Pre-Trading Thoughts

Ministry of Finance revised its projection for the budget's overall deficit to 6.9% of GDP up from 6.7% in FY21/22 Minister of Finance said that the budget's primary balance recorded a surplus of EGP3.2 billion in 1HFY2021/22, on the back on a 16% YoY growth in tax revenues Non-oil exports rose 26% YoY to hit a record USD32 billion in 2021 Cabinet gave the green light to the first international issuance of sovereign sukuk in 1H2022 Foreign direct investments in new and renewable energy projec...