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 28 Coverage to May 9:

Egypt’s Net International Reserves (NIR) has recorded $40.343 billion at the end of April 2021, the Central Bank of Egypt (CBE) announced.

IHS Markit Egypt Purchasing Managers’ Index (PMI) declined to 47.7 in April falling from 48 in March.

The International Finance Corporation (IFC) pumped  $412 million to the Egyptian private sector during 2020, Minister of International Cooperation, Rania Al-Mashat declared.

IFC’s total investment in Egypt reached $4 billion during the past decade, Minister of International Cooperation, Rania Al-Mashat stated.

Current cooperation portfolio between Egypt and Germany amounts to EUR 1.7 billion on various sectors including water, energy, urban development, and economic development, Ministry of International Cooperation (MOIC), reported.

Egypt and German Agency for International Cooperation (GIZ) are currently implementing 14 projects estimated at EUR 117.8 million in different sectors, MOIC stated.

MOIC has signed seven grant agreements worth $112.5 million with the United States Agency for International Development (USAID) during 2020 to develop the state’s priority growth sectors.

The total cooperation portfolio between Egypt and USAID amounts to more than $30 billion in various sectors including health and population, and education and employment, MOIC cited.

Egypt targets to achieve economic growth rate of 5.4% during fiscal year (FY) 2021/22, Ministry of Planning and Economic Development (MPED) declared.

Suez Canal revenues are expected to reach $ 6 billion during FY 2021/22 while foreign investment is expected to increase to $7.4 billion, MPED stated.

Egypt’s unemployment rate is expected to reach an average of 7.5% at the end of FY 2020/21 and is targeted to reach 7.3% at the end of FY 2021/22, MPED reported.

S&P Global Ratings keeps Egypt’s sovereign credit ratings at B/B for the long and short-term with stable outlook reflects expectation that the pressures on external and government debt metrics will be temporary and gradually decline from 2022, supported by growth in GDP and current account receipts (CARs).


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