Business News Wrap-Up

PM orders new transport fares to be published nationwide

Prime Minister Mostafa Madbouli has ordered new transport fares to be applied in nationwide.

LE1.5B to fund 1st, 2nd phases of lightning streets: Ministry

The Finance Ministry said that LE1.5 billion will fund the first and second phases of the project of upgrading the lightning of the streets nationwide to energy-saving headlamps.

A New Dawn for Egyptian-Mexican Trade Ties

An interview with CEO of the Mexican trade and investment agency ProMéxico Paulo Carreño King about the role of the Mexico-Egypt Business Council and his expectations for the council’s role in bilateral ties.

Egypt to receive 4th tranche of IMF loan in July: Minster

Egypt is expected to receive the fourth tranche of the International Monetary Fund’s (IMF) loan, valued at $2 billion, in July, Minister of Finance Mohamed Ma’it said Sunday.

Egypt's Suez canal reports record high $5.585B annual revenue

Egypt’s revenue from the Suez Canal for the 2017-2018 financial year rose 11.5 percent to a record high $5.585 billion (4.20 billion pounds), the canal authority said in a statement on its website on Sunday.

Official statements on cutting fuel subsidies

Egypt continues implementing its reform program by cutting its fuel subsidies for the fourth time since 2014, following the announcement of the decision, ministers of the new government, which was sworn in on Thursday, issued different statements related to the topic.

The Great Budgetary Expectations

A quick glance at the preliminary financial statement for Egypt’s 2018/19 budget shows that the government is highly optimistic about the country’s economy, targeting a 5.8 percent growth rate, compared to the current 5.2 percent, as well as slashing budget deficit from 10.9 percent in the fiscal year 2016/17 to 8.4 percent. Similarly, inflation is targeted to drop from 13 percent to 10 percent in the new budget, a rate well below the International Monetary Fund’s (IMF) estimated 15.2 percent and public debt to drop from 97 percent in the current fiscal year to 91 percent in 2018/19.

Egyptian gov’t sets new transportation fares, controls violations

Following the decision of raising fuel prices for the fourth time since 2014, the Egyptian government is intensifying its control campaigns on the markets to ensure the commitment of gas stations’ workers and drivers of different means of transportation to the new prices.

Egypt’s non-oil exports hit $10.7B in 5 months

Egypt’s non-petroleum exports recorded $10.7 billion during the first five months of 2018, according to Head of the General Organization for Export and Import Control Ismail Gaber.