Mohsen Abdel Razeq
Combating deficit, Finance Ministry proposes raise on gov’t service prices
Business
August 14, 2016
Combating deficit, Finance Ministry proposes raise on gov’t service prices
Egypt is mulling raising the prices of some 14 government services to generate additional revenue for the state budget, a…
Government to auction off official gifts
Egypt
June 13, 2013
Government to auction off official gifts
The Ministry of Finance will next week hold a landmark public auction to sell off gifts state officials received from…
Central Bank offers US$800 million in exceptional auction
Business
May 22, 2013
Central Bank offers US$800 million in exceptional auction
On Wednesday, the Central Bank of Egypt conducted an US$800 million exceptional auction, its second in the last two months,…
Finance Ministry withdraws LE1.3 billion from budget reserve
Business
March 18, 2012
Finance Ministry withdraws LE1.3 billion from budget reserve
The Finance Ministry has decided to increase state budget allocations for the current fiscal year with LE1.3 billion from the…
Egypt rules out negative impact on Suez Canal from Israeli railway project
Business
February 7, 2012
Egypt rules out negative impact on Suez Canal from Israeli railway project
Abdel Tawab Haggag, economic advisor to the Suez Canal Authority, on Tuesday ruled out any negative effects on the canal…
Government devises new economic reform program
Business
January 29, 2012
Government devises new economic reform program
The government has put the final touches on a new economic reform program to resolve the current economic crisis. Government…
Central Bank denies holding $9 billion in secret Mubarak accounts
Business
January 12, 2012
Central Bank denies holding $9 billion in secret Mubarak accounts
Egypt's Central bank denied on Thursday that ousted Egyptian President Hosni Mubarak has US$9 billion deposited there. Former deputy head…
Govt’s plan to reduce spending unfeasible, say experts
Business
January 9, 2012
Govt’s plan to reduce spending unfeasible, say experts
The government’s plan reduce spending to offset the budget deficit is unfeasible, conventional and bureaucratic, experts have said. The plan…
Law on maximum wages to become effective in February
Business
January 8, 2012
Law on maximum wages to become effective in February
The law on a maximum wage for the public sector is to become effective in the beginning of February, an…
Government divided over IMF loan
Business
January 3, 2012
Government divided over IMF loan
Government officials have issued conflicting statements regarding the economic reform program that was designed in return for a loan of…
Finance Ministry to have finished confiscating NDP property in 2 months
Egypt
January 2, 2012
Finance Ministry to have finished confiscating NDP property in 2 months
The Finance Ministry has announced that in two months, it will have finished confiscating real estate that belonged to the…
Govt issues bonds to stem decline of foreign reserves
Business
December 25, 2011
Govt issues bonds to stem decline of foreign reserves
The Finance Ministry recently offered treasury bills worth US$2.5 billion in an effort to improve cash flow and stem withdrawals…
Government to reduce spending in bid to offset budget deficit
Business
December 19, 2011
Government to reduce spending in bid to offset budget deficit
A Finance Ministry official has said that the government plans to reduce its spending in order to offset the state…
Government approves maximum wage draft law
Egypt
December 1, 2011
Government approves maximum wage draft law
The cabinet approved a maximum wage draft law in its last meeting, said Hazem Biblawy, former deputy prime minister of…
Government studies customs regulations to protect textile industry
Business
November 17, 2011
Government studies customs regulations to protect textile industry
The customs duty authority is meeting next week to revise tariffs and duties on textile products with a view to…
Egypt lost US$2 billion from cash reserves in October, says Central Bank
Business
November 3, 2011
Egypt lost US$2 billion from cash reserves in October, says Central Bank
Egypt's Central Bank lost US$2 billion from its international cash reserves in October, bringing its reserves down from $24.1 billion…
Egypt negotiating US$3 billion loan with IMF
Business
October 24, 2011
Egypt negotiating US$3 billion loan with IMF
A senior official at the Finance Ministry said on Monday that the Egyptian government is resuming negotiations with the International…
Government signs permanent contracts for 124,500 employees
Egypt
October 19, 2011
Government signs permanent contracts for 124,500 employees
The Egyptian government signed permanent job contracts for 124,500 employees over the past three months, Finance Minister Hazem al-Beblawy said…
Finance Ministry allocates LE11 billion for govt to buy local wheat
Business
October 14, 2011
Finance Ministry allocates LE11 billion for govt to buy local wheat
The Finance Ministry has allocated more than 11LE billion for other government ministries to buy wheat from farmers this fiscal…
Finance Minister Beblawy backtracks on pledged resignation
Egypt
October 12, 2011
Finance Minister Beblawy backtracks on pledged resignation
Egypt's Finance Minister Hazem al-Beblawy has told Al-Masry Al-Youm he will maintain his post after the ruling Supreme Council of…