House of Representatives refers FY 2026-27 draft budget to Planning Committee

Good afternoon, ladies and gents, and happy almost weekend. In line with the weather, we’ve got a brisk and breezy issue for you this afternoon. We’re kicking things off with the incredible story of Hoda Elshorbagy, an Egyptian wheelchair racer who taught herself to race via YouTube and just cracked the top 10 at the Boston Marathon. We also take a look at a book that dissects the art of storytelling to help you master your own narrative.

As usual, first up, the news…

THE BIG STORY TODAY-

📍 House refers draft budget to Planning Committee: House Speaker Hisham Badawi referred the FY 2026-27 draft budget to the House Planning and Budget Committee for review. The committee will prepare a report on the bill ahead of its final approval before the end of the current fiscal year in June.

What to expect from the budget: The budget is anchored by projected revenues of EGP 4 tn — driven by an EGP 3.5 tn tax receipt target — and EGP 5.1 tn in expenditures. The plan aims for a 5% primary surplus and a narrowed 4.9% overall deficit, down from the 6%+ projected for the end of the current fiscal year. Central to the state’s de-risking strategy is a push to bring the debt-to-GDP ratio down to 78% by June 2027 while trimming external debt by USD 2 bn annually.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

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THE BIG STORY ABROAD-

🌐 Dominating front pages this afternoon is Iran’s seizure of two ships in the Strait of Hormuz, coming shortly after US President Donald Trump announced an extended ceasefire. The UK had also reported earlier that a container ship came under fire near Omani waters. Iran’s Revolutionary Guard Navy stated it carried out the seizures for maritime violations and escorted the vessels to Iranian shores.

The extended ceasefire, prompted by Pakistani mediation, still includes the US Navy blockade on Iranian trade, Trump said in a statement on Truth Social. Meanwhile, Iran has not agreed to the extension and stated it will not attend further talks with the US.

^^Read more on: Bloomberg, Reuters, and the Financial Times.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Prime Minister Mostafa Madbouly addressed the House of Representatives yesterday on the fallout from the conflict in Iran, signaling the Cabinet is bracing for what could be an extended crisis;
• NBE and Banque Misr raised interest rates on three-year fixed-interest certificates of deposit by 125 bps. NBE’s Platinum Certificate and Banque Misr’s Al Qimma Certificate will each offer monthly rates of 17.25%;
• Private equity firm B Investments is entering Egypt’s higher education sector by pouring EGP 560 mn into the European Universities in Egypt hub;
• The Onsi Sawiris School of Business at the American University in Cairo was just named this year’s top business school in Africa by Paris-based global higher education ranking agency Eduniversal.

☀️ TOMORROW’S WEATHER- Temperatures are back on the up in C-town, with the mercury set to peak at 30°C, with a low of 19°C, according to our favorite weather app.