عربي English Türkçe اردو فارسى
Logo
Latest News
Business

IMF Approves Egypt's Expanded, $8 Bln Loan Program

FILE PHOTO: A general view shows a crowd and shops at Al Ataba, a market in central Cairo, Egypt February 10, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: A general view shows a crowd and shops at Al Ataba, a market in central Cairo, Egypt February 10, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
TT
TT

IMF Approves Egypt's Expanded, $8 Bln Loan Program

FILE PHOTO: A general view shows a crowd and shops at Al Ataba, a market in central Cairo, Egypt February 10, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: A general view shows a crowd and shops at Al Ataba, a market in central Cairo, Egypt February 10, 2020. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt received approval on Friday from the International Monetary Fund's executive board for an expanded, $8 billion financial support program that enables the immediate release of $820 million, the IMF said in a statement.
"The difficult external environment generated by Russia’s war in Ukraine was subsequently aggravated by the conflict in Gaza and Israel, as well as tensions in the Red Sea," the IMF statement said.
The agreement expanded on an earlier $3 billion, 46-month Extended Fund Facility signed in December 2022 which was put on hold after Egypt did not follow through on pledges to unpeg its currency, speed up the sale of state assets and implement other reforms.
The expanded agreement was first announced on March 6, when Egypt's central bank hiked key interest rates by six percentage points and allowed the country's currency to plummet against the dollar.
"A strong economic stabilization plan is being implemented to correct policy slippages," the IMF said, focusing on a liberalized foreign exchange system, tightening of fiscal and monetary policy, reduced public investment and greater space for the private sector.
This would include a continued reduction of subsidies, which consume a large portion of government expenditures. Last week Egypt raised prices on a wide range of fuel products.
"It remains essential to replace untargeted fuel subsidies with targeted social spending as part of a sustained fuel price adjustment package," the IMF statement said.
The IMF also said Egypt had established a new framework to monitor and control public investment that would help manage excess demand, but that the state and military would need to withdraw from economic activity.
"Integrating transparently off-budget investment into macroeconomic policy decision making will be critical," it added.

Most Viewed

 
 
Business

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.