Speaking at a joint press conference in Egypt’s New Administrative Capital alongside European Commissioner for the Mediterranean Dubravka Suica, Abdelatty said the remaining €3 billion under the macro-financial assistance programme would be released in two equal installments of €1.5 billion each.

The first of those two tranches is expected in the coming days, while Egypt hopes to receive the final €1.5 billion payment by the beginning of the autumn, Abdelatty said.

The European Union has already disbursed €2 billion under the programme. An initial €1 billion tranche was transferred in January 2025, followed by a second €1 billion payment earlier this year.

The macro-financial assistance programme forms part of a wider €7.4 billion financial package announced by the European Union in 2024 to support Egypt’s economy and strengthen cooperation with the country.

The broader package includes €5 billion in concessional loans in addition to the macro-financial assistance, reflecting the EU’s continued economic engagement with Cairo.

Neither Abdelatty nor Suica provided additional details regarding the conditions attached to the forthcoming disbursement or the precise date on which the funds would be transferred.

The expected payment comes as Egypt continues to rely on external financial support while pursuing broader economic reforms and cooperation with international partners aimed at strengthening macroeconomic stability and investment.

The 36-year-old rapper-turned-politician, widely known as “Balen,” came to power after his Rastriya Swatantra Party secured a sweeping victory in the March 5 general election, the first national vote since youth-led anti-corruption protests in 2025 toppled the government of former Prime Minister KP Sharma Oli.

Shah moved swiftly after assuming office on March 27. One day after his swearing-in, police arrested Oli and his former interior minister following recommendations by an inquiry commission investigating the deadly September 2025 uprising. Both men were later released without charge while investigations continued.

Political observers say the government’s early actions established a pattern of rapid, high-profile decisions that have often been challenged on legal grounds and criticized for bypassing established institutional procedures.

Unlike many of his predecessors, Shah has maintained a low public profile. He has largely communicated through social media, including delivering his election victory message in the form of a rap song, while avoiding meetings with foreign ambassadors. Visits to Nepal’s two largest neighbors, India and China—traditionally the first overseas destinations for a newly elected Nepali prime minister—have instead been delegated to the foreign minister.

Journalist Pranaya Rana said the public still knows relatively little about Shah despite his electoral mandate, arguing that the prime minister should engage more openly with citizens.

The administration has introduced a 100-point reform programme covering governance, anti-corruption initiatives, public service delivery and digital transformation. Government officials say roughly 70 measures have already been implemented, with the remaining initiatives in progress.

In a rare public address to members of the ruling Rastriya Swatantra Party in June, Shah described his administration as being “on an expressway” toward reform, saying the government would not slow its pace until its objectives had been achieved.

The government has also unveiled a 2.1 trillion Nepalese rupee ($13.8 billion) national budget focused on infrastructure, technology, healthcare and education while seeking to strengthen the country’s economy. Finance Minister Swarnim Wagle described the plan as part of a broad programme of economic reform.

Supporters argue that Shah has brought a sense of urgency to government after years of political instability. Journalist Sudheer Sharma said the administration had distinguished itself by beginning work immediately after taking office and maintaining a results-oriented approach.

Opposition parties, however, have accused the government of acting hastily. The Communist Party of Nepal (Unified Marxist-Leninist), led by Oli, said on Friday that the administration’s performance had been weak, immature and controversial.

Criticism has also focused on the government’s use of executive ordinances despite holding a parliamentary majority capable of passing legislation through the normal legislative process. Analysts warn that relying on emergency powers risks weakening institutional checks and balances.

Political researcher Anusha Khanal said reforms had been implemented but questioned whether the government had consistently followed appropriate constitutional procedures, urging continued public vigilance.

Among the most contentious measures is an ordinance allowing the Constitutional Council, chaired by Shah, to make decisions, including judicial appointments, by a simple majority. Proposals to amend the constitution and restructure Nepal’s federal system have also generated political opposition.

Some supporters of the 2025 protest movement have urged the government to preserve the democratic principles that fueled its rise. Yujan Rajbhandari, who participated in the demonstrations, said the administration remained a source of hope but warned that reforms not grounded in due process could prove difficult to sustain.

The government’s efforts to remove informal settlements have also attracted criticism, adding to growing debate over whether Shah’s rapid approach to reform can maintain public support as his administration moves beyond its first 100 days.

In a report released on Wednesday, the IMF said Israel’s economy has demonstrated resilience despite repeated external shocks but warned that conflicts involving Iran, Hezbollah and Hamas continue to cloud the outlook. The institution said renewed escalation across the region remains the principal downside risk to growth.

The revised projection follows estimated economic growth of 2.9% in 2025. The IMF expects the Israeli economy to expand by 4.4% in 2027, while forecasting inflation to remain close to 2% in both 2026 and 2027 after a temporary increase driven by higher energy prices and supply constraints.

