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.

April 13 Coverage to April 19:

Egypt’s Balance of Payments (BoP) recorded a surplus of $1.5 billion in H1 2020/21 against a deficit of $9 billion in H1 2019/20.

The oil trade deficit improved to record only $54.2 million in H1 2020/21 compared to $733.3 million in H1 2019/20.

Net inflows of the capital and financial account grew by 75.2% to register $9.2 billion in the H1 2020/21.

Egypt targets a 2.8% growth in the current fiscal year (FY) 2020/21 and 5.4% in FY 2021/22.

The President approved a EUR 1.9 billion syndicated loan from a consortium of banks led by JPMorgan Chase to fund the monorail line project at the New Administrative Capital.

Turkey accounted for $504 million of the total Egyptian exports, whereas the US and Saudi Arabia accounted for $498 million and $456 million, respectively.

Over the past years, the Multilateral Investment Guarantee Agency (MIGA) has provided an influx of foreign direct investments (FDI) into Egypt of about $500 million in several sectors.


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