, the African Union, the UN Regional and international institutions, including the Security Council and the European Union, have rejected the military coup that undermined the interim government and halted the democratic transition process in Sudan. Coup and return of power to the people.
- Thirdly, the invitation of the coup leader to represent Sudan in the United Nations General Assembly meetings is contrary to the above positions, and it also contributes to the continuation of the ongoing war in Sudan today. This sends very alarming and encouraging signals to the recent rise in military coups on the African continent.
- The Glorious Revolution of December 2018 determined the Sudanese people’s stance on military coups and authoritarian regimes by recognizing the government’s full civil code and rejecting the October 25 coup, as well as defining the military’s relationship with politics. Constitution and defense of the country against external threats. To the coup leader who shares the commitment to democracy, peace and freedom as a partner in the war in Sudan today.
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
Italian mafia boss Messina Denaro, who was arrested by authorities in January after 30 years on the run, has died at the age of 61, Italian media outlet Agence France-Presse reported.
Messina Tenaro was suffering from cancer at the time of his arrest. After his condition worsened in recent weeks, he was transferred to a hospital from the high-security prison in central Italy where he was initially held.
According to France 24, Messina Tenaro helped launch acts of terrorism against the Italian state and was sentenced to six separate life sentences over the years, including the 1992 murder of anti-mafia judge Giovanni Falcone and his role in deadly bombings. Rome Florence and Milan in 1993.
Messina Tenaro, who led the Corleonesi clan immortalized in the Godfather films, died in prison in 2017.
Messina Tenaro was based in Trapani province in western Sicily, but by the time of his arrest on January 16, 2023, his influence had extended to the capital, Palermo.
Messina Tenaro had been on the run since 1993, and police finally arrested him when he visited a cancer treatment center in Palermo.
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
French President Emmanuel Macron said on Sunday that France is playing its “role” in welcoming migrants, responding to Pope Francis in Marseille (southern) European leaders and how they are dealing with the migration issue. .
“The Pope is right to call for this campaign against neglect,” Macron said in a televised interview.
“We cannot accept the misery of the whole world,” he said, recalling the famous phrase of former Socialist Prime Minister Michel Rogard.
Commenting on the recent arrival of migrants on the Italian island of Lampedusa, Macron called for “Italians not to be left alone”, defending a European response based on “a harmonious approach with countries of origin and countries of transit”.
As for the countries of origin of the migrants, “Europeans must adapt our aid to a responsible immigration policy, and say that we help you with projects to give people economic opportunities, but you must help us to dismantle the networks. Lead these people.” out of their countries, especially to establish better cooperation for their return.”
As for the countries on the southern shores of the Mediterranean Sea, especially Tunisia, Macron hoped that Europe would recommend to these countries “to seek the help of surveys, experts and equipment (…) on their coasts to confront these traffickers”. A “respectful partnership”
He added, “This is what we are doing with the British. We agree to have British experts in Calais to help us dismantle the traffickers’ network, and we have achieved good results.”
Macron explained that he would offer the EU to “allocate more resources to transit countries and propose partnerships to these countries to avoid (migrant) outflows”.
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
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