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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Le déficit budgétaire de l'Egypte est de 89,4 milliards de livres égyptiennes (12,84 milliards de dollars)

Le déficit budgétaire de l'Egypte est de 89,4 milliards de livres égyptiennes (12,84 milliards de dollars) | Égypt-actus | Scoop.it

Egypt's budget deficit was 89.4 billion Egyptian pounds ($12.84 billion) or 4.4 percent of economic output in the first half of this fiscal year, less than in same period a year before, the state news agency reported.

Citing a Finance Ministry report, MENA news agency said on Sunday the budget deficit had narrowed from 91.472 billion in the first half of the last fiscal year, which ended in June. That was the equivalent of 5.1 percent of gross domestic product.

Egypt aims to bring the deficit down to 10 percent of GDP at the end of this fiscal year from around 14 percent for full-year 2012-13.

Investment outflows and a drop in tourism during political turmoil since autocrat President Hosni Mubarak was toppled in an uprising in 2011 have damaged Egypt's economy and pushed its budget deficit up sharply.

 

Bolstered by a pledge of more than $12 billion in aid from Gulf countries, the government introduced a 30 billion Egyptian pound stimulus package in 2013 and said it would follow up with a second package, also of around 30 billion pounds.

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Egypte : risque d'un effondrement financier

Egypte : risque d'un effondrement financier | Égypt-actus | Scoop.it
Egypt-actus's insight:

De très gros risques pèsent sur l'Egypte et ses finances après le refus du gouvernement de l'offre du FMI pour une aide d'urgence à sa balance des paiements sous la forme d'un prêt relais de 750 millions de dollars en attendant la conclusions d'un accord pour un montant plus large de 4,8 milliards. Depuis le début du printemps arabe et de la période de transition chaotique qui a suivi jusqu'à présent, l'économie s'est effondrée et la livre égyptienne a décroché : son taux de change par rapport au dollars US est passé de 5,80 EGP au 31 décembre 2010 à 6,37 au 31 décembre 2012 et il continue à s'effondrer : 6,77 EGP pour 1 USD le 13 mars..

Ce refus, selon des informations de presse, est à la fois motivé par le rejet des conditions du FMI et le montant, jugé insuffisant. Dans un communiqué publié le 12 mars, le ministre des Finances Al-Morsi Hegazy a indiqué que le gouvernement ayant complété la préparation d'un programme de réforme économique et sociale, son pays, en tant que membre du FMI, avait le droit d'obtenir un prêt équivalant à 300% de sa quote-part dans le fonds, ce qui représente environ 4,8 milliards de dollars américains. Compte tenu du contexte politique marqué par la contestation du régime du président Morsi, cette stratégie des autorités du Caire semble d'autant plus  risquée que le Quatar a annoncé dans la foulée qu'il n'accorderait pas de nouvelle aide financière.

Dans son analyse du risque pays égyptien, Coface notait déjà, en ce début d'année que "la monnaie devrait continuer à se déprécier en 2013, malgré les interventions de la Banque centrale, dont les réserves ont chuté et ne représentent que 3 mois d'importations, niveau particulièrement faible pour un pays qui couvre une grande partie de ses besoins alimentaires par des achats à l'étranger". L'Egypte est, notamment, le premier importateur mondial de céréales, une denrée de base clé pour la population.
CG


http://www.lemoci.com/011-68223-Egypte-le-Caire-refuse-l-aide-d-urgence-du-FMI.html

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IMF's proposed Egypt loan not enough to salvage economy: Expert

IMF's proposed Egypt loan not enough to salvage economy: Expert | Égypt-actus | Scoop.it

The International Monetary Fund (IMF)'s proposed $4.8 billion loan will not be enough for Egypt to overcome its post-revolution economic dilemmas, David Malone, president of Canada’s International Development Research Centre (IDRC), said in Cairo on Sunday.

 

 

Malone, a renowned development scholar, said that a "western tailored" development model was "not what Egypt needed at the moment," stressing that international borrowing – although badly needed – was not necessarily the solution to Egypt's chronic economic woes.

"Only Egyptians," Malone said, would be able to formulate a development plan compatible with Egyptian social dynamics and the country’s economic potential.

"International institutions cannot be a substitute for internal decision-making,” said the IDRC head, adding that development formulas dictated by the IMF and other international bodies had repeatedly failed in developing countries, such as Argentina and India.

A series of austerity measures is expected to accompany the loan deal, including across-the-board subsidy cuts aimed at reducing Egypt's ever-widening budget deficit. (Ahram Online)

 

More : http://english.ahram.org.eg/NewsContent/3/12/65030/Business/Economy/IMFs-proposed-Egypt-loan-not-enough-to-salvage-eco.aspx

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Egypt's new income tax will not be above 25 per cent - deputy minister

Egypt's new income tax will not be above 25 per cent - deputy minister | Égypt-actus | Scoop.it

Egyptis not planning to raise its top income tax bracket rate above 25 per cent, said Osama Tawakol, the deputy finance minister.

