{"id":625599,"date":"2018-08-09T03:49:00","date_gmt":"2018-08-09T03:49:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/09\/did-the-imf-just-call-out-egyptian-tax-dodgers\/"},"modified":"2018-08-09T03:49:00","modified_gmt":"2018-08-09T03:49:00","slug":"did-the-imf-just-call-out-egyptian-tax-dodgers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/09\/did-the-imf-just-call-out-egyptian-tax-dodgers\/","title":{"rendered":"Did the IMF just call out Egyptian tax dodgers?"},"content":{"rendered":"

<\/a> Did the IMF just call out Egyptian tax dodgers?<\/strong> IMF Executive Director Hazem El Beblawi scoffed at the notion that the IMF is against the Egyptian treasury increasing its annual tax haul. El Beblawi made the remarks in response to questions from Al Masry Al Youm<\/a><\/u> at the annual meeting of the African caucuses for the World Bank and the IMF. The former prime minister pointed to what he sees as a large segment of society who evade taxes, particularly self-employed workers including doctors, lawyers, engineers, artists, and accountants<\/strong>.<\/p>\n

IMF supports our strategy of long-term borrowing: <\/strong>El Beblawi also reassured the press that Egypt\u2019s current external debt position isn\u2019t anything to be worried about. The facilities are long-term and were necessary to achieve sustainable development goals.<\/p>\n

Speaking of foreign debt, CBE Governor Tarek Amer said that Egypt will renew its USD 2.65 bn <\/strong>currency swap<\/a><\/u><\/strong> with China<\/strong>, which Egypt signed in 2016 as part of the USD 5.7 bn funding required to secure a USD 12 bn extended fund facility from the IMF. The move is part of a series of loans the CBE is looking to roll over, which include the USD 2 bn deposit from the UAE.<\/p>\n

Foreign holdings of Egypt\u2019s debt since the 2016 EGP float have reached USD 37-38 bn<\/strong>, Amer said at a conference of African central bankers in Egypt on Wednesday.<\/p>\n

African central bankers renew hope in mythical single currency:<\/strong> The conference also appeared to revive the ludicrous (yet long-discussed) proposal to establish a single currency for the African Union. The AU commission is currently revisiting the proposal to establish a single \u201cAfrica zone\u201d with its own central bank and a unified currency as part of the AU\u2019s 2063 vision, AU Commissioner for Economic Affairs Victor Harrison told Enterprise. There are certain conditions that need to be met first, including requiring member countries to be guided by a single inflation target, and a single budget deficit target. Good luck: Our grandkids will be rooting for that.<\/p>\n

One needs to only look at the West Africa single currency proposal to get an idea of why this knockoff of the EUR will not work. <\/strong>The implementation of that common currency for West Africa's anglophone countries, which was supposed to merge with the a currency union of francophone West African states, was postponed four times before finally being jettisoned. The main reason? Setting unified criteria akin to the ones proposed by Harrison. Talk of a West African monetary union was revived last year and could take place by 2020, according to CNN<\/a><\/u>. Again, one is not necessarily advised to hold one\u2019s breath.<\/p>\n","protected":false},"excerpt":{"rendered":"

Did the IMF just call out Egyptian tax dodgers? IMF Executive Director Hazem El Beblawi scoffed at the notion that the IMF is against the Egyptian treasury increasing its annual tax haul. El Beblawi made the remarks in response to questions from Al Masry Al Youm at the annual meeting of the African caucuses for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625599","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d96b0558-c821-45c2-a7fc-e395337dc3f8","order":"0","is_powered_by":true,"section_story_id":"204b9c0c-09bc-43dc-b4d9-e486a372b9d2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[625591],"teaser":"","voice_url":""},"yoast_head":"\nDid the IMF just call out Egyptian tax dodgers? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/09\/did-the-imf-just-call-out-egyptian-tax-dodgers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did the IMF just call out Egyptian tax dodgers?\" \/>\n<meta property=\"og:description\" content=\"Did the IMF just call out Egyptian tax dodgers? IMF Executive Director Hazem El Beblawi scoffed at the notion that the IMF is against the Egyptian treasury increasing its annual tax haul. 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On the regional geopolitics side of things, the BBC likens Egypt\u2019s potential military intervention in Libya to putting out a fire \u201cin the house next door\u201d in the absence of a fire brigade, while Foreign\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561406,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/egypt-in-the-news-on-6-april-2021\/","url_meta":{"origin":625599,"position":1},"title":"Egypt in the News on 6 April 2021","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Still getting attention in the foreign press this morning: The online targeting of Marwa Elselehdar \u2014 Egypt\u2019s first female ship captain \u2014 amid fake news that she was responsible for last month\u2019s chaos in the Suez Canal. (Washington Post | Independent | Times of Israel | Entrepreneur)Former prime minister and\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571856,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/02\/egypt-in-the-news-on-2-june-2020\/","url_meta":{"origin":625599,"position":2},"title":"Egypt in the News on 2 June 2020","author":"enterpriseam admin","date":"2 June 2020","format":false,"excerpt":"It\u2019s another blessedly quiet morning for Egypt in the foreign press. A couple of headlines to keep on your radar: Low-income Egyptians are struggling with the added financial burden of face-masks required by the government in public spaces and transport, reports Reuters. Former detainee sues caretaker PM Beblawi over alleged\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568585,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/heres-where-international-organizations-see-the-egyptian-economy-heading-and-how-it-can-improve\/","url_meta":{"origin":625599,"position":3},"title":"Here\u2019s where international organizations see the Egyptian economy heading \u2014 and how it can improve","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"Here\u2019s where international organizations see the Egyptian economy heading \u2014 and how it can improve: The local press was out with a series of interviews with international organizations and finance institutions on their outlook for Egypt\u2019s economy and where they see the country\u2019s reform priorities should be moving forward. Highlights\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573064,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/egypt-in-the-news-on-19-july-2020\/","url_meta":{"origin":625599,"position":4},"title":"Egypt in the News on 19 July 2020","author":"enterpriseam admin","date":"19 July 2020","format":false,"excerpt":"The Grand Ethiopian Renaissance Dam continues to occupy the attention of the international press this morning. We have the latest in this morning\u2019s Speed Round, above. (Bloomberg | New York Times | BBC | CBS) Bloomberg took note of the amendedCentral Depository Act as a step towards opening up Egypt\u2019s\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572860,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/12\/egypt-in-the-news-on-11-july-2020\/","url_meta":{"origin":625599,"position":5},"title":"Egypt in the News on 11 July 2020","author":"enterpriseam admin","date":"12 July 2020","format":false,"excerpt":"The stalled talks over the future of the Grand Ethiopian Renaissance Dam are dominating the conversation on Egypt in the foreign press. We have the full story in this morning\u2019s Speed Round, above. Meanwhile: The New York Times looks at Cairo\u2019s lockdown-enforced \u201cdetox\u201d and carries an obit of famed Egyptian\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/625599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=625599"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/625599\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/625591"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=625599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=625599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=625599"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=625599"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=625599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}