Update – Egypt’s top business news June 27: Sisi discusses import rationalization, car industry
Egyptian trade Minister Tarek Kabil - YOUM7

CAIRO: No more browsing from site to site, view the top business news stories on June 27 here:

Sisi discusses import rationalization, local car industry with trade minister

President Abdel Fatah al-Sisi met with Minister of Trade and Industry Tarek Kabil Monday to discuss foreign trade and industrial development, especially the rationalization of imports and increasing exports. Import rationalization has amounted to $4.5 million from January to April, while exports increased by $260 million in the same period, Kabil was quoted in a presidential statement as saying.

The minister also presented the latest updates regarding the Damietta Furniture City being established as well as a city for tanneries in Cairo to reduce pollution.

Also on Monday, Sisi met with Prime Minister Sherif Ismail and Kabil a setting strategy to develop the local car industry in Egypt.

Budget deficit reached 13% due to lack of tourist influx, investment: Finance minister

The budget deficit has reached 13% because of difficult challenges facing the country such as the lack of tourist influx and investment, Finance Minister Amr al-Garhy said in a parliamentary speech Monday.

Egypt did not request reform program from IMF: CBE

The Central Bank of Egypt (CBE) has not requested a program for structural reform from the International Monetary Fund as the government has its own reform program and is being carried out with full conviction, according to a Monday statement by CBE amid rumors on Egyptian negotiations with the IMF.

Egypt to get $500 million, first installment of Saudi 1.5 loan for Sinai development

Egypt has agreed with Saudi Fund for Development to get $500 million, the first installment of $1.5 billion loan for carrying out development projects in Sinai Peninsula, Egypt’s Minister of International Cooperation Sahr Nasr told reporters Sunday evening at the Ministry headquarters.

She told Youm7 that there are three Arab funds have participated in establishing development projects in Sinai with value estimated at $2.5 billion. On June 1, Nasr announced that Egypt has received $500 million from Saudi Arabia, the first installment of $2.5 billion grant.

CBE Monetary Policy Committee to discuss interest rates Tuesday

The Central Bank of Egypt’s (CBE) Monetary Policy Committee will convene on Tuesday to review whether to raise or hold current benchmark interest rates including the overnight deposit rate and the overnight lending rate, Youm7 reported. On June 16, the committee has raised the interest rate by 100 basis points.

CBE put forwards 2.5 billion EGP in Treasury bonds Monday

The Central Bank of Egypt’s (CBE), on behalf of the Ministry of Finance, will auction three-year-term Treasury bonds with value estimated at 2.5 billion EGP Monday. It is expected that the state’s general budget deficit would reach 240 billion EGP this year, Youm7 reported.

EBA to review Egypt’s vision on construction projects until 2030

The Egyptian Businessmen Association (EBA) will convene Tuesday to review Egypt’s visions on the construction and building sector projects until 2030. The meeting will be attended by Minister of Housing Mostafa Madbouli and representatives from other concerned ministries, Youm7 reported Monday.

Brexit will not affect Egypt’s monetary policies: official

The CBE governor aide Ramy Ab- el-Naga has ruled out that the bank’s monetary policies could be affected by Britain’s exit from the European Union, Egypt’s state-owned news agency reported Monday. He added that the Brexit would have its impact on only the stock markets

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