A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
October 12 to October 18 Coverage:
The Minister of Finance, Mohamed Maait, stated that Egypt succeeded in maintaining its growth rates at 3.6%, recording an initial surplus of 1.8% by the end of June.
The Minister of Finance, Mohamed Maait disclosed that the public debt ratio declined to 87% at the end of June 2020 compared to 90.4% in the same period of 2019. Additionally, the budget deficit decreased to 7.9% by the end of June compared to 8.2% in the same period of 2019 despite COVID-19 pandemic.
The International Monetary Fund (IMF) expects Egypt’s revenues to increase by 20% during the fiscal year (FY) 2020/21 and the expenditures to drop by 25.4%.
The IMF expects the budget deficit to decrease to 5.2% in FY 2022/23 and to reach 3.8% in FY 2024/25.
According to the MoF, Egypt launched the first sovereign green bonds offer in London Stock Exchange (LSE) with a value of $750 million in a five-year term.
The Minister of Planning and Economic Development, Hala Al Saeed, declared that the government allocated EGP 447.3 billion to implement 691 green projects during FY 2020/21, representing 14% of the total public investments’ plan. The government added that it is targeting to increase projects to 30% in FY 2021/22.
Egyptian economy acquired an attractive position before the pandemic, where Egypt’s growth rates reached 5.6% in 2019, Hala Al Saeed, the Minister of Planning and Economic Development said that during a video conference held a with 70 representatives of French companies.
MPED’s program in cooperation with the International Islamic Trade Finance Corporation, approved $200 million for Egypt’s General Authority for Supply Commodities (GASC) to mitigate the pandemic effects.
The Ministry of Trade and Industry (MTI) announced that Egypt’s exports to MERCOSUR countries increased by 130% reaching $490 million in 2019 in comparison to $212 million in 2017.