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Egypt pays off last installment of 2012 loan from Turkey
...the only place on the face of the earth that misses the Ottoman Empire.... in 2012, said an Egyptian central bank official on Thursday. Central bank deputy-governor Rami Aboul-Naga told Egyptian official news agency MENA the $1 billion loan was taken out under ex-president Mohammed Morsi in 2012. Aboul-Naga stressed that Egypt had paid all the loan installments on time, saying the country's financial obligations have been fulfilled with no delays. Two months ago, central bank governor Tarek Amer revealed that Egypt had paid $17 billion worth of foreign debts since floating its currency in November 2016. Amer also said Egypt would pay $8 billion more this year.
[AlAhram] Egyptian citizens abroad sent to Egypt a total of $16.3 billion in remittances between November 2016 ‐ when Egypt floated its currency ‐ and August 2017, registering a 17.35 percent increase compared to the same period the year before, according to official data revealed at the Industrial Investment Map in Cairo. Teuta Grazhdani, the head of Egypt’s Labour Mobility and Human Development at the International Organization for Migration (IOM), said that this period saw a $2.4 billion increase in remittances. The flotation of the Egyptian pound has unified exchange rates and diminished the black market, where foreign currency rates were much higher than in banks. Since the devaluation, many Egyptians have opted to send remittances through legal avenues. Grazhdani said during the event, which aimed at promoting foreign investment in Egypt’s industrial sector and was hosted by Egypt's Ministry of Industry, that the remittances have exceeded revenues from the Suez Canal, tourism, and direct investment. She said that Egypt should make use of its expats’ experience, knowledge, and abilities to promote the country as an investment destination. Grazhdani stressed that Egyptian expats have to be part of the economic development process, and should be empowered with the tools to do so, and their remittances should be used as capital for different industrial development projects in Egypt. Around 9.4 million Egyptians live abroad out of a total population of 104.2 million. Egypt is in constant need of foreign currency to buy basic foodstuffs and fulfill its international obligations. The country’s foreign reserves registered $36.535 billion at the end of September 2017, hitting pre-2011 levels after years of political turmoil and terrorism brought it down to critical levels. The country's foreign reserves, which stood at $16.41 billion at the end of October 2015, have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017. Posted by: trailing wife 2017-11-03 |
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