A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
March 19 to March 25 Coverage:
Egypt’s long term foreign-currency issuer default rating (IDR) has been upgraded from ‘B’ to ‘B+’, Fitch Ratings announced.
Egyptian President Abdel Fattah El Sisi met with Iraqi PM Adil Abdul-Mahdi and Jordanian King Abdullah in a tripartite summit to discuss cooperation and integration between the three countries.
Fitch Ratings expected Egypt’s external debt service to reach an average of 12% of its current external receipts, in 2019/20. Fitch said that this will be in line with Egypt’s current ‘B’ peer median.
Egypt saw huge investments of around EGP 4 trillion in mega projects across different sectors from July 2014 until June 2020, according to Al Mal News.
The Egyptian government plan to decrease the public debt to 80% of GDP by 2022 has started, Ahram Newspaper reported.
Small projects targeting Egyptian women increased to 69% in 2018, an official at the World Bank revealed, according to Egypt Independent.
Egypt successfully increased profits by 80% during the four years from FY 2013/14 to FY 2017/18, reaching around EGP 821.1 billion in 2018/19 budget, according to Al Mal News.
