The state recorded a primary surplus of EGP 330 bn in 8M FY24-25

Good morning, ladies and gentlemen. It appears the Ramadan news slowdown has taken a break for the day — we have a packed issue for you this morning led with news of upcoming amendments to the VAT Law, a hike to fuel prices, and fresh Indian investments as Investment Minister Hassan El Khatib continues to drum up investments during his official visit.

So, when do we eat? Maghrib prayers are at 6:06pm in the capital, and you’ll have until 4:32am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- After a few warm days, the temps are dropping once again. Cairo is in for a high of 24°C and a low of 12°C, according to our favorite weather app.

It’s a tad cooler in Alexandria, with a high of 20°C and a low of 12°C.

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DATA POINT-

How are we doing this fiscal year? The state recorded a primary surplus of EGP 330 bn in the eight months between July 2024 and February 2025, Finance Minister Ahmed Kouchouk said during a meeting with Prime Minister Moustafa Madbouly. Kouchouk said that this is the highest surplus achieved during the period. Meanwhile, tax revenues rose 38.4% y-o-y during the eight months, marking its highest growth rate in years.

CIRCLE YOUR CALENDAR-

You can now apply to the Australian government’s master’s scholarship program Australia Awards. The scholarship program grants funding for citizens of certain African nations — including Egypt — to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion. Applications are open until 30 April, and women, people with disabilities, and marginalized groups are encouraged to apply. You can find out more about the program here (pdf) and apply through the Australia Awards website.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

One story is on every front page this morning: The anticipated phone call between US President Donald Trump and Russian President Vladimir Putin ended with Putin agreeing to halt strikes on Ukrainian energy and infrastructure facilities for 30 days. The discussion also touched on tensions in the Middle East, with the two sides saying they would make “joint efforts to stabilize the situation in crisis zones.” Trump described the conversation as “a very good and productive one,” in a post on his social media platform Truth. He said the two sides “will be working quickly to have a complete ceasefire and, ultimately, an end to this very horrible war.” (Bloomberg | Reuters | Financial Times | New York Times)

ALSO MAKING HEADLINES- Gaza sees deadliest day in two months: Israeli airstrikes and shelling killed more than 400 Palestinians in Gaza yesterday, marking the deadliest day in the strip in over two months. The attacks marked the collapse of January’s ceasefire agreement, dashing any immediate hopes of extending the truce into its second phase, originally set to begin this month. Israel vowed to escalate its military operations, with Prime Minister Benjamin Netanyahu’s office saying it would act with “increased military strength.” (BBC | CNN | New York Times | AP)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at Mostakbal Misr’s efforts to bolster food security and its plans to reclaim 4.5 mn feddans for agriculture by 2027.