A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
December 14 Coverage to December 20:
The International Monetary Fund (IMF) completed the first review of Egypt’s economic reform program, and allowed the withdrawal of $ 1.67 billion; reaching $3.6 billion as the total withdrawn amount.
Egypt ranked the 83rd among 166 countries in the Sustainable Development Index in 2020, rising from the 92nd rank in 2019, Hala Al Saeed, the Minister of Planning and Economic Development, announced.
The Egyptian economy was supported by the allocation of EGP 100 billion, representing 2% from the GDP, during COVID-19 pandemic, according to the Cabinet.
Egypt has implemented 416 projects in electricity and renewable energy with investments estimated at EGP 95.6 billion during the past two fiscal years (FYs) 2018/19 and 2019/20, according to the Ministry of Planning and Economic Development (MPED).
The state has allocated EGP 65 billion for higher education in FY 2020/21, increasing by 160% compared to EGP 25 billion in FY 2014/15, MPED reported.
Public debt to GDP ratio decreased to 87.5% during FY 2019/20, compared to 90.2% in FY 2018/19 and 108% in FY 2016/17, according to the Cabinet’s press release, reviewing economic performance indicators during 2020.
Egypt’s public revenues increased by 14% during the past five months, the Minister of Finance, Mohamed Maait, declared.
Egypt’s budget deficit to GDP ratio declined to 8% during FY 2019/20, compared to 8.1% in FY 2019/18 and 10.9% in FY 2016/17, according to the Cabinet’s press release, reviewing economic performance indicators during 2020.
The Egyptian exports succeeded to cope with COVID-19 pandemic during the period from January to October 2020, reaching $22.8 billion compared to $25.3 billion during the same period of 2019 and $18.4 billion during 2016, according to the Cabinet’s press release, reviewing economic performance indicators during 2020.
The US dollar to Egyptian pound’s exchange rate dropped to EGP 15.7 in November 2020 compared to EGP 16.2 during the same month of 2019 and EGP 18.1 in November 2016, when EGP was devaluated, according to the Cabinet’s press release, reviewing economic performance indicators during 2020.