Al-Shorouk Economic Bulletin for Monday 9 May: £ 356 billion support grants in new budget



Prepared by: Amira Assi


Posted on: Monday, 9 May 2022 – 17:30 | Last updated: Monday 9 May 2022 – 17:30

“Al-Shorouk” presents to you the five in the evening bulletin, which deals with the most important news of the economy and the financial and business community that took place throughout the day.
Al-Shorouk Economic Bulletin monitors the most important economic news today, Monday, May 9, 2022, which came to the fore:
£ 356 billion in support and social protection grants in the new budget
Finance Minister Mohamed Maait has confirmed the increase in support and social protection grants, to £ 356 billion in the draft of the new general budget, contributing to the support of the sectors and groups most affected by the repercussions of the current global economic crisis, in a way that helps reduce its negative effects, in which a wave is woven Unprecedented inflation in the wake of the Corona pandemic, with the challenges of the Ukrainian crisis.
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Signing of grants between Egypt and the European Union worth 138 million euros
The Ministry of International Cooperation and the European Union organized a ceremony for the signing of a number of development funding grants within the framework of the Egyptian-European Partnership worth 138 million euros, to commemorate the state’s development efforts in various sectors, namely rural and to support communities. development, administrative reform, local development, environment and health. to support. development within the framework of Vision 2030, and to promote inclusive and sustainable growth.
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Grant of £ 1.1 trillion in public investment in the 2022-2023 fiscal year plan
Hala Al-Saeed, Minister of Planning and Economic Development, said the plan for the year 22-2023 aims to allocate around £ 1.1 trillion as public investment, representing 76% of total investment, compared to 350 billion pounds in private investment, at a rate of 24%, which explains that the state apparatus is allocated from public investment amounting to 376.4 billion EGP 410.9 billion for public economic authorities, at a rate of 27%, in addition to the investments of companies in the public business sector, estimated at EGP 75.7 billion.
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The Ministry of Finance aims to achieve a primary surplus of 1.5% in the next financial year
Mohamed Maaait, Minister of Finance, said: “In the next financial year 2022-2023 budget, we aim to record a primary surplus of £ 132 billion at a rate of 1.5% and reduce the total deficit to 6.1% of GDP, compared to up to a total deficit of 12.5% ​​at the end of June 2016. The debt rate is on a sustainable downward path to reach less than 75% of GDP over the next four years.
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Egypt aims to increase wheat self-sufficiency rates to 65% by 2025
Hala Al-Saeed, Minister of Planning and Economic Development, explained that the goal is to increase the self-sufficiency rates of wheat from 45% in 2020 to 65% by 2025, and of yellow maize from 24% to 32% during the same period. period, and from fava beans from 30% to About 80%, from 12% to 16% of lentils, from 3% to 10% of oilseeds, from 57% to 65% of red meat, and from 82% to 85% of fish.
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£ 6 billion grant to continue funding the exporter support program

Finance Minister Mohamed Maait said £ 5 billion had been allocated to bear the financial burdens resulting from the reduction of electricity prices for the industrial sector, and about £ 1.5 billion to bear the cost of property taxes on the industrial sector, with a commitment to provide the financial allocations needed to respond quickly to the £ 6 billion export burden on exporters in order to continue funding the Exporters Support Program; This will provide them with the cash needed to continue the production cycle and stimulate exports.
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Tourism extends the period for submitting applications for Hajj companies

The Chamber of Travel and Tourism Companies and Agencies has decided to extend the period for the provision of tourism companies wishing to organize Hajj trips for this year, which was scheduled to be closed yesterday, Sunday, until the closing date for the names of citizens who wants to register in the tourist Hajj lottery for this season, which will be announced soon and immediately Issuance of Hajj regulations by the Ministry of Tourism and Antiquities, while the Chamber has not specified a specific date for the closing of the submission door not, as previously followed.
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£ 45.9 billion in investment in health services in the 2022 plan
2023
Hala Al-Saeed, Minister of Planning, said the plan (22/2023) aims to target £ 45.9 billion in public investment to the health services sector, to implement development projects to develop and improve health services, including comprehensive health insurance, and includes the establishment and development of 94 hospitals and 448 health units, and the establishment and development of 148 A-hospital affiliated with the Secretariat of Specialized Medical Centers, in addition to providing 1,500 intensive care beds in all governorates, with a focus on 6 priority governorates (Qena, Beheira, Sohag, Minya, Suez, Giza), and an increase in state hospital beds by 11%.
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Order of export control to issue certificates of free sale of exported goods and products

Nevin Jameh, Minister of Trade and Industry, has issued a decision with the competence of the General Organization for Export and Import Control to issue certificates for the free sale of goods and industrial products required in the export of these certificates. Exports and imports in accordance with the conditions, procedures and rules implemented for the provisions of this resolution.
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The global inflation rate is expected to rise to 6.2% in a year’s
2022
Hala Al-Saeed, Minister of Planning and Economic Development, said international institutions and international credit rating agencies expect a decline in the growth rate of the world economy from 5.9% in 2021 to 4.4% in 2022, and in some estimates to 3 , 6%, and then to 3.2% in 2023, as well as an increase in the growth rate. Global inflation to 6.2% in 2022, after being limited to 4.4% in 2021, and only 2.8% in 2020.
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Gold is 55 pounds, and 21 carats is 1175 pounds

The price of gold in the local goldsmith markets dropped by 55 pounds during today’s trading, bringing the price of the 21 carat gram top seller in Egypt to around 1175 pounds, compared to 1230 pounds at the end of last year Saturday’s trading, and the price of a gram of 18 carat gold dropped to 1000 pounds, The 24 carat gram gained about 1,340 pounds, and the price of the gold pound dropped by 440 pounds to 9,400 pounds, as a result of the fall in yellow metal prices in global stock exchanges, according to Naguib Club, the former general secretary of the Goldsmiths division at the Cairo Chamber of Commerce.
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The Export Industry Council launches a trade mission to Angola

The Engineering Industry Export Council is preparing to organize a trade mission to Angola during the period from 27 June to 1 July 2022, as part of a plan to increase exports and gain access to the African market, which is one of the most important markets are what is focused. by the Export Council.Mai Helmy said that the mission 8 Target sectors in the engineering industries are the household and electrical appliances sector, electrical and electronic industries, pumps, boilers, engines, means of transport, machinery and equipment, automotive components, agricultural machinery, cutlery and kitchen.
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The Central Bank offers bonds and treasury bills worth £ 24.5 billion

Today, Monday, the Central Bank of Egypt issued bonds and bonds worth £ 24.5 billion, in coordination with the Ministry of Finance, to finance the budget deficit. One billion pounds for a period of 91 days, and the value of the second offer amounted to 10 billion pounds for a period of 273 days.

Stock market losses are close to 2%.
After 5 sessions of consecutive gains, the Egyptian Stock Exchange fell today, Monday, and its losses approached 2%, and its main index fell below 11,000 points again, and the main index EGX 30 fell by 1.8%, reaching the level of 10908 points.
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Oil prices deepen their losses to 3%
Global oil prices deepened their losses by about 3% during trading today, Monday 9 May, due to weak Chinese data and fears of a global recession that could weaken demand for crude oil. – fell by 2.9%, reaching its price of 106.65 dollars per barrel.

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