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Budget deficit almost doubles in 1Q FY 23-24
Public finances are being squeezed by rising borrowing costs, which has caused the government’s interest bill to spike 120% y-o-y
Cabinet extends budget cutbacks through to June 2024 amid FX crisis
The cabinet brings back restrictions on USD government spending
Budget deficit to widen to 10.7% this fiscal year -IMF
The Fund expects government spending to rise faster than previously expected while revenues will remain flat
Budget deficit unexpectedly narrows in FY 2022-2023 -FinMin
The budget deficit narrowed 0.1 percentage points y-o-y to 6.0%
FinMin wants to raise USD 3 bn in debt by the end of 2023. PLUS: Quick economic update from Maait
Egypt has only tapped the int’l debt markets once since March 2022
FY 2023-24 budget passes the House
PLUS: Unified Budget Act exec regs to be issued “within weeks,” says Maait
MPs voice concern over public borrowing as budget debates kick off in the House
Majority parties voiced their support for the budget
Good news, bad news on the macro front + IMF deputy MD is in town next week
Good morning, friends, and a very happy FRIDAY. For those of us whose children finished exams (and young, precocious readers…
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