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Egypt’s foreign reserves hit $44.513B by end of November

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Egypt’s foreign reserves increased by $12 million by the end of November 2018 to reach $44.513 billion, compared to $44.501 billion by the end of October 2018, according to the Central Bank of Egypt (CBE).

Minister of Finance Mohamed Ma’it said previously that foreign reserves hit $44.5 billion, which covers the imports for 9 months, which is an unprecedented period, accordingto the minister.

The state’s foreign reserves started to rebound after the delivery of the $12 billion three-year International Monetary Fund loan program in 2016.

The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program.

On Oct. 31, IMF and Egypt reached a staff-level agreement to offer Egypt the fifth installment of IMF’s $12 billion extended fund facility arrangement, amounting to $2 billion.

By receiving the fifth installment, the total disbursements under the program will reach about $10 billion.

The current average of foreign reserves covers about eight months of Egypt’s commodity imports, which is higher than the global average of about three months of commodity imports.

Egypt spends an average of $5 billion monthly on imports with an annual total of more than $60 billion.

Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.

The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).

– EGYPT TODAY

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Economy

EU’s Tusk to meet UK PM May on Brexit in Egypt on Sunday – official

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President of the European Council Donald Tusk listens at a news conference during the European Union Tallinn Digital Summit in Tallinn – REUTERS

BRUSSELS – 22 February 2019: European Union leaders will not clinch a deal on Brexit during a summit with their Arab peers in Egypt scheduled for Sunday and Monday, an EU official said on Friday.

“There will be no deal in the desert,” the official said when asked about chances of a Brexit breakthrough during the EU summit with the League of Arab States in Sharm el-Sheikh on Feb.24-25.

However, the source said European Council President Donald Tusk would hold a bilateral meeting with British Prime Minister Theresa May on the sidelines of the summit on Sunday at 1630 local time in Egypt.

– EGYPT TODAY

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Economy

Zimbabwe snubs Africa free trade

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Zimbabwe has shelved its plans to join the Africa Continental Free Trade Area (ACFTA).

The country declined to sign the agreement because it was to find space to stabilise local industries which are struggling to produce enough quality goods to compete outside.

Industry and commerce ministry’s director of international trade, Beatrice Mutetwa said while addressing parliamentarians that more time, like 15 years, would be required out of the ACFTA because the country`s local industry is not producing enough to be able to compete with other countries.

Also Read: ViMP 2019 Edition: Junior Achievement Nigeria Hosts 50 Youth

Mutetwa said Zimbabwe was in a peculiar position and needed to work towards achieving an even landscape.

Member countries are requested to open up 90 percent of their markets but Zimbabwe had only offered up 85 percent as considerations are still being made on how the key sectors like tourism and mining will be protected.

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Economy

African Development Bank to present 2019 African Economic Outlook at 32nd AU Summit

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The theme for this year’s African Economic Outlook is “Integration for Africa’s Economic Prosperity”

ABIDJAN, Ivory Coast, February 4, 2019/ –

The African Development Bank (www.AfDB.org) will present the 2019 edition of its flagship African Economic Outlook (AEO) (https://bit.ly/2Djcpf8) report on the sidelines of the 32nd Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia on Friday, 8 February, 2019, from 8.30 -12 noon.

The theme for this year’s African Economic Outlook (https://bit.ly/2Djcpf8) is “Integration for Africa’s Economic Prosperity.” The annual report highlights economic prospects and projections for the continent as a whole and for each of the 54 countries. It offers short- and medium-term forecasts on the main socio-economic factors, while at the same time examining the challenges and progress.

The report is the result of the work and analysis of the Bank’s economic experts. It is a tool for policymakers, academics, investors, development and financial industry professionals and the press and is widely used to inform policy dialogue and enhance operational efficiency of institutions.

The presentation of the AEO (https://bit.ly/2Djcpf8) to development experts, business and political leaders, media and policy makers follows its official launch at the Bank’s Headquarters in Abidjan, Cote d’Ivoire on 17 January, 2019. The Addis Ababa presentation will be one of the key side events of the African Union conference.

The African Economic Outlook 2019 is available in English, French and Portuguese.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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