 

Egyptian President Mohamed Morsi announced in December sweeping increases in sales taxes and stamp duties on a wide range of consumer goods and services and ammendments toEgypt's income and property tax laws. 

In reply to the widespread discontent the decision caused, the presidency retracted the tax law and ordered the government to carry out a "social dialogue" on the measures before implementation.

The new taxes were included in the cabinet's economic reform programme that is attached to a $4.8 billion loan Egypt is currently negotiating with the International Monetary Fund.

Tawakol assured that the idea behind the new income tax rates was to include larger portions of the population and channel extra funds to the most underprivileged; he also denied rumours that a 35 per cent tax will be imposed on individuals with a yearly income over LE25 million.

"Once the government decreased the income tax to an average of 20 per cent, government revenues increased substantially and cases of tax evasion decreased," claims Tawakol.

Egypt-actus's insight:

In 2004, ousted PM Nazif's government restructured income tax scales and implemented a universal 20 per cent top tax rate on all income.

The new tax law will only come to effect once it is ratified by Egypt's lower house (Shura Council), added Tawakol during a meeting with representatives of the Egyptian tax authority inCairo andAlexandria.

"The Shura Council will ratify the new tax law only after it feels it had reached a level of popular consensus through the government-led national dialogues. So far, the dialogues have shown that disagreements over the tax law can easily be overcome," Tawakol told Al-Ahram's daily newspaper.

Egypt's lower house will thus ratify the tax law according to the agreements reached with opposition figures and state technocrats during the social dialogues.

The ministry of finance announced that it would amend the tax law with the goals of achieving social justice and tax equality.

The tax amendments are part of the government's quest to reduce its budget deficit, expected to edge above LE200 billion in the current 2012/13 fiscal year.

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New finance minister meets with US ambassador

New finance minister meets with US ambassador | Égypt-actus | Scoop.it
  The country is on the road to economic recovery, thanks to the help of highly efficient economic experts who can help boost production, said newly appointed Finance Minister Morsy Hegazy on Friday.
Egypt-actus's insight:

This statement came after a meeting with US Ambassador Anne Patterson, who met with the minister to congratulate him on his new position and discuss the International Monetary Fund loan.

Hegazy said he was confident the nation would make it through this turbulent transitional phase and successfully complete its democratic transformation.

Negotiations for the US$4.8 billion loan are not yet complete, and an IMF mission will visit Cairo soon to continue talks, Hegazy said. They would discuss the Cabinet’s proposed economic and social reforms, and particularly how they would impact low-income segments of society, he added.

In the meeting, Patterson stressed that Egypt has the full support of the US, and said that businesspeople and companies of both countries have the opportunity to launch joint development projects to enhance economic relations

The country has promising economic capabilities that will help it to overcome the current difficult stage, Patterson said, adding that the IMF loan would assist in that process.

Edited translation from MENA

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Muslim Brotherhood meets financial reality

Muslim Brotherhood meets financial reality | Égypt-actus | Scoop.it

Financial reality is catching up with Egypt's Muslim Brotherhood. Fresh capital controls and the fall of the pound underscore the critical level of the country's foreign reserves and the risk of higher inflation. The ruling Brotherhood must finalise an unpopular deal with the International Monetary Fund without delay, or it could face a currency meltdown. Neither option is appealing ahead of upcoming parliamentary elections. The pound has shed 11 percent of its value since the Tahrir square uprising almost two years ago. Around half of that decline has taken place in the past month. The crisis over the country's constitution, triggered by the heavy-handed political maneuvering of President Mohammed Mursi, has heightened the sense of political and financial instability. (…)At 6.45 against the dollar, the pound is at its weakest level since Egypt adopted a "managed-float" policy in 2004 (…) The Brotherhood could face elections as soon as February. To win a deal with the IMF, the government must show a commitment to fix its finances and enact unpopular economic reforms. That will help boost the vote for the opposition. Doing nothing, however, will hurt most the poorest Egyptians that form a large part of the Brotherhood's powerbase.

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There's Nothing Wrong With Islamic Finance As Long As It Really Is Islamic Finance

There's Nothing Wrong With Islamic Finance As Long As It Really Is Islamic Finance | Égypt-actus | Scoop.it

This is a fascinating little interview with Timur Kuran, an expert in Islamic finance. The point being made is that Islamic styles of finance aren’t, in fact, all that different from the “western” type that we are used to. And in fact, in certain situations, being “more Islamic” would actually be beneficial, work better than those traditional western systems.

