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Sunday, 20 May 2018

Trade deficit narrows by 11% y-o-y in 9M2017-18 – Planning Minister at Cabinet meeting

CABINET WATCH- Egypt’s trade deficit narrowed by 11% y-o-y to EGP 26.8 bn in 9M2017-18, from EGP 30 bn in the same period last year, said Planning Minister Hala El Said during Thursday’s Cabinet meeting, according to an official statement. Non-oil exports for the nine-month period rose 12% y-o-y to EGP 17.5 bn, up from EGP 15.6 bn in the comparable period last fiscal year. Non-oil imports also dropped 3% y-o-y to EGP 44.4 bn.

Latest in state drive to make it easier to formalize land ownership: The Ismail Cabinet approved on Thursday lowering government inspection fees of EGP 2,000-10,000 on requests to legalize land ownership status, the deadline for which expires on 14 June.

Cabinet also signed off on proposed amendments to the national building code and has passed the bill on to parliament. The amendments give the the Local Development Authority power to award building and operating licenses for commercial and logistical projects, which is meant to facilitate processes and expand the agency’s role. Other decisions from Thursday include:

  • Review plans to partner with an international firm on the renovation of the Shepherd Hotel in downtown Cairo;
  • A new law proposal to establish and govern tech universities that would be built first in New Cairo, Beni Suef, and Quesna.

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