via finance.yahoo08/13/2020

Top Global Real Rate Is Where Egypt Wants It: Decision Day Guide - Yahoo Finance

(Bloomberg) -- A single emergency interest-rate cut by Egypt at the height of the coronavirus pandemic delivered all the monetary stimulus the economy is likely to get any time soon.The central bank is treading carefully even after a slowdown in inflation to an eight-month low made Egypt’s key rate the highest among more than 50 major economies tracked by Bloomberg when adjusted for prices. The volatility of capital flows during the health crisis may mean a longer wait before easing restarts.All but one of the 12 economists surveyed by Bloomberg predict the Monetary Policy Committee will keep its benchmark deposit rate at 9.25% on Thursday. It trimmed borrowing costs a combined 450 basis points last year and another 300 basis points in March.“While the persistent disinflationary trend observed over the first half of the year opens up room for another cut by end-2020, we expect Egypt’s central bank to remain in wait-and-see mode,” Farouk Soussa, an economist in London at Goldman Sachs Group Inc., said in a report to clients.Read More: Egypt’s Carry Trade Bounces Back as Foreigners Buy Up Debt AgainAs the economic fallout of the pandemic cut into Egypt’s main sources of hard currency -- tourism, remittances and Suez Canal receipts -- the country also saw its biggest-ever capital outflows between March and May amid a global selloff. Foreign investors began to come back in June after Egypt secured financing from the International Monetary Fund.Foreign holdings of local Treasury bills and bonds climbed to around $14 billion by the end of July from $10.6 billion a month earlier. Egypt’s foreign-currency and local debt has outperformed most other emerging-market peers this year.The central bank is also finding other ways to pump more money into the economy. In December, it introduced a 100-billion pound ($6.3 billion) initiative to enable industrial companies to borrow at a below-market rate of 8%. The program has grown to include other sectors and firms in the months after the coronavirus flared.But for the easing cycle to resume, policy makers may wait until Egypt’s key sources of foreign currency “show a promising recovery,” according to Mohamed Abu Basha, head of macroeconomic research at Cairo-based EFG Hermes.“Despite having ample room to cut interest rates -- considering a widening margin of real yields -- the central bank is satisfied with the level of easing it has so far pushed through,” he said.(Updates with number of surveyed economists in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

via menafn08/12/2020

Recent increase in Egypt COVID-19 cases anticipated, no new waves: Health Official - MENAFN.COM

The recent increase in the number of novel coronavirus (COVID-19) infections in Egypt was anticipated, according to Dr Mohamed Awad Tag El-Din, Advisor to the President for Health and Preventive Affairs.

Tag El-din added that there are no indications that Egypt is experiencing a new wave of infections from the novel virus.

In televised statem

via menafn08/12/2020

Egypt Tourism Minister, investors explore promoting travel destinations abroad - MENAFN.COM

Egypt's Minister of Tourism and Antiquities Khaled El-Anany held a meeting, on Wednesday, with representatives from the local tourism industry to discuss ways of supporting the sector. 

The participants at the meeting included representatives from the Egyptian Tourism Federation (ETF) and the Tourism Investors Association, alongside ministry official

via egyptindependent08/12/2020

After multiple crises, this time Lebanese feel broken - Egypt Independent

BEIRUT (AP) — For nearly a week, Mona Zahran had to sleep on a couch pulled across her apartment’s front door. Beirut’s massive explosion knocked her doors off their hinges and shattered her windows, and she feared looters would take advantage of the chaos that has hit the Lebanese capital since.

via egyptindependent08/11/2020

Virus surge makes US weak link in global economic recovery - Egypt Independent

RANKFURT, Germany (AP) — People in China are back to buying German luxury cars. Europe’s assembly lines are accelerating. Now the global economy is waiting for the United States to get its coronavirus outbreak under control and boost the recovery, but there’s little sign of that.

