Egypt in the News: Helping hands from our friends in the Gulf and at the IMF
Budgets and international backing are getting attention in the foreign press this morning: Reuters is picking up on pledges from the UAE, Qatar and Saudi Arabia of up to USD 22 bn in investment and central bank deposits to support Egypt’s finances through the fallout from the war in Ukraine.. The newswire also names Egypt in an analysis of “frontier economies” facing risks on the back of the volatility stirred up by the war. Meanwhile, rights groups have urged the IMF to prioritize social protection during ongoing talks with Cairo on a new financial package.
Also making headlines:
- PHOTO ESSAY- “Give us our daily bread”: Cairo-based photojournalist Hamada Elrasam captures the lives of Egyptians struggling with rising food prices caused by the Ukraine war. (The Guardian)
- Egypt is trying to consolidate ties in East Africa amid its rift with Ethiopia over the disputed Grand Ethiopian Renaissance Dam. (The Africa Report)
- Egypt’s banks increase focus on consumer finance. (Euromoney)
- More love for Khazna’s big USD 38 mn round. (TechCrunch)