A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering March 6th to March 12th.
Egyptian President Abdel Fattah El-Sisi has pressed his government to continue with its program of economic reforms, the privatization of state-owned companies and increasing government spending on education, health and infrastructure, Amwal al-Ghad reports.
The Egyptian headline rate of inflation fell from 17.07% to 14.40% between January and February 2018, the Central Bank of Egypt has announced.
The Egyptian government is aiming to reduce the country’s budget deficit to between 9.5 and 9.7% in the 2017/18 financial year, down from 10.9% in the previous year, according to Reuters.
Egyptian steel companies could lose up to $178 million as a result of US tariffs on steel imports, according to Al-Mal.
The project to lay a 1700 km sea cable that will connect the Egyptian, Greek and Cypriot energy grids has entered the pre-works phase, EuroAfrica Interconnector, the company in charge of the project, has announced.
Net foreign direct investment into Egypt increased 6.5% from $12.5 billion to $13.3 billion in 2017, Al-Mal has reported.
Egypt has agreed a $7 billion deal with Russia to create a Russian industrial zone in Port Said, Sputnik News has reported.
Egypt’s parliament has approved a series of draft amendments that will permit the private sector to operate the country’s railway network, according to Amwal al-Ghad.