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 31 Coverage to February 6

Egypt’s balance of payments recorded an overall surplus of $311.4 million, during the period from July to September 2021, proving the Egyptian economy’s ability to withstand the COVID-19 pandemic’s negative effects, according to the Central Bank of Egypt (CBE).

Egypt’s net international reserves reached $40.98 billion at the end of January 2022, according to the Central Bank of Egypt (CBE).

The Suez Canal saw 1,774 ships cross in both directions in January 2022, compared to 1,594 in January 2021, with a total net load of 106.1 million tons in 2022, compared to 104.2 million tons a year earlier, Osama Rabie, Chairman of the Suez Canal Authority (SCA), said.

The development financing agreement agreed last year with multilateral and bilateral development partners was valued at $10.2 billion, including $8.7 billion for various sectors of the country’s development and $1.5 billion for the private sector, according to the Ministry of International Cooperation (MOIC).

MOIC secured $1.1 billion worth of development financing agreements for the transportation sector in 2021.

Egypt’s re-entered into the JP Morgan Index after a break of more than a decade. A report issued by the Egyptian Cabinet explained that 90% of foreign investors surveyed supported Egypt’s entry into the index, which is a new certificate of confidence from foreign investors regarding the solidity of the Egyptian economy.

Egypt’s revenue increased by 10.3%, tax revenues grew 15.7%, and expenses raised 15.4% in 6 months, according to the biannual economic and financial 2021/22 performance report issued by the Ministry of Finance.

The amount of finance provided for small business projects in Egypt reached EGP 6.2 billion in 2021, according to the Information and Decision Support Center (IDSC).

Sarah Samir 3401 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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