The heart of the comments about the banking system are here:
Whether the Qur’an bans all forms of interest, or specifically its exploitative forms, was a matter of controversy in the early decades of Islam. It still remains in doubt. What is crystal clear is that what passes as Islamic finance is anything but interest-free. Almost all of the Islamic banks in existence, including those in Egypt, charge their borrowers what any economist would call interest; they also pay their depositors interest as a matter of course. This is not surprising, for interest continues to provide tangible benefits to both lenders and depositors.

In economic terms, while the banks don’t charge or pay what they call interest, the effects are that they do indeed charge and pay interest. Those of us who have dealt with such banks, in however minor a way in my own case, know this to be true. The really interesting, to me at least, point made is the following:

"Having suggested that in its present form Islamic banking would not solve any of Egypt’s pressing economic problems, let me acknowledge that Islamic banks might bring benefits by abiding by their stated mode of operation. The charters of Islamic banks instruct them to lend on the basis of “profit and loss sharing” rather than for a fixed return. They are to operate like the venture capital companies that have financed the global high-tech industry. Venture capital firms lend to promising entrepreneurs, for a share of any profits, without regard to collateral, track record, or connections. They take genuine risks, losing money when investments that they finance fail".

With its young population and high unemployment, Egypt desperately needs more venture capital. That is why genuine Islamic finance could bring major benefits to Egypt.

 

That is, it would be a good idea if these banks, or some of them, stopped copying the western model and actually moved over to the VC model they’re supposed to be based upon. (...)

 

More on: http://www.forbes.com/sites/timworstall/2013/03/16/theres-nothing-wrong-with-islamic-finance-as-long-as-it-really-is-islamic-finance/

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L’Egypte peine à financer ses importations de blé

L’Egypte peine à financer ses importations de blé | Égypt-actus | Scoop.it

L’Egypte est confrontée à des difficultés d’approvisionnement en blé. Selon le département américain de l’Agriculture (USDA), le pays est le premier importateur mondial de blé, avec 11,7 millions de tonnes (Mt) achetées en 2011/2012 et 9,5 Mt prévues en 2012/2013. L’Egypte consommerait 18,9 Mt de blé (+ 1,6% par rapport à 2011/2012), et produirait 8,5 Mt (+ 1,19%).

Le gouverneur de la banque centrale d’Egypte, Hisham Ramez, a indiqué avoir pris des mesures pour importer en priorité des denrées alimentaires, des outils industriels et des engrais. La Société internationale islamique de financement du commerce, membre de la Banque islamique de développement, a accordé une facilité de crédit de 1,2 milliard de dollars au pays pour accompagner des achats de blé et de carburant.

Les stocks de blé, atteindraient, selon l’USDA, 5,6 Mt au terme de la campagne 2012/2013 (- 16,3%). Actuellement, ils ne permettent que 101 jours de consommation, selon le General authority for supply commodities (GASC), qui compte porter cette durée à 126 jours. Le pays vient de procéder à l’achat de 60 000 tonnes auprès de fournisseurs américains, à un prix de 296,75 dollars/tonne. De plus, un nouvel appel d’offres sera lancé mardi 25 février pour des livraisons en avril. (L'Usine Nouvelle)


Plus : http://indices.usinenouvelle.com/produits-agricoles/l-egypte-peine-a-financer-ses-importations-de-ble.4632

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The 7th International Takaful Summit in Egypt

By: Lamia Nabil/Daily news Egypt

The 7th International Takaful Summit launched on Monday for the first time in Egypt, bringing takafulinsurance and Islamic finance proposals to Egypt.

During his opening speech, keynote speaker and Minister of Finance Al-Morsi Hegazy said: “Egypt’s hosting this summit for the first time reflects confidence in the country’s economic future.”

He also said that Egypt is expanding mechanisms to allow for Islamic finance products and services to be launched on the market and that the country is ready to adopt the summit’s ideas and proposals.

Islamic insurance began in Egypt in 2008. By 2012, there were 12 companies in the market with total growth reaching 27%. Total compensation volumes hit EGP 470m in 2012, compared to EGP 130m in 2008, and now represent 6% of total compensation volumes for the insurance market in Egypt as a whole, according to Hegazy.

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Egyptian stocks hit five-month high

Egyptian stocks hit five-month high | Égypt-actus | Scoop.it

Egypt’s stocks ended up in Wednesday trading to hit a whopping five-month high in daily turnover of LE1 billion on Orascom Construction Industries (OCI) transactions as Arab investors sold around 2.5 million shares to foreign institutions worth LE691.7 million. 

“The high is probably an impact of the newly announced merging between OCI and it’s US-based fertilizer company to establish OCI NV,” said Ashraf Abdel-Aziz, head of institutional sales at Arabeya Online Securities.

