Al Ahly Pharos
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The Finance Ministry yesterday released its preliminary budget report: growth projection slashed again to 4.0%, inflation targets revised upwards to an average of 18.1%, and budget deficit to widen slightly by 0.1 percentage point to 7.3%. The
Market Overview MASRORHDEMFDESRSALCNprepared by : Mayada Amin- CETA, CFTe
The IMF has maintained its projection for Egypt’s real GDP growth in FY2023/24 at 3%, and to rebound to 4.4 percent in FY2024/25.Interest payments in the state budget FY2024/25 are estimated at EGP1.8 trillion, about 70% of the total revenues o
The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs.World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage po
Market Overview ORWEHRHOSWDY EKHOASUGRESRSprepared by: Mayada Amin, CETA - CFTe
The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024. Annual urban inflation receded to 33.3% YoY in March
Market Overview ALCNEKHOA PHDCABUK MFPCprepared by: Mayada Amin- CETA, CFTe
The National Council of Wages raised the minimum wage for private sector workers by 71% to EGP6,000 starting in May.The Central Bank of Egypt is looking into imposing fines on importers who refuse to move their goods from ports even after recei
Trade deficit amounted to USD2.08 billion in January, compared to USD3.32 billion for the same month in 2023, a decrease of 37.2%.The Italian "Eni" revealed that it spent USD230 million in 2023 on the development works in Zohr Field, bringing i
Net International reserves surged to record USD 40.46 billion in March, up from USD35.31 billion in February.Foreign investors have poured USD17.8 bn into Egyptian government debt in the first quarter of 2024.The cabinet approved the new EGP120
Market Overview HELIORASAMOCSKPCprepared by: Mayada Amin- CETA, CFTe
Government sources said that the Ministry of Finance has raised expected VAT revenues in the next fiscal year to EGP835 billion, an increase of 25% over the budget estimates for the current year 2023-2024, due to high inflation rates.Egypt Purc
Market Overview AMOCORASSKPCMFPCAFDIprepared by: Mayada Amin- CETA, CFTe
The IMF is scheduled to complete its third review of Egypt's USD8 billion loan deal by the end of June, and its last review by 2026. The remaining five reviews will take place every six months, with each disbursement programmed to be around USD
Market Overview BTFHSUGRSWDY PHDCHELIMFPCSKPCEFIHORASPrepared by: Mayada Amin- CETA, CFTe
The Prime Minister approved a new EGP120 billion program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies.The European Union is looking to deliver the first tranche, EUR1 billion, of the b
Market overview TMGHESRSSWDYEKHOPrepared by: Mayada Amin- CETA, CFTe
The IMF Board completed the First and Second Reviews for Egypt and approved an augmentation of the original program by about USD5 billion, allowing the authorities to draw the equivalent of about USD820 million. Egypt will receive the first tra
Minister of Planning said that priority in the FY2024/25 budget's development plan has been given to establishing and expanding water and food security projects. The Council agreed on the draft budget for FY 2024-25, as well as the budgets of p
The government has begun paying back nearly 20% of the arrears it owes to international oil companies (IOCs) operating in the country, with a structured plan now in place to clear the remaining debt in stages over the coming period.The Emirati
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