Dubai, March 28, 2024: Egypt’s cabinet has greenlit a robust budget of 6.4 trillion Egyptian pounds, equivalent to $135.39 billion, for the upcoming fiscal year 2024/2025. This budget, aimed at addressing economic challenges and fostering growth, demonstrates the government’s commitment to fiscal responsibility. The approved budget includes allocations of 636 billion pounds for social protection […]

Nigeria’s Central Bank, under the leadership of Governor Olayemi Cardoso, has taken decisive action to address the country’s escalating inflationary pressures. In its latest move, the bank announced a notable increase in the monetary policy rate, raising it from 22.75% to 24.75%. This strategic decision marks the second adjustment made by the Monetary Policy Committee […]

In Uganda, bamboo farming is experiencing a significant upswing, driven by both government initiatives and grassroots entrepreneurship. The hardy and fast-growing nature of bamboo has caught the attention of local authorities, who view it as a sustainable alternative to traditional timber sources, such as eucalyptus. This shift is particularly crucial for rural communities, where bamboo […]

Egypt and Singapore showcased their commitment to enhancing economic ties during the official visit of Singapore’s Foreign Minister, Vivian Balakrishnan, to Egypt on March 22nd and 23rd. Minister Sameh Shoukry hosted his Singaporean counterpart, emphasizing the shared goal of bolstering bilateral relations. Discussions centered on fostering investment opportunities, with Minister Shoukry highlighting Egypt’s commitment to […]

Egypt has taken a significant step forward in its economic reform agenda by implementing a fuel price adjustment, as part of its commitment to the International Monetary Fund (IMF) agreement established in November 2022. This move aims to harmonize domestic fuel prices with international energy markets. After facing delays in executing promised adjustments in the […]

Johannesburg, South Africa, faces an acute water crisis, leaving its residents struggling with severe shortages. Driven by scorching temperatures and neglected infrastructure, millions find themselves in desperate need of water. Over the past two weeks, residents, including Tsholofelo Moloi, have been queuing for water, relying on municipal tanker trucks for basic supplies. Dwindling reservoirs and […]

Dubai – Egypt’s economic strategy for the upcoming fiscal year is marked by a commitment to addressing vital subsidies and bolstering financial stability. In its 2024/2025 state budget, the government has allocated over 125 billion Egyptian pounds ($2.66 billion) for bread subsidies and more than 147 billion pounds for petroleum products subsidies. These subsidies are […]

In response to mounting challenges in Egypt’s sugar market, the cabinet has extended the ban on sugar exports by an additional three months. This decision, aimed at stabilizing domestic supply amidst escalating prices and shortages, reflects the government’s proactive approach to addressing pressing economic concerns. Acknowledging the severity of the situation, the government had previously […]

The Arab Monetary Fund (AMF) has reported a significant milestone in the region’s financial markets, with the combined market capitalisation of Arab stock exchanges surpassing $4.5 trillion in February, marking a notable increase from the previous month’s $4.4 trillion. Leading this surge is the Abu Dhabi Securities Exchange, boasting a market capitalization of $775.1 billion, […]

Tunisia’s economic outlook brightens as recent data from the National Statistics Institute (INS) reveals a notable 24.3% reduction in the trade deficit during the first two months of 2024. The deficit, now standing at TND 1,784.1 million, shows a significant improvement compared to the same period last year. While facing challenges in trade relations with […]