via nytimes08/11/2020

Egyptians Start Voting for Revived Upper House of Parliament - The New York Times

Egyptians started voting on Tuesday for the Senate, the upper chamber of parliament that was revived as part of constitutional amendments approved in a referendum last year — an election that comes as the country faces an uptick in daily numbers of new coronavirus cases.

via imf.org08/10/2020

Arab Republic of Egypt : Request for a 12-Month Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt - International Monetary Fund

Egypt’s hard-won macroeconomic stability achieved during the three-year arrangement under the Extended Fund Facility (EFF) now faces a significant disruption due to the COVID-19 pandemic. Growth is expected to slow in both FY2019/20 and FY2020/21 as tourism has been halted and domestic activity curtailed. The external accounts have come under pressure due to capital outflows and the shock to tourism and remittances. The authorities responded with a broad package to scale up the health system’s capacity and policies to support the people and the economy.

via pattayamail08/13/2020

New coronavirus cases returned from United States, India, and Egypt - Pattaya Mail

Thailand logged five new cases of the coronavirus disease 2019. One of them returned from the United States, another from India and three others from Egypt. Please Support Pattaya Mail The Center for COVID-19 Situation Administration reported that the new cases raised the total to 3,356, 3,169 of whom recovered while the death toll was […]

via voanews08/12/2020

Egypt Elects New Upper Chamber of Parliament as Heat, COVID-19 Weigh on Popular Enthusiasm - Voice of America

Voter turnout was mostly mixed at polling stations in the Egyptian capital Cairo, in a two-day election designed to resurrect an upper house of Parliament that was eliminated by the country's 2014 constitution. Many Egyptians appeared less than enthusiastic about the operation, with some complaining the chamber will have little or no real power.

via arabnews08/11/2020

Egypt fears second wave as coronavirus cases climb - Arab News

CAIRO: Egypt has warned of a second wave of coronavirus in the country following a recent spike in infections. The warning dashes hopes of an end to the outbreak after a promising drop in case numbers over the past week. On Monday, the Egyptian Ministry of Health reported 174 new cases and 26 new deaths from the disease, a consecutive day-by-day increase. Many fear a second

via voanews08/11/2020

Egypt Allows Gazans to Leave Strip for First Time in Months - Voice of America

Egypt on Tuesday reopened Gaza's main passenger crossing point for the first time in months for thousands of Palestinians who have been stranded on both sides of the border due to the coronavirus crisis.  Gaza residents holding Egyptian passports or foreign passports and patients seeking treatment abroad were to leave through the Rafah crossing point during its three-day opening, the Hamas-run interior ministry in Gaza said.

via ctpost08/11/2020

Egypt allows Gazans to leave strip for first time in months - CT Post

RAFAH, Gaza Strip (AP) - Egypt on Tuesday reopened Gaza's main passenger crossing point for the first time in months for thousands of Palestinians who have been stranded on both sides of the border due to the coronavirus crisis. Gaza residents holding Egyptian passports, foreign passports and patients seeking treatment abroad were to leave through the Rafah crossing point during its three-day opening, the Hamas-run interior ministry in Gaza said. Some 500 people were scheduled to exit Tuesday, the first time the crossing has allowed departures since March. Palestinians stranded in Egypt and abroad will be allowed to return home, the ministry added. Traffic for arrivals had been shut since May. Gaza appears to have managed to keep the pandemic in check - in part of because of an Israeli-Egyptian blockade that severely restricts movement in and out of the territory. Israel and Egypt imposed the blockade after the Islamic militant group Hamas seized control of Gaza in 2007. Gaza has reported 81 cases of the coronavirus, but all of the cases were people who were in mandatory quarantine centers set up by Hamas for anyone returning to the territory. There have been no reported cases of community transmission inside Gaza. To prepare for thousands of Palestinians expected to return via Rafah, Hamas has opened more isolation facilities across the Gaza Strip. Life in Gaza has returned to normal with the virus at bay. Last week, schools reopened normally. Mosques, wedding halls, cafes and gyms are also open. Israel and Hamas are bitter enemies that have fought three wars and numerous skirmishes since 2007. On Tuesday, Israel closed its only commercial crossing point with Gaza in response to explosives-laden balloons being launched by Palestinians into Israel. The balloons...

