Al-Sisi's election victory is an economic bonus thanks to military, judicial and bureaucratic support, report stated.
(AFP PHOTO /
Despite "unpopular measures" to cut the energy subsidies bill in the new budget to reduce debts, hopes are high that Al-Sisi will introduce stability on the political front. The report, prepared by British banking and financial service company Standard and Chartered, also added that these changes would initiate reforms to boost the economy.
The report noted that the Gulf assistance packages have helped
Commenting on his economic plan, the report said that President Al-Sisi has outlined "an ambitious strategy" to revive the economy and deal with unemployment issue.
Al-Sisi pointed out in his inaugural speech from the
With regard to the development projects which Al-Sisi said he will adopt, the report said that the Development Corridor project is estimated to cost over
However, it expected that the
The country's annual urban consumer inflation slumped to 8.2% in May, down from 8.8% in April, the
In April, the CBE kept its official interest rate on hold for the third consecutive time "to balance increasing inflation rates", it said. The state's bank kept interest rates unchanged for two consecutive months in January and February after cutting it by 50 basis points in December.
Citing it as a positive outlook, the report mentioned: "The EGX 30 Index rallied to 8,727 points on 22 May, up more than 93% since the caretaker government took office in
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