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Egypt Rejoins JP Morgan Emerging Market Bond Index

General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
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Egypt Rejoins JP Morgan Emerging Market Bond Index

General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)

Egypt joined the JP Morgan Emerging Market Bond Index (EMBI) Monday to become the second country in the Middle East and Africa to be listed in the index.

A press statement published by the government on its official Facebook page stated that with an estimated weight of 1.85 percent, Egypt is expected to enter the index with 14 bonds valued at $26 billion.

Finance Minister Mohamed Maait said that the Ministry has sought to enable Egypt to rejoin the EMBI for three years after the country had been removed from the index in June 2011 for not meeting requirements.

The Minister said Egypt had fulfilled the bank's requirements to rejoin the index, including extending the life of government debt, adjusting the yield curve, and promoting foreign investors' participation in government financial instruments.

Maait indicated that Egypt's accession to the JP Morgan government bond index for emerging markets is a new certificate of confidence from foreign investors in the solidity of the Egyptian economy.

The Minister explained that this confirms that 90 percent of the surveyed foreign investors supported Egypt's entry into the index.

The step reflects the continuous efforts of the Ministry of Finance to reduce the cost of public debt as part of the package of measures taken by the state for economic reforms, according to Maait.

Meanwhile, advisor to the Deputy Minister of Finance, Nevine Mansour, said Egypt would join the JP Morgan Environmental and Governance Index based on the launch of green bonds in October 2020.

Egypt's percentage in this index is 1.18 percent, reflecting the country's presence on the map of sustainable economies and the country's orientation towards green debt tools.

Deputy Minister of Finance for Financial Policies and Institutional Development Ahmed Kojak stated that Egypt's inclusion in the indicator translates the efforts of the Ministry of Finance and would contribute to achieving one of the Egyptian government's debt management strategy objectives, which is to reduce the cost of financing.

It also helps activate the stock market to increase its levels of liquidity and enhance the demand for government debt instruments, which would reduce its cost through the decline in the return required by investors.

Kajok expects Egypt to issue international bonds worth $5 billion in the 2022-2023 fiscal year, which begins next July.

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Business

IMF Says it's Updating Assessment of US Economy to Reflect Impact of Iran War

An American Flag on the US Capitol Building is seen in Washington, US, August 31, 2023. REUTERS/Kevin Wurm/File Photo
An American Flag on the US Capitol Building is seen in Washington, US, August 31, 2023. REUTERS/Kevin Wurm/File Photo
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IMF Says it's Updating Assessment of US Economy to Reflect Impact of Iran War

An American Flag on the US Capitol Building is seen in Washington, US, August 31, 2023. REUTERS/Kevin Wurm/File Photo
An American Flag on the US Capitol Building is seen in Washington, US, August 31, 2023. REUTERS/Kevin Wurm/File Photo

The International Monetary Fund on Thursday said it is updating a recently completed review of the US economy to reflect the impact of the Iran war, Reuters reported.

IMF spokeswoman Julie Kozack said the updated assessment would be considered by the IMF's board in coming weeks and then published.

Business

Czech Central Bank Keeping Options open as Iran War Clouds Rate Prospects

People leave the Czech National Bank building in central Prague December 9, 2011. REUTERS/Petr Josek/File Photo
People leave the Czech National Bank building in central Prague December 9, 2011. REUTERS/Petr Josek/File Photo
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Czech Central Bank Keeping Options open as Iran War Clouds Rate Prospects

People leave the Czech National Bank building in central Prague December 9, 2011. REUTERS/Petr Josek/File Photo
People leave the Czech National Bank building in central Prague December 9, 2011. REUTERS/Petr Josek/File Photo

The Czech National Bank (CNB) held interest rates steady as expected on Thursday and said it was keeping options open as it monitors the economic fallout from the conflict in the Middle East.

Since the United States and Israel launched strikes on Iran on February 28, oil prices have jumped above $100 a barrel, raising global risks of higher inflation and an economic hit.

Czech central bank policymakers voted unanimously to keep the main rate steady at 3.50% on Thursday, in line with forecasts from all 17 analysts in a Reuters poll last week.

The poll's median forecast saw interest rates remaining on hold for the rest of the year, although money markets have priced in chances of a hike. Governor Ales Michl said after the decision that the conditions for fighting inflation are now better than during the previous energy and inflation shock following Russia's invasion of Ukraine in 2022, as policy is now tighter and rates are higher than inflation.

He added that inflation expectations remain anchored, and it was important to keep them low.

"We are acting restrictively in the economy," he said. "On the other hand, we are monitoring the situation, we are keeping all options open."

The Czech crown was a touch weaker after the bank's decision but largely steady on the day, at 24.49 to the euro, and around its lowest levels since September after this month's declines.

INFLATION STILL SEEN STAYING LOW

The central bank had discussed a possible rate cut at its last meeting in February, before the Iran war. It last cut rates in May 2025 as part of a 350-basis-point easing cycle.

Inflation in the Czech Republic has fallen below the bank's 2% target, hitting a headline rate of 1.4% year-on-year in February with help from a government measure to ease energy bills. That provides a cushion to potential shock from higher oil prices, and Michl said inflation should stay below 2% this year, according to updated forecasts partly incorporating higher oil prices, even though core inflation should remain elevated in the quarters ahead.

The central bank will be looking at the secondary impacts of a higher oil price to see if it soaks through to other segments.

Business

King Khalid International Airport Wins World’s Most Improved Airport at Skytrax Awards 2026

The recognition was announced during the Skytrax World Airport Awards ceremony, London - SPA
The recognition was announced during the Skytrax World Airport Awards ceremony, London - SPA
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King Khalid International Airport Wins World’s Most Improved Airport at Skytrax Awards 2026

The recognition was announced during the Skytrax World Airport Awards ceremony, London - SPA
The recognition was announced during the Skytrax World Airport Awards ceremony, London - SPA

King Khalid International Airport, managed and operated by Riyadh Airports Company, has achieved global recognition after being named “World’s Most Improved Airport” among more than 560 airports worldwide in 2026. It also received the award for Best Airport in the 30–40 million passengers category, ranked 14th on the list of the world’s best airports, and placed second for Best Airport Staff in the Middle East.

The recognition was announced during the Skytrax World Airport Awards ceremony, held in London on March 18, as part of the Passenger Terminal Expo “PTE World 2026,” with the participation of leading aviation industry figures and experts from around the world, SPA reported.

The achievement reflects the significant progress the airport has made across various areas, driven by a series of development initiatives that have enhanced the passenger experience and elevated service quality in line with the highest international standards, resulting in a qualitative leap in operational efficiency and performance.

This milestone underscores the Kingdom’s accelerating transformation across multiple sectors, including aviation, which continues to grow in line with the objectives of Saudi Vision 2030, aimed at positioning the Kingdom as a global logistics hub and a key center for domestic and international travel.

CEO of Riyadh Airports Company Ayman AboAbah said the achievements reflect the company’s firm commitment to advancing operational services and airport infrastructure.

Meanwhile, Skytrax CEO Edward Plaisted said the recognition reflects the scale of development achieved at King Khalid International Airport, noting that travelers are experiencing clear improvements across all stages of their journey.

He added that the airport’s rise to 14th place in the list of the world’s top 100 airports underscores the strength and impact of these developments, the efficiency of the upgrade plans, and their success in enhancing passenger experience, reinforcing its position as a key regional travel hub, and embodying the scale of its exceptional transformation.