A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
March 29 Coverage to April 5:
Net international reserves (NIR) slightly increased by 0.34% recording $40.3 million in March against $40.2 million in February.
The trade deficit improved to $3.15 billion in January against $3.85 billion during the same period last year, indicating a decline of 18.2%.
The Sovereign Fund of Egypt (SFE) has committed EGP 250 million to the EFG Hermes Education Fund to establish two schools in West Cairo.
The Cabinet announced that public sector employees who are not covered by the Civil Service Act will get a 13% raise on their basic salaries on July 1.
The Ministry of Planning and Economic Development (MPED) has completed 509 projects in Beni Suef valued at EGP 7.3 billion.
The state’s public treasury has paid EGP 288 billion to the National Organization For Social Insurance (NOSI) in 21 months to pay the dues to insurance funds accumulated for over 50 years.
The state’s public treasury will allocate about EGP 180 billion to NOSI in the fiscal year (FY) 2021/22 budget towards insurance funds dues.
Deputy Tourism Minister Ghada Shalabi stated that Egypt earned about $600-800 million in tourism revenues in Q1 2021.