A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering September 18 to September 24.
The Egyptian economy has been “resilient” in the face of the ongoing emerging market selloff, Minister of Finance Mohamed Maait has said, according to Reuters.
The Ministry of Finance will amend the FY 2018/19 budget deficit target due to fears that the government will fail to meet it, a government source told Enterprise.
The Egyptian Exchange plunged 3.8% on September 19, the largest daily fall since mid-2016, Reuters reported.
Egypt, Tunisia and Lebanon are the three most vulnerable oil-importing countries to the emerging market crisis, according to a report by the Institute of International Finance.
Egypt cancelled a treasury bond auction on September 17 amid falling demand among international investors for Egyptian debt, according to Reuters.
The Ministry of Finance has finished drafting a new tax code that is expected to reform the Tax Authority in an attempt to simplify tax procedure, Enterprise reported.
Egypt has signed a $352 million agreement with Siemens to operate three new power plants that will help to meet the country’s growing electricity needs, Reuters reported.
Egypt will sell $5 billion in foreign currency bonds in the upcoming months, Minister of Finance Mohamed Maait has said, according to Reuters.
Egypt exported $402 million of goods to Russia in the first half of 2018, an 11.5% year-on-year increase, according to Al Ahram.
Trade between Egypt and the US increased by 29.2% in the first seven months of 2018, Minister of Trade Amr Nassar has said, Amwal Al Ghad reported.