On Friday, it was reported that a group of US investors, led by Bill Gates-owned Cascade Investment LLC, committed approximately $1 billion for a stake in OCI NV, with experts expecting the deal to boost investor confidence in Egypt's main benchmark EGX30.

The main EGX30 index rose by 0.16 per cent, recording 5,689.23 points in a session seeing foreign investors and Egyptians net-buyers with LE545 million and LE14.2 million respectively, despite protests outside the headquarters

of the Egyptian bourse.


Earlier on Wednesday, the Alhy Ultras demonstrations besieged the Stock Exchange in downtown Cairo, (...).  The head of the exchange, Mohamed Omran, told Ahram Online the protest had not interrupted trading. The Stock Exchange adopted procedures to deal with the protest, including operating at other locations, he added. The broader EGX70 index also rose by one per cent.

Egypt-actus's insight:

The heavyweight OCI was down one per cent Wednesday, reaching LE266 per share, while another blue chip stock, Commercial International Bank, rose by 0.3 per cent.

 

Property shares soared headed by Talaat Mostafa Group, Palm Hills Development and Six of October Development and Investment up 1.6, 0.4 and three per cent respectively.

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Egyptian pound hits new record low despite Qatar aid

Egyptian pound hits new record low despite Qatar aid | Égypt-actus | Scoop.it
Egypt-actus's insight:

By Patrick Werr

(Reuters, via Aswat Masriya) - The Egyptian pound slid to a new record low on Wednesday, only a day after Qatar threw Cairo an economic lifeline by sending $2.5 billion in aid to help it tackle a currency crisis.

Demand for dollars remained strong as businesses and ordinary Egyptians continued selling the local currency, fearing their funds would lose even more value after weeks of political strife and pressure on Egypt's foreign reserves, bankers said.

Economists say the Qatari money might help the central bank, which has been auctioning dollars daily since the end of last year, to prevent a disorderly fall in the currency.

They say the pound remains overvalued after two years of turmoil that has chased away foreign investors and tourists, so the authorities cannot halt the slide as they struggle to meet demand for dollars, including for imports of food and fuel.

"Qatari support does help alleviate immediate concerns, but is only a stopgap measure, particularly if the central bank keeps auctioning $50-75 million in almost daily auctions, while also providing foreign exchange for wheat and refined oil imports," said Raza Agha, an economist with VTB Capital.

The pound weakened half a percent on the interbank market to around 6.51 to the dollar, near the bottom of the central bank's permitted trading band. Banks grabbed almost all the $50 million dollars on offer at Wednesday's auction.

The central bank has allowed the pound to slide by about 0.5 percent a day against the dollar since it introduced a new currency regime on Dec. 30, saying Egypt's foreign reserves had fallen to a critical minimum.

Until the new regime was imposed, the currency had lost a relatively modest 6 percent in the two years since Egypt's revolution that overthrew president Hosni Mubarak. But in last past 11 days the fall has accelerated rapidly, with the pound losing 5 percent on the interbank market.

Qatari Prime Minister Sheikh Hamad announced the aid, comprising $2 billion in loans and $500 million in outright funding, after meeting President Mohamed Mursi. It comes on top of $2.5 billion that the wealthy Gulf state had already provided since the Arab Spring uprising.

 

More : http://en.aswatmasriya.com/news/view.aspx?id=bfc2a4de-90a0-4d27-96e5-7a25dd640d4c

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Egypte : Perception de 15 milliards de dollars d’impôt en six mois

Egypte : Perception de 15 milliards de dollars d’impôt en six mois | Égypt-actus | Scoop.it

مصر: تحصيل 15 مليار دولار ضرائب بستة أشهر

 

أشار السلطات المصرية إلى تمكنها من تحصيل 97.6 مليار جنيه (ما يعادل 15.2 مليار دولار) كضرائ

 عن النصف الأول من العام المالي الجاري 2012-2013، بحسب ما نقله التلفزيون المصري على لسان رئيس مصلحة الضرائب ممدوح عمر.

 

Egypte: Perception de 15 milliards de dollars d’impôt en six mois

 

Selon le président des services des impôts, les autorités égyptiennes ont pu recouvrir 97,6 milliards LE (environ 15,2 milliards de dollars) de taxes pour le premier semestre de l'exercice en cours 2012-2013. Ce succès a pu être atteint grâce aux efforts du personnel des différents services de l’organisme et de la coopération des Eyptiens, soucieux de soutenir l’économie du pays.

  

Dans le même contexte, les recettes fiscales générales ont progressé pour atteindre 58.3 milliards LE, contre 44.3 milliards LE à la même période l'an passé.

 

Les recettes de la TVA ont atteint entre juillet et décembre 2012, 39.2 milliards LE par rapport à 35.7 milliards LE à la même période l’an dernier.

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