The IMF noted that inflationary pressures are expected despite the shekel appreciating to its strongest level against the U.S. dollar in more than three decades. It said elevated energy costs and supply disruptions are likely to offset some of the disinflationary effects of the stronger currency.

Israel’s economy contracted at an annualized rate of 3.8% during the first quarter of 2026. Following the conflict involving Iran in March and April, the Bank of Israel reduced its own 2026 growth forecast to 3.8%, while the Finance Ministry continues to project economic expansion of as much as 4% this year.

The IMF said its assessment was based on economic data available through June 10.

The Washington-based lender urged Israeli authorities to pursue prudent macroeconomic policies to preserve economic stability while advancing structural reforms aimed at strengthening long-term growth. It recommended rebuilding fiscal buffers through higher government revenue and broader fiscal consolidation to help offset increased defense expenditures associated with ongoing military conflicts.

The IMF also called for a moderately tight monetary policy stance, saying higher energy prices could generate additional inflationary pressures. It said the Bank of Israel should continue monitoring the effects of the conflict on labor supply, the transmission of higher energy costs into domestic prices, exchange-rate movements and the impact of the central bank’s most recent interest rate cut on financial conditions and domestic demand.

The report said policymakers should remain prepared to adjust monetary policy if incoming economic data or heightened geopolitical risks result in renewed inflationary pressures.

The IMF noted that a ceasefire reached in recent weeks between the United States and Iran has contributed to lower global oil prices, although it cautioned that regional uncertainty continues to pose significant risks to Israel’s economic performance.

Speaking in an interview, Huang said the world has no choice but to adjust to AI’s rapid spread and encouraged widespread public use of the technology. He compared the transition to past technological shifts like the introduction of automobiles, which changed everyday behavior and public space.

Huang acknowledged concerns about job losses, inequality, and safety risks linked to AI, but said regulation and clear safety standards are necessary rather than resistance to the technology. He also stressed that national security should remain a top priority as governments respond to AI’s growing influence.

The Nvidia chief highlighted how AI is already enabling non-specialists to perform complex tasks such as building websites, analyzing documents, and conducting research, reducing barriers to technical work.

He also addressed policy debates in the United States, including proposals for government ownership stakes in AI companies, expressing skepticism that such measures would be effective while emphasizing that existing ownership already spreads benefits through investments, jobs, and taxes.

Huang further warned that energy supply is a major constraint on AI development, saying the United States needs stronger power infrastructure to support rapidly expanding data centers. He noted that increased demand for electricity could strain the grid if not addressed.

The remarks came as Nvidia continues to grow in value alongside rising global investment in artificial intelligence technologies.

Supporters of the Joint Awami Action Committee (JAAC), a movement calling for economic and governance reforms, have continued protests despite being banned under anti-terrorism laws last week.
Officials initially reported seven deaths on Monday, including three civilians and four police officers, with dozens of people wounded. The latest count showed the number of fatalities had increased to 20.

Local government higher education minister Malik Zafar told AFP that clashes in his constituency of Kotli had resulted in seven deaths during the week.
Commissioner Sardar Waheed, the senior civilian official in Rawalakot, said 12 people had been killed, including four police officers.

A senior police official in Mirpur, Khurram Iqbal, said one protester died during clashes with police on Wednesday.

Several shops in Muzaffarabad have remained closed as businesses joined calls for a strike in support of the JAAC, while mobile internet services have been largely unavailable, according to an AFP journalist in the area.
JAAC members have rejected the designation of the group as a terrorist organisation, describing the move as suppression and saying their protests are aimed at securing economic and political rights.

The latest unrest follows violent clashes in the Himalayan region in September, when nine people were confirmed killed during protests led by the JAAC.

Kashmir is claimed in full by both India and Pakistan but has been divided between the two countries since the end of British rule. The territory remains highly sensitive, with decades of tensions and conflicts between the two nuclear-armed neighbours.

Preliminary results released by Malta’s Electoral Commission showed Labour securing 52% of the vote, ahead of the opposition Nationalist Party (PN) on 45%, confirming the party’s continued dominance of the Mediterranean island nation’s political landscape.

Abela, 48, sought a fresh mandate a year before the scheduled election, arguing that Malta needed political stability to navigate potential economic fallout from tensions in the Middle East. The island’s economy expanded by 4.0% last year, but policymakers have expressed concern that higher aviation fuel costs could affect tourism, a key pillar of the economy, while also contributing to inflationary pressures.

Speaking to supporters gathered outside Labour headquarters, Abela hailed the result as a historic achievement for the party. Celebrations broke out across Malta, with supporters setting off fireworks and gathering in the streets after preliminary results confirmed Labour’s victory.

