Pre-Trading Thoughts

*Key news articles for today* The World Bank has downgraded its Egypt growth outlook in FY23/24 to 4.0%, down 0.8% from its last forecast in January. Net foreign reserves inched up to USD34.66 billion in May from USD34.55 billion in April. The Minister of Finance said that the government is committed to reducing debt to less than 80% of the GDP by FY26/27. The budget deficit increased to 5.55% of GDP to EGP545.7 billion in 9M22/23, versus 4.89% in the comparative period of l...