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

June 25 to July 1:

President Abdel Fattah El Sisi has approved the state budget for FY 2019/20, which was recently passed by the House of Representatives.

The IMF said it is not negotiating with Egypt for a new program, as the priority remains to successfully complete the current economic reform program.

The Egyptian government plans to reduce public debt to around 80% of GDP by 2020, according to Prime Minister Moustafa Madbouly.

Egypt is on the right track to achieve a budget surplus for the first time in 15 years at 2% of GDP in FY 2018/19, Madbouly noted during his speech at the Arab German Business Forum in Berlin.

Foreign exchange reserves at the Central Bank of Egypt (CBE) have increased to $44.3 billion in May 2019, which covers Egyptian imports for more than 8.5 months, the Prime Minister stated.

President Abdel Fattah El Sisi has appointed Mohamed Nasr as a Presidential Advisor for financial affairs for one year from June 14, 2019, according to State Information Service (SIS).