Egypt reaches agreement with IMF on next $2 bn loan payment

The agreement with the IMF staff is subject to approval by the executive board of the Washington-based crisis lender. (Reuters)
Updated 31 October 2018

Egypt reaches agreement with IMF on next $2 bn loan payment

  • The loan program for Egypt was signed in November 2016, and with this payment Cairo will have received $10 billion of the total

WASHINGTON: Egypt has reached an agreement with the International Monetary Fund on release of the next $2 billion loan installment, the fifth under the country’s three-year aid program, the IMF announced Wednesday.
The agreement with the IMF staff is subject to approval by the executive board of the Washington-based crisis lender.
The loan program for Egypt was signed in November 2016, and with this payment Cairo will have received $10 billion of the total.
“The Egyptian economy has continued to perform well, despite less favorable global conditions, supported by the authorities’ strong implementation of the reform program,” IMF mission chief Subir Lall said in a statement.
In addition, he said the central bank’s “prudent monetary policy helped bring down annual inflation.”
Egypt has imposed harsh austerity measures to try to right the economy and reduce the budget deficit. It floated the currency and started to phase out subsidies on many goods and services, including hiking fuel prices as much as 50 percent, and electricity rates by about 25 percent.
Consumer prices spiked in September but Lall said the central bank was committed to bringing inflation down to single digits in the medium term.
Lall said the reforms are working, cutting the deficit in half to 2.4 percent of GDP, and boosting growth to 5.3 percent.
At the same time the government has implemented “comprehensive efforts to improve the living standards of the most vulnerable,” he said.
Since the 2011 revolt that toppled former president Hosni Mubarak, the economy of the Arab world’s most populous country has received multiple shocks caused by political instability and security issues.


Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

Updated 03 August 2020

Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

  • Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004

SHANGHAI: Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co., also known as Xiao-i, has filed a lawsuit against Apple, alleging it has infringed on its patents.
The company is calling for $1.43 billion in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on the patent, it said in a social media post.
Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004 and was granted in 2009.
Apple did not respond to a request for comment. Reuters was not immediately available to find a copy of the court filing.
The lawsuit marks the continuation of a row that has been ongoing for nearly a decade.
Shanghai Zhizhen first sued Apple for patent infringement in 2012 regarding its voice recognition technology. In July, China’s Supreme People’s court ruled that the patent was valid.