Egypt Economy continues its process toward an economic stabilization with the approval of the last loan from Arab Monetary Fund. The House of Representatives ratified Presidential Decree No. 144 of 2017 concerning the approval of the third compensatory loan contract between the Egyptian government and the Arab Monetary Fund, signed on December 7, 2016. The main goal of this loan is to provide foreign exchange resources and to support overall deficit in Egypt’s balance of payment. The loan reach $332 millions, and Egypt is committed to paying 1.61 percent per annum in interest on the loan.
Egypt try to play a diplomatic role at regional level, especially in Libyan peace process. Indeed, Egyptian president Abdel Fattah Sisi has arrived in the UAE for talks with Emirati leaders, but also reportedly to see Khalifa Hafter and Faiez Serraj who remain in Abu Dhabi. Even if information is not confirmed by authorities, Al Sisi would meet President Council head and Libyan National Army (LNA) chief during the official visit. Egypt has stressed Haftar, during last weeks, to move toward a Libyan accord to reach Libyan stability, in February 2016, Haftar refused to meet a est Libyan delegation in Cairo.
New doubts in front of Human Right respect in Egypt according to international organisation. The National Council for Human Rights (NCHR) has called for a review of the preventive detention period, which can last up to over two years in Egypt — in violation of the law which specifies that suspects may only remain in remand for a three-month period. NCHR expressed its preoccupation in front of several cases of detention of innocent, whose have been detained for years in Egypt prisons. Especially in prisons which are reaching 300% of occupation. Overcrowding reached 400 percent in preventive detention cells and 160 percent in prisons, according to relative estimates reported by former interior minister Mohamed Ibrahim. Secretary General of the Egyptian Organization for Human Rights, Alaa Shalaby, said the organization’s annual report warned of the danger of expanding the preventive detention period and called for urgent action in this regard.
Egypt stabilizes its international relations, new path toward Egypt-Saudi Arabia cooperation, after a year of tensions beween, President Abdel Fattah Al-Sisi and Saudi King Salman bin Abdulaziz Al-Saud met in Riyadh on Sunday with the two of them confirming their good relations. Al-Sissi stressed the necessity for both countries to cooperate in Arab League area, but also on a bilateral dimension. They also discuss the global security strategy for the region, and the counter-terrorism policy. Saudi Arabia’s King has accepted an invitation to Cairo, without express a precise date. Tensions between both countries was born after Egypt vote in favour of a peace resolution plan for Syria, voted at the Security Council. Following this vote a conflict around Saudi Oil exportations was born between both countries creating a diplomatic tensions.
The Minister of Investment and International Cooperation Sahar Nasr held a meeting with the World Bank’s vice president, Jan Walliser, during her current visit to Washington to attend the bank’s spring meetings. Egypt minister, talked about the allocation of the third tranche of the loan ($1bn), from World Bank to the country. Furthermore, Nasr said that the government wants the World Bank to expand financing to develop projects in Upper Egypt, which were originally financed with $500m, as well as to consider establishing more labourintensive projects by allocating finances worth $150m.
Russia and Egypt seems to create really strong ties, after the official visit of a Russian delegation in Egypt two weeks ago, a new meeting had been previous. The Egyptian and Russian foreign ministers agreed in a phonecall on Friday to meet in Cairo at the end of May, along with the two countries’ defence ministers, an Egyptian ministry spokesman announced. According to first informations, during the phonecall, they evoked their bilateral relations, the current situation in Syria and in Lybia. This meeting will increase again Egypt-Russian relationship.
Mattias official visit in Egypt has permitted to enforce Egypt-US relations, re-started with the official visit of Egyptian president to the White House. During the meeting with US Secretary of Defense James Matiss, attended by Egypt’s Defense Minister Sidqi Sobhi, US Deputy National Security Advisor for for Strategic Affairs Dina Powell, and US Ambassador to Cairo Stephen Beecroft, Sisi expressed his aspirations to continue negotiations over strengthening military cooperation between the two countries. At the centre of discussions, fighting terrorism in the region had been the main topic.
Russia and Egypt are confirming their good relationship. Indeed, during last few weeks, a Russian delegation was in Egypt to talk about cooperation on nuclear program. The dialogue had been fructify; because the terms of signing the Russian-Egyptian comprehensive contract for the construction of Egypt’s first Dabaa nuclear power plant depend on Cairo, Moscow is ready for signing now, the general director of the Rosatom state corporation, Alexey Likhachev, told on Wednesday. Likhachev is waiting Egyptian agreement to launch the program.
President Abdel Fattah Al-Sisi said in his meeting on Tuesday with the head of the Iraqi National Alliance, Ammar al-Hakeem. An alliance between both countries had been evoked, especially in economical, political and counter-terrorism field. Al-Sisi recalled the importance of the dialogue between different factions composing the country, and a division of the country could have an impact on the whole region. Al-Hakeem expressed his thanks and appreciation for Egypt’s support, stressing that Egypt plays a pivotal role as a cornerstone for security and stability in the region.
The Red Sea security authorities tightened inspection procedures at highway and border checkpoints on Sunday, particularly the checkpoint at the 85km mark on Safaga-Qena highway and the 5km mark Safaga checkpoint for vehicles coming from Upper Egypt, as well as checkpoints on roads from Lower Egypt to the southern border of Egypt. Control had been enforced since last Sunday and the two bombs attacks which have hurt Egypt, during controls each controlled car need to say where it wants to go and why. According to Qena residents, the security authorities justified this measure by saying that the defendants in the Tanta and Alexandria bombings were from the governorate. The Interior Ministry had announced that 16 Qena residents are suspected of involvement in the bombings.