Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

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

June 21 Coverage to June 27:

The International Monetary Fund (IMF) announced that it completed the second and final review of Egypt’s economic reform program allowing the authorities to draw special draw rights (SDR) of $1.7 billion, which brings the total purchases to $5.4 billion.

The remittances to Egypt are expected to exceed $30 billion by the end of 2021, Minister of Planning and Economic Development, Hala El Said, said in an interview with Asharq Business Channel.

Egypt’s Global Food Security Index (GFSI) rank has improved from 60 to 50  out of 113 countries, the Ministry of Planning and Economic Development (MPED) annouced.

Egypt targets increasing green projects through allocating EGP 96 billion in the budget’s plan for the fiscal year (FY) 2021/22, directing EGP 94 and EGP 1.9 billion for smart transportation and renewable energy respectively, according to MPED.

Egypt aims to increase the agriculture sector’s contribution to the gross domestic product (GDP) to 12% by 2024, MPED reported.

Egypt aims to double the agriculture sector’s exports from 17% in 2020 to 25% in 2024, MPED reported.

Egypt completes 585 development projects at a cost of EGP 35.3 billion in six sectors including housing, electricity, and education, the Minister of Planning and Economic Development Hala El Said announced.

Egypt Ventures pumped EGP 145 million in major business accelerators including Falak Startups, EFG-EV Fintech, Flat6Labs, and EGP 130 million in companies, the Minister of International Cooperation, Rania Al-Mashat reported.

Egypt’s development portfolio amounts to $ 25.6 billion divided on 377 projects according to the Sustainable Development Goals (SDGs), the Minister of International Cooperation, Rania Al-Mashat declared.

Signed development agreements between Egypt and the World Bank (WB) in 2020 reached $1.5 billion in several sectors, the Minister of International Cooperation, Rania Al-Mashat reported.

Egypt’s current cooperation portfolio with the WB amounts to $5.4 billion in several sectors, including energy, rural development, transportation, and health, the Ministry of International Cooperation (MOIC) stated.


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