Your top 5 pieces of business and economic news in May

Your top 5 pieces of business and economic news in May:

• The IMF’s USD 2.8 bn rapid financing instrument landed in Egypt to help support the country’s balance of payments.
• The Madbouly Cabinet approved a draft law to impose a 1% tax on everyone’s salary, except those earning less than EGP 2k a month.
• Egypt’s purchasing managers’ index (PMI) plunged to a record low of 29.7 in April on muted demand.
• Parliament approved the long-awaited Banking and Central Bank Act with new provisions.
• Hotels began reopening to domestic tourists under strict conditions.