Egypt’s business digest Oct. 31: GDP growth climbs to 4.3 pct in 2015/16 – Prime Minister
Minister of Petroleum Sherif Ismail - YOUM7 (Archive)

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Egypt’s GDP growth climbs to 4.3 pct in 2015/16 – Prime Minister

(Reuters) Egypt’s gross domestic product (GDP) growth for 2015/16 climbed to 4.3 percent from 4.2 percent in the previous year, Egypt’s Prime Minister Sherif Ismail told Reuters on Monday.

The budget deficit widened to 12.1 percent, Ismail said, from 11.5 percent a year earlier.

The prime minister’s GDP figure differed from a report from two finance ministry officials earlier on Monday that Egypt’s GDP grew 3.8 percent in 2015/16. Both figures were lower than the targeted growth of 5 percent for the year.


Egypt’s 2015-2016 budget deficit widens to 12.2 pct, GDP growth slows to 3.8 pct-officials

(Reuters) Egypt’s budget deficit for 2015-2016 reached 12.2 percent, up from 11.5 percent a year earlier, Deputy Finance Minister for Treasury Affairs Mohamed Muait told Reuters on Monday.

Two other finance ministry officials said that growth for the year reached 3.8 percent, lower than the targeted growth of 5 percent, and down the 4.2 percent growth in the previous year.


Egypt talks with WFP to ‘widen’ food aid to poor students

Egyptian Minister of International Cooperation Sahar Nasr met with World Food Program Director-General Menghestab Haile on Sunday to discuss the ways of widening food aid to larger amount of students over 14 governorates to stop the phenomena of dropping out the schools and the child labor.

In September 2014, Egypt, EU, and WFP have signed an agreement, per which a 60 million euro ($77 million) project aimed to reduce child labor in Egypt and encourage access to education over the next four years.


Egypt’s Ministry of Finance borrows 2 bln in T-bonds

Egyptian Ministry of Finance, via the Central Bank of Egypt (CBE), will borrow a total of 2 billion EGP in treasury bonds (T-bonds) on Monday, according to the CBE data.

The offer is divided into two installments; the first auction is worth at 1.5 billion Egypt for three-year term, while the second seven-year-term offer is worth 0.5 billion EGP.

It is expected that the state’s general budget deficit could reach 322 billion EGP by the end of Fiscal year of 2016/2017. Auctioning the treasury bills and bonds are the government’s financial tools of borrowing.


USD exchange rate ‘stable,’ reaches 8.78 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Monday 8.58 EGP for sale and 8.88 for purchase. Euro exchange rate reached 9.76 EGP for purchase and 9.78 EGP for sale.

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