The IMF predicts global growth will slow to 2.7% in 2023, 0.2% lower than its July forecast.

The IMF revised its forecast for Egypt’s economic growth during FY2022/23 to 4.4%, compared to 4.8% that was projected in July.

Egypt external debt decreased to USD155.7 billion by the end of June 2022, compared to USD157.8 billion at the end of March.

The trade deficit decreased to USD2.7 billion during July 2022, down 29% YoY. Exports increased by 2.2% YoY to record USD3.13 billion during July 2022. Imports decreased by 14.8% YoY to record USD5.81 billion during July 2022.

Egyptian National Railways secured a EUR40 million loan from the European Bank for Reconstruction and Development to partially finance work on the Robeiky-10th of Ramadan-Belbeis freight and passenger railway line.

MCQE, MBSC, and SCEM sent releases to EGX confirming that they will not be affected by the recent natural gas price hike, since they do not use natural gas to operate their production lines.

Kima stated in an EGX release yesterday that it will not be impacted by the latest natural gas price hike given that it does not use the ethane propane mixture. 

Local media stated that SKPC shall decide on the acquisition process of 80% of Ethydco within one month.

Mobile phone imports dropped by 100% YoY in July to stand at USD69k.

e&’s tech solutions arm, e& Enterprise, will enter the Egyptian market before the end of the year.

The Ministry of Communications and Information Technology is studying possible investment opportunities with Lenovo and Huawei in Egypt.

Egypt is arranging direct charter flights between Doha and Hurghada and Sharm El Sheikh during the upcoming World Cup.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 97.1 | 9.4%
| Diesel-HSFO Spread, USD/ton | 800.1 | 29.2%
| Egypt Urea, USD/ton | 760.0 | -10.6%
| Polyethylene, USD/ton | 1,150.0 | 0.0%
| Polypropylene, USD/ton | 1,015.0 | -1.9%
| Steel/Iron Ore Spreads, USD/ton | 491.9 | 4.0%
| LME Aluminum Cash Price, USD/ton | 2,300.5 | 4.1%
| Egyptian Retail Cement, EGP/ton | 1,445.0 | 0.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 385.8 | -3.9%