Pre-Trading Thoughts

Budget deficit widened to 3.9% of GDP in 1Q FY 2023-24 from 2.1% a year earlier, largely due to the government’s spiraling interest bill. The government has downgraded its growth forecast for the current fiscal year to 3.5% down from the previous 4.2% forecast made last month. The IMF will move forward with Egypt’s USD3 billion loan program “soon". The Fund’s Managing Director Kristalina added on another note that that the IMF will very likely scale up Egypt’s current loan program due to the ...