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.

June 30 to July 6 Coverage:

IFC, IFU, and PROPARCO will provide $108.5 million to Humania, a private healthcare company, to help improve medical care in Egypt and Morocco.

CAPMAS reported that the trade balance deficit reached $2.36 billion in April compared to $4.28 billion in April 2019, decreasing by 45%.

Crude oil imports have amounted to $119.1 million in April compared to $227 million in April 2019, with a noticeable decline of 47.5%, according to CAPMAS. Meanwhile, crude oil exports declined by 78.4% recording $41 million in April 2020 against $189 in the same period last year.

MPED allocated EGP 4.4 million from FY 2020/21 budget to develop Alexandria’s Fever Hospital, and EGP 4.7 million for developing Hurghada’s Fever Hospital.

The state invested over EGP 4.5 trillion in developing the infrastructure in the past six years, according to MPED.

USAID will provide $105 million to finance five development projects in Egypt, according to MOIC.

The Cabinet has approved a 1% surtax on all salaries from all employees’ monthly salaries during FY 2020/21 to help the state against the coronavirus impact.

The Suez Canal Bank will launch its first money market fund, with a capital of EGP 250 million, according to Al-Mal News.



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