Egypt Registers Primary Surplus of $5.2 Billion

Monthly inflation rate in Egypt fell below zero for the first time since December 2021. (Reuters)
Monthly inflation rate in Egypt fell below zero for the first time since December 2021. (Reuters)
TT
20

Egypt Registers Primary Surplus of $5.2 Billion

Monthly inflation rate in Egypt fell below zero for the first time since December 2021. (Reuters)
Monthly inflation rate in Egypt fell below zero for the first time since December 2021. (Reuters)

Egypt registered a primary surplus of EGP98.5 billion ($5.23 billion) in the 2021/22 financial year to June 30, the country’s finance ministry said on Thursday.

The overall budget deficit stood at 6.1% of GDP, the statement added.

Meanwhile, Egypt’s annual urban consumer inflation slowed to 13.2% year-on-year in June from 13.5% in May, data from the state statistics agency CAPMAS showed on Thursday.

Month on month, headline inflation eased 0.1%, compared to a 1.1% increase in May.

The sharpest annual price increases were in the food and drink, recreation, and restaurant and hotel sectors, according to CAPMAS.

The agency attributed the decline to an 18.8% drop in vegetable prices, and a 10.5% drop in fruit prices. The broader food and beverage index recorded -2.2% yoy in the country as a whole, and -1.8% in the cities.

Egypt, one of the world’s biggest wheat importers, has been hit by the knock-on effect of global commodity price rises that accelerated with Russia's invasion of Ukraine, though the government has absorbed some of that impact.

It has been working to mitigate the war’s effect on the tourism sector, knowing that Russian and Ukrainian tourists represented almost one third of the total number of visitors.

The Central Bank targets an inflation rate between 5% and 9%, but it said when it raised interest rates by 200 basis points in May that it would temporarily tolerate inflation above that level.

The committee kept rates unchanged in June, and its next meeting is scheduled for Aug. 18.

“Prices are somewhat stable globally as oil prices saw a fall recently,” said Noaman Khalid, an economist at Arqaam Capital. “Also, there were no commodity price hike decisions from the Egyptian government.”

Inflation trends in coming months would depend on whether Egypt would need to allow commodity prices to rise under the terms of an expected deal with the International Monetary Fund (IMF), he said.



Saudi Arabia: GEOSA Launches Geospatial Licensing and Permitting System

GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
TT
20

Saudi Arabia: GEOSA Launches Geospatial Licensing and Permitting System

GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA

The General Authority for Survey and Geospatial Information (GEOSA) has launched the Geospatial Licensing and Permitting System, an essential initiative designed to organize and promote geospatial economic activities.

The system aims to enhance the role of geospatial information in supporting and facilitating various sectors and national development initiatives.

The Geospatial Licensing and Permitting System seeks to create a unified regulatory and investment framework that encourages economic growth, localizes geospatial technologies, develops national geospatial capabilities, and enhances the efficiency and quality of geospatial services and products.

It also aims to foster geospatial innovation, optimize the use of geospatial information for informed decision-making, and increase the Kingdom's attractiveness as a premier investment destination for a sustainable and thriving economy.

In a speech on this occasion, GEOSA President Dr. Mohammed bin Yahya Al Sayel expressed his gratitude to the Saudi leadership for its support and commitment to empowering the surveying and geospatial information sector.

He also lauded the minister of defense and chairman of the GEOSA board of directors for his consistent support, which has been crucial in helping the authority achieve its goals.