The International Monetary Fund (IMF) has approved an $8 billion loan package for Egypt, which is expected to boost the country's flagging economy that has also been affected by the Israel-Gaza war.
The programme adds $5 billion to the $3 billion 46-month Extended Fund Facility signed in December 2022 and enables the Arab world's most populous economy to immediately draw $820 million, the Washington-based IMF said on Friday.
The IMF noted that Egypt's economic woes have worsened at the onset of the Russia-Ukraine and Israel-Gaza wars, and lately the tensions in the Red Sea.
“These developments increased the complexity of macroeconomic challenges and called for decisive domestic policy action supported by a more robust external financing package, including from the IMF,” it said.
The expanded loan agreement was announced on March 6, and was made hours after the Central Bank of Egypt increased interest rates and allowed the local currency to freely float with no interventions from the state. Cairo received a first tranche of $347 million after signing the December 2022 deal.
The flotation caused the pound to drop to its lowest level in history on official markets, reaching about 52 pounds to the US dollar on March 6. The pound has recovered, trading at 47.35 to the greenback on Saturday.
The IMF has also acknowledged the Egyptian government's measures to improve the economy and, along with the IMF's support, expects positive results, Kristalina Georgieva, the IMF's managing director, said.
“Recent measures towards correcting macroeconomic imbalances, including unification of the exchange rate, clearance of the foreign exchange demand backlog and significant tightening of monetary and fiscal policies, were difficult, but critical steps forward, and efforts should be sustained going forward,” she said.
“With policies to restore macroeconomic stability in place, the stage is set for accelerating implementation of the structural reform agenda intended to deliver inclusive and sustainable growth.”
Egypt's economy has faced lots of challenges over the past few years, grappling with rising inflation, foreign exchange shortages and elevated debt levels.
Business activity in the country's non-oil private sector contracted at the sharpest rate in more than a year in February, driven by a worsening foreign exchange crisis and a steep drop in customer sales, S&P Global said on March 5.
The country has felt the effects of the Red Sea shipping disruption as a result of Yemen's Houthi rebels attacking vessels, which has roughly halved key Suez Canal revenue so far in 2024, the ratings agency said.
However, two weeks later on March 18, S&P upgraded Egypt's credit outlook to positive from stable, citing government moves to improve its currency, attract more foreign direct investment and a growing list of donors pledging to support the economy.
The upgrade coincided with the World Bank's commitment to provide $6 billion in financing over the next three years, at the time the latest of funding deals signed by Cairo in recent weeks.
The World Bank deal came after the EU finalised an agreement with Egypt under which it gave Cairo the task to mitigate illegal migration through the Mediterranean in exchange for €8 billion ($8.7 billion) in funding over the next four years.
In February, Egypt granted a consortium led by Abu Dhabi's holding company ADQ rights to develop its Mediterranean city of Ras El Hekma in exchange for $35 billion in cash.
The Abu Dhabi deal “has alleviated near-term balance of payment pressures and, if used judiciously, will help Egypt rebuild buffers to deal with future shocks”, Ms Georgieva said.
The IMF, however, cautioned that Egypt's goal of achieving its economic goals remain subject to risks and external uncertainty.
“Domestically, sustaining the shift to a liberalised foreign exchange system, maintaining tight monetary and fiscal policies, and integrating transparently off-budget investment into macroeconomic policy decision making will be critical,” Ms Georgieva said.
“Managing the resumption of capital inflows prudently will be important to contain inflationary pressures and limit the risk of future external pressures.”
Killing of Qassem Suleimani
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3EFrom%20September%2018-25%2C%20Abu%20Dhabi%0D.%20The%20two%20finalists%20advance%20to%20the%20main%20event%20in%20South%20Africa%20in%20February%202023%0D%3Cbr%3E%20%0D%3Cbr%3EGroup%20A%3A%20United%20States%2C%20Ireland%2C%20Scotland%2C%20Bangladesh%0D%3Cbr%3EGroup%20B%3A%20UAE%2C%20Thailand%2C%20Zimbabwe%2C%20Papua%20New%20Guinea%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20group%20fixtures%3A%0D%3Cbr%3ESept%2018%2C%203pm%2C%20Zayed%20Cricket%20Stadium%20%E2%80%93%20UAE%20v%20Thailand%0D%3Cbr%3ESept%2019%2C%203pm%2C%20Tolerance%20Oval%20-%20PNG%20v%20UAE%0D%3Cbr%3ESept%2021%2C%207pm%2C%20Tolerance%20Oval%20%E2%80%93%20UAE%20v%20Zimbabwe%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20squad%3A%20Chaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Kavisha%20Kumari%2C%20Rinitha%20Rajith%2C%20Rithika%20Rajith%2C%20Khushi%20Sharma%2C%20Theertha%20Satish%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Suraksha%20Kotte%2C%20Natasha%20Cherriath%2C%20Indhuja%20Nandakumar%2C%20Vaishnave%20Mahesh%2C%20Siya%20Gokhale%2C%20Samaira%20Dharnidharka%0D%3C%2Fp%3E%0A
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
MEYDAN%20RACECARD
%3Cp%3E%3Cstrong%3E6pm%20%3C%2Fstrong%3EArabian%20Adventures%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E6.35pm%20%3C%2Fstrong%3EEmirates%20Sky%20Cargo%20%E2%80%93%20Handicap%20(TB)%2087%2C500%20(D)%202%2C000m%0D%3Cbr%3E%3Cstrong%3E7.10pm%20%3C%2Fstrong%3EEmirates%20Holiday%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E7.45pm%20%3C%2Fstrong%3EEmirates%20Skywards%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E8.20pm%3C%2Fstrong%3E%20Emirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E8.55pm%20%3C%2Fstrong%3EEmirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C900m%0D%3Cbr%3E%3Cstrong%3E9.30pm%20%3C%2Fstrong%3EEmirates.com%20%E2%80%93%20Handicap%20(TB_%20Dh87%2C500%20(D)%201%2C200m%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPeyton%20Reed%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Paul%20Rudd%2C%20Evangeline%20Lilly%2C%20Jonathan%20Majors%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Sri Lanka World Cup squad
Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.
Usain Bolt's time for the 100m at major championships
2008 Beijing Olympics 9.69 seconds
2009 Berlin World Championships 9.58
2011 Daegu World Championships Disqualified
2012 London Olympics 9.63
2013 Moscow World Championships 9.77
2015 Beijing World Championships 9.79
2016 Rio Olympics 9.81
2017 London World Championships 9.95
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
Sour%20Grapes
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EZakaria%20Tamer%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESyracuse%20University%20Press%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E176%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
