|Posté le: Lun 2 Juil - 11:10 (2018) Sujet du message: ram to Egypt in November and has already paid out
|CAIRO Womens Randy Johnson Jersey , May 13 (Xinhua) -- The International Monetary Fund (IMF) agreement to release the second tranche of a 12-billion U.S. dollar loan to Egypt, is a "vote of confidence" in the country's economic reform program, Governor of the Central Bank (CBE) of Egypt Tarek Amer said on Saturday.
The IMF approved a 12-billion dollar, three-year loan program to Egypt in November and has already paid out 2.75 billion dollars as the first tranche of the loan.
The second tranche Curt Schilling Authentic Jersey , 1.25 billion dollars, must still be endorsed by the IMF board following an "expert-level agreement" announced in an IMF statement on Friday.
"That move will lead to the increase of the flow of foreign and international investments into Egypt, which will help boost the development process," Amer was quoted by official news agency MENA as saying.
He hailed Friday's IMF statement as "important and confirms that Egypt is on the right track and will help attract foreign investments."
He attributed the IMF release of the second tranche for "adopting good financial and monetary policies and following scientific and practical measures that secure the nation against shocks."
This agreement is "a vote of confidence" by the IMF staff in the continued implementation of the Egyptian authorities' program on economic reform Luis Gonzalez Authentic Jersey , the IMF statement said.
"The Egyptian Ministry of Finance has drafted a very strong budget. If enacted by Parliament, it will place public debt on a clearly declining path to sustainable levels," the statement added.
Social protection measures are an essential counterpart to the economic reform effort, and they will protect the most vulnerable people in Egypt while the reform effort is underway Paul Goldschmidt Authentic Jersey , it said.
This agreement showed confidence by the IMF staff in the continued implementation of the Egyptian authorities' program. It is also testimony to the great efforts the Government and the CBE have been making to reform the economy, it added.
According to Egypt's finance minister, Amro al-Garhi, the second tranche of the IMF loan should be disbursed in the second half of June.
The Egyptian economy has been battling to recover after experiencing recession due to political turmoil that led to the ouster of two presidents.
Since the 2011 revolt that toppled Hosni Mubarak Zack Greinke Authentic Jersey , the Arab world's most populous country has seen a sharp decline in tourism revenue and reduced foreign investment, caused by political instability and security issues.
To obtain the IMF loan, Cairo adopted austerity measures to implement needed reforms by applying value added tax, cutting public energy subsidies and liberating the exchange rate of the Egyptian pound.
The foreign currency reserves reached 28.52 billion U.S. dollars in March Randy Johnson Authentic Jersey , the highest ever since March 2011, when it was estimated at 36 billion dollars.
To pave the road for luring investments, the Egyptian government over the past three years has been working on establishing mega national projects including the Suez Canal development corridor, new capital along with expansion of the infrastructure.
The delegation from the IMF arrived in Cairo on April 30 to follow up on the progress in the country's economic reform program Curt Schilling Jersey , ahead of delivering the second tranche of the loan.
The visit lasted until Thursday covered meetings with officials from the CBE and the finance ministry to discuss plans for the second phase of the country reform program and the 2017-2018 state budget and the structural reforms adopted by the government.
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NAIROBI, June 30 (Xinhua) -- African Securities Exchange Association (ASEA) on Friday signed a three-year deal to promote the development of the continent's capital markets.
ASEA said the cooperation pact inked in Nairobi will see Financial Sector Deepening Africa (FSD Africa) extend technical assistance to ASEA to 208 Luis Gonzalez Jersey ,000 U.S. dollars to support the organization of the Annual ASEA Flagship Conference; and enhance the quality of data and statistics on the ASEA website portal.
""ASEA was established to showcase the prominence of Exchanges in societal transformation and as enablers of inclusive economic growth in Africa; and today we have yet again taken a significant step forward by partnering with FSD Africa. This cooperation will indeed build awareness of African markets,"" ASEA president Oscar N. Onyema said.
Through this technical assistance programme, ASEA and FSD Africa are working together to promote the sustainable development of Africa's capital markets by encouraging inflows of long-term finance into Africa's capital markets, and providing a spur to economic growth as those capital flows are invested in the real economy.
The Annual ASEA Conference is the flagship forum by the Association which brings together key decision makers in the African financial market to discuss and suggest possible ways of advancing the continent's socioeconomic transformation through the capital markets.
FSD Africa will leverage its capital markets partnerships to share emerging insights Paul Goldschmidt Jersey , knowledge, and best practices in the capital markets at the annual conference.
Onyema said ASEA will collaborate with FSD Africa to strengthen ASEA's position by enriching the information portal on ASEA's website to provide the information that local and international investors need to make investment decisions.
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