A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.

Covering June 19th to June 25th.

President Abdel Fattah El Sisi has told the Madbouly Cabinet to aim for annual GDP growth of 7%, according to a cabinet statement.

Moody’s has praised the government’s decision to raise fuel prices as credit positive, Asharq Al Awsat reports.

The House of Representatives has agreed to set aside EGP 70.3 billion in the 2017/18 budget largely to cover debt repayments, Ahram Gate reports.

Ministry of Finance data has revealed that Egypt’s budget deficit increased by 14.2% year-on-year to EGP 226.6 billion in the first eight months of fiscal year 2017/18, Mubasher reported.

President Sisi has signed legislation granting the Industrial Development Authority (IDA) administrative and financial independence from the Ministry of Trade, Youm7 reported.

A committee affiliated to the Ministry of Finance will review in July offers received by international financial institutions to provide hedging solutions against rising fuel prices, an official source told Al Shorouk.

The Export Development Bank of Egypt has signed 10 agreements with nine exporting councils to help finance industrial production and increase exports, according to Al Mal.

The Central Bank of Egypt is discussing taking a $500 million loan with Afreximbank that would be used to fund trade, imports and SME financing, according to Al Shorouk.

The total value of household loans increased to EGP 262 billion by late January 2018, Al Mal reports.