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.

January 11 Coverage to January 18:

The Cabinet has approved an additional EGP 2 billion in the current fiscal year (FY) 2020/21, to support the economy through the pandemic.

The Cabinet announced achieving an initial surplus of about EGP 14 billion during H1 2020/21, despite the pandemic.

The Ministry of Finance (MoF) has provided additional financing of EGP 28 billion to a number of public entities and has allocated EGP 130 billion as public investments in H1 2020/21, to support Egypt’s investment plan.

The Minister of Finance, Mohamed Maait, said that the government has spent EGP 21 billion to support the exporting sector and exporters through six initiatives from October 2019 to November 2020, the Cabinet reported.

The Egyptian Commercial Service (ECS) provided export opportunities of $573 million through 23 trade missions during 2020, the Ministry of Trade and Industry (MTI) reported.

The International Islamic Trade Finance Corporation (ITFC) current portfolio in Egypt reached $11.2 billion, Ministry of Planning and Economic Development (MPED) stated.

ITFC will extend its integrated financing solutions in Egypt by $1.1 billion in 2021, MPED announced.

The International Monetary Fund (IMF) raises its expectations towards Egypt’s economic growth to 2.8% during FY 2020/21 from its expectations of 2% in June 2020, according to MPED.

Multilateral and bilateral international development partners allocated $9.8 billion in Egypt’s development process in 2020; of which $3.2 billion directed to the private sector, Rania Al Mashat, the Minister of International Cooperation, said in an interview with Bloomberg.

Egypt implemented more than 377 projects worth $ 25.6 billion in various sectors to achieve 2030 Sustainable Development Goals (SDGs), Rania Al Mashat, the Minister of International Cooperation, said in an interview with Bloomberg.

The European Bank for Reconstruction and Development (EBRD), invested EUR 784 million in 2020, in liquidity lines for local banks, the Minister of International Cooperation, Rania Al Mashat, said.


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