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.

January 3 Coverage to January 9:

1-Net International Reserves reached $40.94 billion at the end of December 2021, the Central Bank of Egypt (CBE) announced.

2-Egypt’s tendency to expand investment projects to meet the citizens’ development needs was reflected in the current fiscal year (FY) budget by approving an unprecedented increase in funding for public investments to reach EGP 358.1 billion, with a 27.6% annual growth, Minister of Finance Mohamed Maait said.

3-During FY 2021/22, there is a plan to use EGP 21.1 billion in government investments to develop North Sinai and South Sinai governorates, representing a 156% increase compared to EGP 8.2 billion during FY 2020/21, Minister of Planning and Economic Development Hala Al-Saeed stated.

4-During the period from 2013/14 to 2021/22, the total support, grants, and social benefits grew by 30% from EGP 228 billion to EGP 321 billion, the Cabinet stated.

5-Egypt aims to reduce unemployment rates by 1.5% in 2022, as it currently reaches 7.5%, the Minister of Manpower, Mohamed Saafan, said.

6-In FY 2022/23, Egypt targets a 5.7% growth rate, in addition to a 2% primary surplus, and a 6.1% decrease in the deficit and debt to less than 90% of GDP, the Cabinet announced.

7-More than 3000 Egyptian exporting companies spent EGP 30 billion of government support for the export sector to optimize production capacities and maintain employment during the pandemic. This was part of the implementation of presidential directives for the annual export volume to reach $100 billion over the next three years, Maait noted, adding that EGP 80 million have been allocated as additional support for agricultural product exporters.

Sarah Samir 3426 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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