The election pitted Abela against Nationalist Party leader Alex Borg, a 30-year-old lawyer who campaigned on a platform of political change. Despite the opposition’s efforts, economic stability remained the dominant issue during the campaign.

Abela has led Malta since 2020, when he succeeded his predecessor following a political crisis linked to the 2017 assassination of investigative journalist Daphne Caruana Galizia. Concerns over governance and corruption persisted in the background of the campaign, with a 2025 Council of Europe report stating that Malta remained significantly behind in tackling corruption, although the issue featured less prominently in the election debate.

Malta, the European Union’s smallest member state, has experienced rapid economic growth driven by tourism, financial services and online gaming. The country has also undergone a sharp population increase over the past decade, largely due to immigration, fueling construction activity while placing pressure on infrastructure and public services.

The island remains heavily dependent on imports and vulnerable to external economic shocks. Labour has pledged to maintain subsidies on household energy bills, a policy that has helped shield consumers from higher energy costs.

Environmental groups have raised concerns about extensive development and its impact on heritage sites and natural resources, while climate-related risks including drought and desertification received limited attention from the major parties during the campaign.

The scheme would provide government-backed guarantees to banks for lending over a four-year period, mirroring measures introduced during the COVID-19 pandemic to sustain credit flow to stressed sectors.

The guarantees are expected to cover up to 90% of loans of up to 1 billion rupees ($10.75 million), the sources said.The fiscal cost of the plan is estimated at 170 billion to 180 billion rupees ($1.83 billion to $1.94 billion), according to the sources, who declined to be identified as discussions are ongoing.

Indian businesses, including textile and glass manufacturers, have been affected by supply disruptions linked to the war involving Iran, while rising energy prices have added to cost pressures.

As the world’s third-largest oil importer, India remains particularly exposed to volatility stemming from the closure of the Strait of Hormuz, a key route for global energy shipments.The government is also grappling with broader macroeconomic risks, including the prospect of higher inflation and slower growth as fuel costs rise and supply chains tighten.

The proposed guarantees are intended to encourage banks to continue lending despite heightened risks, ensuring businesses can meet obligations and sustain operations during the crisis.

India deployed a similar credit guarantee programme in 2020 to support sectors such as travel and tourism during the pandemic, helping firms resume operations and manage debt burdens.

Under a month-long order introduced last week, shops must close by 9:00 p.m. on weekdays and 10:00 p.m. on weekends, with a temporary extension to 11:00 p.m. during the Coptic Easter period. Authorities say the meaaures are necessary as rising global fuel prices drive up Egypt’s energy import bill.

Prime Minister Moustafa Madbouly said the country’s monthly energy costs more than doubled between January and March to $2.5 billion, reflecting Egypt’s dependence on imported fuel to meet domestic demand.

The restrictions have sharply altered life in Cairo, a city known for its late-night economy. Streets that typically remain active into the early hours now empty soon after closing time, with police patrols enforcing compliance.Small businesses have been among the hardest hit.

Shopworker Ali Haggag said his clothing store has lost more than half its revenue since the measures took effect, as evening foot traffic a major source of sales —has been curtailed.Economists warn the impact could be widespread in Egypt’s informal sector, which accounts for roughly two-thirds of employment.

Wael el-Nahas said reduced operating hours translate directly into lower incomes for millions of workers dependent on nightly commerce.The crisis has also affected major industries. Cinema operators report steep losses as late-night screenings typically the most profitable have been eliminated.

Film producer Gaby Khoury said box office revenues have fallen by more than 60 percent, prompting delays in releases and production schedules.Tourism, a key source of foreign currency, faces similar pressures.

While high-end hotels and Nile-side venues are exempt, popular attractions in central Cairo, including markets and bazaars, must close early, limiting visitor spending.

Industry officials say the reduction of evening activity risks diminishing the city’s appeal to tourists.The curbs come alongside broader austerity measures introduced in recent weeks, including fuel price increases, reduced public lighting, and expanded remote work policies.

Authorities say the steps are needed to manage fiscal pressures as energy prices surge following the escalation of conflict involving Iran.The economic strain has coincided with currency depreciation and rising inflation.

The Egyptian pound has weakened by around 15 percent since the conflict began, while inflation reached 13.6 percent in March.

Despite the disruption, some businesses are adapting by reduction staffing hours or employing informal workarounds to continue operations. Others expressed cautious optimism that consumers will adjust to the new schedule.

The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir, and bifurcated it into union territories of Ladakh, and Jammu and Kashmir.

“Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at ₹15,000 crore. We will be coming up with comprehensive data about the losses within a week,” Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told PTI.

More than the losses to the economy, job loss due to clampdown on Internet services, protests and strikes was more worrying, he said.

