A petrol station in Cairo, Egypt. Reuters
Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan programme with the lender.
Egypt spent 60.1 billion Egyptian pounds ($3.51 billion) on fuel subsidies in the first nine months of the 2018-2019 financial year, petroleum minister Tarek El Molla said. Egypt has been reducing fuel subsidies as part of an IMF-backed reform programme that began in 2016,
The International Monetary Fund on Friday approved Egypt’s request for a $5.2 billion loan as the country’s economy reels from the financial fallout of the coronavirus pandemic.
While Salah helped lead his club to a sixth European Cup triumph in June, a year on from an injury forcing him out of the final, he was powerless to stop the Pharaohs suffering humiliation on the international stage for the second time in 12 months.
The UAE Government and the United Nations Initiative to commemorate its 75th anniversary launched the “Future Possibilities Report 2020”, presenting six transformational trends that can add up to $30 trillion to the global economy by 2025.
The Abu Dhabi Department of Economic Development (ADDED), has permitted commercial and industrial licensees in the Emirate of Abu Dhabi to renew their investment activities’ licenses for a period of 3 years.
The Expo Centre Sharjah (ECS), on Monday, welcomed the return of its employees to the offices with 100 per cent capacity in accordance with the decision of Sharjah Executive Council (SEC),
Adnoc Logistics and Services (Adnoc L&S), the shipping and maritime logistics subsidiary of the Abu Dhabi National Oil Company (Adnoc) announced on Tuesday the formation of a new strategic joint venture (JV) with Wanhua Chemical Group.