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.

November 16 – November 22 coverage:

Egypt is on track to get the approval on receiving about $1.6 billion as a second tranche of its $5.2 billion International Monetary Fund’s (IMF) Stand-by Arrangement; after the first review of Egypt’s economic 12-month program, according to a statement.

The Central Bank of Egypt (CBE) has agreed to a year and a half extension to the four-and-a-half-year repurchase agreement (repo) signed with international banks in 2018, reaching six years, according to a press release.

The European Bank for Reconstruction and Development (EBRD) through Egypt’s Adwia Pharmaceuticals acquisition, alongside CDC Group and Development Partners International (DPI) allocated initial capital of $250 million and plans to provide an additional $500 million to establish a new platform to invest in pharmaceuticals across Africa, according to a press release.

Egypt’s unemployment rate fell to 7.3% in Q3 2020, returning to the pre-pandemic level; decreasing by 0.5% from the same period last year, according to a report by Capmas.

Germany plans to finance 11 new projects of EUR 132.8 million to support Youth and Environmental Sustainability for 2021 under the partnership between the Ministry of International Cooperation (MOIC) and GIZ, according to a statement.

Egypt’s economic growth is expected to reach about 4%, recording the highest levels of GDP in the MENA region between the period 2020-2024, according to a Fitch Solutions report.

Egypt rose three spots from 2019 to the 121st rank in the Legatum Prosperity Index 2020, according to a statement.

About 7,320 projects have been implemented by the Cabinet worth EGP 324 billion as public investments from July 2018 to December 2019, according to the Cabinet’s statement.

The government intends to pay out a second stimulus package to face COVID-19’s second wave, according to Mohamed Maait, the Finance Minister, which would be part of the EGP 100 billion allocated at the start of the pandemic, as reported in Al Arabeya.

The government raises its expectations for the current fiscal year (FY) 2020/21 towards economic growth to reach 3.5-3.8%, said Ahmed Kamaly, Deputy Minister for Planning Affairs at the Ministry of Planning, Monitoring and Administrative Reform, according to Al Borsa.

Tourism revenues decreased by 85-92%, ranging between $80 million and $150 million per month, compared to $1 billion per month last year, according to Al Mal.


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