via menafn08/11/2020

Orange Egypt Cooperates with El Orman Association to Implement Various Corporate Social Responsibility Initiatives - MENAFN.COM

In line with its Corporate Social Responsibility initiatives to support the Egyptians and the State's efforts since the outbreak of COVID-19 in Egypt, Orange Egypt has announced its cooperation with El Orman Association, to support the community with 3 different initiatives that included the establishment of a new paediatrics sector at Shefaa El-Orman Hospi

via eg.usembassy.gov08/10/2020

Alert - PCR TESTING REQUIREMENTS FOR FOREIGN VISITORS - U.S. Embassy in Egypt

The Egyptian Civil Aviation Ministry announced that, starting August 15, foreign visitors to Egypt must have a negative PCR test for COVID-19 taken within 72 hours after arrival.  Egyptian citizens, and tourists travelling to coastal tourist governorates (Red Sea, South Sinai, and Matrouh) are exempt. To comply with social distancing guidelines imposed by both the U.S. ...

via arabnews08/12/2020

Libyan Air Force destroys mercenary convoy near Egyptian 'red line' - Arab News

CAIRO: The Libyan Air Force has bombed an armed convoy of suspected Turkish-backed mercenaries affiliated with Fayez Al-Sarraj, prime minister of Libya’s Government of National Accord (GNA) in Wadi Bey area west of the city of Sirte, close to the so-called “red line” drawn by Egypt. Libyan sources said that the group, backed by Turkish mercenaries, was trying to infiltrate the

via egyptindependent08/12/2020

UK scientists openly question government's pandemic response - Egypt Independent

LONDON (AP) — As Britain navigates its way through the coronavirus pandemic, the government insists that science is guiding its decisions. But a self-appointed group of independent experts says it sees little in Britain’s response that is evidence-based, especially after an upturn in new cases forced a delay in lifting more lockdown restrictions.

via arabnews08/11/2020

Egypt fears second wave as COVID-19 cases climb - Arab News

CAIRO: Egypt has warned of a second wave of coronavirus in the country following a recent spike in infections. The warning dashes hopes of an end to the outbreak after a promising drop in case numbers over the past week. On Monday, the Egyptian Ministry of Health reported 174 new cases and 26 new deaths from the disease, a consecutive day-by-day increase. Many fear a second

via menafn08/11/2020

Egypt Senate elections get underway amid COVID-19 precautions - MENAFN.COM

Egyptians headed to cast their votes at polling stations, on Tuesday, in the Senate elections, the country's new second legislative chamber.

The elections were held amid tight a security presence and strict precautionary measures due to the novel coronavirus (COVID-19) pandemic. The Armed Forces and the Ministry of Interior have put in place tight c

via menafn08/11/2020

Egypt automotive seeks recovery from COVID-19 fallout - MENAFN.COM

The novel coronavirus (COVID-19) pandemic has caused significant damage to most of the economic sectors worldwide, and most notably in the auto sector which has witnessed a significant decline in sales.

Hope, however, is gradually returning to the automotive market, with the gradual waning of the pandemic in its strength and the decision to co-exist

via menafn08/10/2020

Slight increase in Egypt's COVID-19 cases does not mean new wave: Health official - MENAFN.COM

The recent slight rise in daily cases of the novel coronavirus (COVID-19) are due to citizens' non-commitment to precautionary measures, according to Dr Hossam Hosni, Chairperson of the Ministry of Health's Scientific Committee to Combat the Coronavirus.

During televised comments on Sunday evening, Hosni denied that Egypt is witnessing a second wave