Business Today - Dec 2022 - Jan 2023 issue

In Brief Egypt
Non-petroleum exports increase to $11.575B
in 11 months: Industry Ministry
Minister of Trade Ahmed Samir
announced that Egypt’s nonpetroleum
exports managed, in the
first 11 months of 2022, to achieve
positive indexes and rose to $11.575
billion at an 11% increase.
The exports reached $32.575 billion
in comparison to $29.405 billion
during the same period in 2021, he
noted, adding that total Egyptian
exports will reach $35 billion by the
end of 2022.
These positive indexes reflect the
ability of the Egyptian export sectors
to handle current international economic
challenges resulting from the
repercussions of the Russia-Ukraine
crisis and coronavirus pandemic,
Samir said.
At present the ministry is working
on improving the rates of Egyptian
exports to different regional and
international markets, Samir stated.
Egypt’s general budget
achieves primary
surplus of EGP 10.2B
at 0.1% of GDP
The monthly report of the
Egyptian Ministry of Finance
revealed that the state’s general
budget achieved a primary
surplus of EGP 10.2 billion
during the period from July
to September of the fiscal year
2022/2023, at a rate of 0.1% of
GDP, compared to a deficit of
0.09% during the same period
of the previous fiscal year.
The growth reflects an
increase in budget revenues of
15.6% during the first quarter of
the current fiscal year, to reach
258.9 billion pounds, despite
the increase in banks by about
19.2% compared to the same
period in the last fiscal year.
Suez Canal Authority fund not backdoor for selling the canal: SCA
The Suez Canal Authority (SCA) denied the
government’s intention to establish the Suez Canal
Authority Fund as a back door for selling the canal.
The SCA stressed that the canal and its management
will remain wholly owned by the Egyptian state and
subject to its sovereignty, and the entire staff of the
Canal Authority, including employees, technicians
and administrators, will remain Egyptian citizens.
“The aim of establishing a fund owned by the
Canal Authority is to increase the authority’s ability to
contribute to the sustainable economic development
of the Canal Authority facility and develop it through
optimal utilization of its funds in accordance with the
best international standards and rules to maximize its
value,” the Cabinet stated earlier.
It emphasized that the fund would support the
authority to confront crises and emergencies that
occur as a result of any exceptional circumstances
or economic conditions, noting that all the fund’s
accounts are subject to the supervision of the Central
Auditing Organization.
The House of Representatives sparked the debate
in its session due to the discussion of a proposed
bill on amending some articles of Law 30 of 1975
on the Suez Canal Authority system which calls for
transforming the authority into an independent
fund.
www.BusinessTodayEgypt.com
January 2023
13