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.

July 23 to July 29 Coverage:

The IMF approved the disbursal of Egypt’s last $2 billion tranche of the total $12 billion financing package.

Prime Minister Mostafa Madboly has met the World Bank delegation that is responsible for assessing business performance in Egypt, according to the Cabinet.

In conjunction with the Egyptian exchange’s efforts to attract more investments, three companies are expected to be included before the end of this year, including a state-owned company, Alborsa reported.

A delegation headed by DJ Pandian, Vice President of the Asian Infrastructure Investment Bank, visited Egypt and met Prime Minister Mostafa Madboly to discuss the current mutual projects in Egypt, as well as the potential of more future investment opportunities, the Cabinet reported.

Egypt has maintained its position as the largest recipient for foreign direct investments in Africa, accounting for 7% of the total global investments in the continent, according to the Cabinet citing James Zahn, Director of Investment and Enterprise at the United Nations Conference on Trade and Development (UNCTAD), during his meeting with Prime Minister Mostafa Madboly.

Egypt managed to achieve EGP 104 billion surplus after deducting the debt interest, as well as reducing the interest bill for the first time to EGP 5 billion, Almal reported.


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