A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
April 20 to April 27 Coverage:
Egypt has requested financial assistance from the IMF under the Fund’s Rapid Financing Instrument (RFI) and a Stand-By Arrangement (SBA).
CBE amended the daily maximum limit for withdrawals and cash deposits for individuals to become EGP 50,000 from bank branches, and EGP 20,000 from ATMs.
MPED stated that total public investments in Upper Egypt in FY 2020/21 increased by 50% compared to FY 2019/20 plan, amounting to EGP 47 billion, and representing 25% of public investments in Egypt.
Moody’s maintained Egypt’s credit rating at B2 with a stable outlook; the best in 8 years while Standard and Poor’s (S&P) forecasts that investments will reach 17% of the GDP in 2021, according to the Cabinet.
Moody’s estimates Egypt’s growth rate to reach 4.4% in 2020 despite the COVID-19 outbreak, after recording 5.6% in 2019, according to the Cabinet.
S&P forecasts that the average inflation rate will reach 6% in 2020 after recording 13.9% in 2019, while the trade deficit will decline to 11.1% of GDP in 2020, after recording 12.5% of GDP for 2019, the Cabinet reported.
The House of Representatives agreed to amend the North Sinai Development Initiative aid agreement signed between Egypt and the US, with an additional grant of $6 million, bringing the total to $56 million, according to the Cabinet.
The Ministry of Trade and Industry announced a 50% increase in the productivity of the Sterilization Unit of Medicinal, Aromatic Plants and Herbs during Q1 2020, according to the Cabinet.
Egypt’s exports of building materials and metal reached $501 million in March, increasing by 32.8% during Q1 2020, and recording $1.527 billion, against $1.15 billion during the same period in 2019, Al Ahram reported.
In Q1 2020, Egypt’s exports of medical equipment decreased by 3% to record $33 million against $34 million in Q1 2019, while cement exports decreased by 18% to $31 million against $38 million, and aluminum and its manufactures’ exports declined by 6% recording $138 million against $146 million, according to Al-Ahram.
CIB-Egypt has purchased a 51% stake in Kenya’s Mayfair Bank, according to the Central Bank of Kenya.