The handicraft, tourism and e-commerce sectors were the worst hit by the situation post the Centre’s decision, Mr. Hussain said.

Though most restrictions have been lifted, the clampdown, which started on August 5, on internet services across all platforms and prepaid mobile phone still remains.

Postpaid cellphones and landlines are working in the Valley. SMS on postpaid phones are shut.

“The handicraft sector alone has witnessed over 50,000 people losing their jobs. The artisans were not getting any fresh orders in the absence of communication facilities. Even, the highly skilled artisans have been forced to look for odd jobs to meet their daily needs,” he said.

Mr. Hussain claimed that the hotel and restaurant industry has seen more than 30,000 people losing their jobs. The e-commerce sector, which includes courier services for purchases made online, has seen 10,000 people losing their jobs, he said.

“The Information Technology industry got some relief after the internet lease lines were restored for this sector but the overall situation of trade in Kashmir is dismal,” he said.

In Kashmir, markets open earlier than usual but close down by 1 pm as part of an undeclared protest programme against the stripping of the erstwhile state’s special status.

The tourism sector suffered the most as the J&K government issued an advisory to all non-locals, including tourists, to leave the Valley ahead of the August 5 announcement.

Though the advisory was revoked, tourists have by and large stayed away from Kashmir, even though there was early snowfall in Kashmir this November, which is a major attraction.

The credibility of India’s economic statistics has been questioned under the Modi government, and institutions are “under attack” with their autonomy getting eroded, Singh claimed.

The former prime minister said the economy had not yet recovered from ‘man-made blunders’ such as demonetisation.

Former Prime Minister Manmohan Singh on Sunday urged the government to “put aside vendetta politics” and consult with “all sane voices and thinking minds” to save the economy. He expressed concern at the latest economic growth data and blamed “all-round mismanagement” by the Narendra Modi government for the slowdown.

Data released on Friday showed that India’s economic growth rate had slipped to 5% in the April-June quarter, the lowest in over six years. This signals India is in the midst of a prolonged slowdown, Singh said, adding that the country has the potential to grow at a much faster rate. He said the slowdown was a “man-made crisis”.

The slowdown in the manufacturing sector, which grew just 0.6% during the quarter, “makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented” goods and services tax, the Congress leader said in a video statement.

Singh, who is also an economist often credited with historic economic reforms as finance minister in 1991, said that recent Budget announcements and rollbacks had “shaken the confidence of international investors”. The credibility of India’s economic statistics has been questioned under the Modi government, and institutions are “under attack” with their autonomy getting eroded, Singh claimed.

The former prime minister said the resilience of the Reserve Bank of India will be tested after its transfer of Rs. 1.76 lakh crore to the government.

Pointing out other problems with the economy, Singh said domestic demand was depressed, consumption growth was at an 18-month low, and government policies were leading to “massive jobless growth”. “More than 3.5 lakh jobs have been lost in the automobile sector alone,” he said. “There will similarly be large-scale job losses in the informal sector, hurting our most vulnerable workers.”

“There is a gaping hole in tax revenues,” Singh added. “Tax buoyancy remains elusive as businessmen, small and big, are hounded and tax terrorism continues unabated. Investor sentiments are in doldrums. These are not the foundations for economic recovery.”

Singh also spoke about rural distress. “Rural India is in terrible shape,” he said. “Farmers are not receiving adequate prices and rural incomes have declined. The low inflation rate that the Modi government likes to showcase comes at the cost of our farmers and their incomes, by inflicting misery on over 50% of India’s population.”

Singh concluded by saying: “India’s youth, farmers and farm workers, entrepreneurs and the marginalised sections deserve better. India cannot afford to continue down this path.”

Our economy has not recovered from the man made blunders of demonetisation & a hastily implemented GST… I urge the govt to put aside vendetta politics & reach out to all sane voices to steer our economy out of this crisis: Former PM Dr Manmohan Singh #DrSinghOnEconomicCrisis pic.twitter.com/83cBJWHay9

— Congress (@INCIndia) September 1, 2019

Economic slowdown

Since last week, the government has announced a slew of measures to check the economic slowdown. On August 23, Finance Minister Nirmala Sitharaman announced a set of measures to prop up the economy, less than two months after presenting the Union Budget. The Reserve Bank of India announced that it would give the Centre Rs 1.76 lakh crore of its dividend and surplus reserves. On August 30, Sitharaman again addressed a press conference to announce that 10 public sector banks would be merged into four entities.

In the last few months, core sectors such as automobiles, manufacturing and real estate, have witnessed a progressive slowdown in growth due to weakened consumer demand and dearth of investments. Chief Economic Adviser KV Subramanian on Friday attributed the slowdown to domestic and global factors. He added that the government was taking steps to improve the situation.

Article first published on Scroll.