Egypt will roll out its EGP 9.2 trillion budget for the fiscal year 2022/23 (FY 22/23) on July 1, the highest allocation in the country’s history. The new budget comes as Egypt navigates challenges driven by the Russia-Ukraine war, rising food and energy prices as well as the already existing impacts of the COVID-19 pandemic. Total expenditure is projected to rise in FY 22/23 by 15.1%, reaching over EGP 2 trillion compared to the current EGP 1.8 trillion, according to the budget plan. Total revenues are expected to increase by 16.2% to EGP 1.5 trillion, up from EGP 1.3 trillion…
Author: Doaa A.Moneim
Egypt’s decision to increase the private sector’s share in the economy to 65% is set to lure in more investors in the agriculture sector, the mainstay of the country’s economy. Leaders in the agriculture sector are looking to new technologies and policy shifts that will not only make Egypt a self-sufficient producer, but also an exporter of agricultural commodities, which will contribute positively to the country’s GDP. This won’t happen without the government working hand-in-hand with the private sector towards an enabling investment environment, said Atsuko Toda Acting vice president for Agriculture, Human and Social Development at African Development Bank…
Egypt saw its highest inflation rate in almost two and a half years in April, and analysts expect it to remain high throughout 2022. As the country wrestles with the global turmoil of the Russia-Ukraine war and lingering global supply chain disruptions, the Central Bank of Egypt (CBE) is trying to find the right balance of interest rates to contain the spiraling prices. The Monetary Policy Committee (MPC) of the CBE decided on May 19 to raise interest rates for the second time since March by 200 basis points, bringing the overnight deposit rate, overnight lending rate, and the rate…
Egypt’s exports managed to hit an all-time high of $31 billion in 2021, despite the economic challenges created by the ongoing COVID-19 pandemic. Hoping to build on that momentum, the government has set a target to reach $100 billion in exports over the coming three years, in part by boosting key sectors. Ready-made garments (RMG), a key segment of Egypt’s textiles and clothing sector, is one of five key industries included in the Ministry of Trade and Industry national strategy to improve the competitiveness of the Egyptian market. In 2021 RMG exports grew to reach its all-high time level as…