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Monday, 29 June 2020

Your top 5 pieces of business and economic news in May

Your top 5 pieces of business and economic news in June:

  • IMF <3 Egypt: The IMF approved a one-year USD 5.2 bn standby loan for Egypt to help plug a balance of payments shortfall and finance its budget deficit.
  • Inflation at six-month lows: Inflation fell to a six-month low of 4.7% in May from 5.9% in April.
  • Gov’t imposes healthcare price cap: The Health Ministry introduced a price cap on covid-19 treatment on all healthcare providers. The cap was initially set at EGP 10k/day but later allowed companies to raise prices by another 20%.
  • Private sector activity slightly less bad in May: Non-oil private sector business activity fell at a slower rate in May, a month after the covid-19 pandemic caused the private sector to suffer its deepest contraction ever.
  • The Enterprise Covid-19 Poll: One word characterizes the Egyptian economy right now: uncertainty. This is what you told us when we asked our readers in the days before the Eid El Fitr holiday how you’re coping with covid.

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