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Economy news today.. Minister of Finance: We have achieved good results during the current fiscal year


Today, Thursday 6/24-2021, witnessed a number of economic events that were monitored on the pages of the seventh day, the most important of which was the announcement by the Ministry of Finance that the state achieved good results during the current year despite the Corona crisis.


Finance Minister: We achieved good results during the current fiscal year, despite the repercussions of Corona


The Minister of Finance, Mohamed Maait, confirmed that the approval of the Board of Directors of the International Monetary Fund on the second review of the credit readiness agreement to disburse the last tranche of the credit readiness program estimated at about $1.7 billion out of the total amount of the program estimated at $5.4 billion, and the conclusion of the Article IV consultations for the year 2021, is Evidence of Egypt's very strong performance in the field of policies under the program, and that we are proceeding strongly in the process of reform and development by achieving balance and flexibility between the economic and financial policies adopted, which contribute to strengthening the structure of the national economy in a manner that has earned it a measure of strength and solidity in dealing with internal and external shocks .


The minister added that the harmony between the fiscal and monetary policies pursued by the government under the guidance of the political leadership helped reduce the negative repercussions of the Corona pandemic, which affected the economies of many countries of the world, as the government allocated a proactive package to spend on the most affected sectors such as the health sector and support the most needy social groups in parallel. While maintaining the stability of economic conditions and indicators and restoring the confidence of investors and international financial markets in the performance of the Egyptian economy, he pointed out that Egypt has become a station for international praise for quickly dealing with the repercussions of the “pandemic” with a strong performance and even better than the target by implementing all the targeted reforms in their time without any delay Praised by the members of the Executive Board of the International Monetary Fund.



The Minister of Planning meets with the Ambassador of India to discuss aspects of bilateral cooperation between Egypt and India 

 

Hala Al-Saeed, Minister of Planning and Economic Development, received Ambassador Ajit Gupte, India's Ambassador to the Arab Republic of Egypt, to discuss aspects of bilateral cooperation between the two countries.


At the beginning of the meeting, Minister of Planning and Economic Development Hala Al-Saeed welcomed Ambassador Ajit Gupte and wished him success in his work in Cairo, stressing the depth of the historical relations between Egypt and India, where the two countries are linked by historical relations.


Hala Al-Saeed expressed her wishes for a speedy recovery to those infected with the new Corona virus in India, and a decrease in the number of infected people.


During the meeting, the Egyptian Minister of Planning and Economic Development reviewed a number of the ministry's work files. She also referred to the features of Egypt's Vision 2030 and the modernization process that is carried out on the vision to keep pace with global developments, as well as the features of the state's investment plan.



The Minister of Housing reviews the proposals of the administration of Khedivial Cairo


Assem Al-Jazzar, Minister of Housing, Utilities and Urban Communities, held a meeting to review the proposals of the administration of Khedivial Cairo, in a manner that befits the historical value of the region, and in a manner that ensures the sustainability of the development and development work that has been implemented, in the presence of ministry officials, and representatives of a number of owners of some assets in the region.


The Minister of Housing affirmed that the ministry has paid great attention to developing the Khedivial Cairo area, as part of efforts to develop Historic Cairo, to restore its civilized splendor, enable it to exercise its historical, cultural, tourist and archaeological role, improve the quality of life for citizens, and provide civilized areas that allow them to walk and engage in various activities. In implementation of the directives of President Abdel Fattah El-Sisi.


Housing: amending the minimum mortgage grant to be 5 years instead of 7


The Board of Directors of the Social Housing and Real Estate Finance Support Fund, during its meeting, headed by Dr. Assem Al-Jazzar, Minister of Housing, Utilities and Urban Communities, in the presence of some members, and others through video conference technology, agreed to amend the minimum mortgage grant to be 5 years instead of 7 years. For low- and middle-income clients applying within the projects of the Central Bank of Egypt initiative, while adhering to the minimum and maximum income.


 

Mai Abdel Hamid, CEO of the Social Housing and Real Estate Finance Support Fund, explained that the approval was based on the text of Article (4) of the Social Housing Law No. 93 of 2018 on the following: Regular and permanent for a period of no less than five years from the date of receiving it”, and the acceptance of some financing agencies to grant real estate financing for a period of less than 7 years in the event of an increase in the customer’s income / additional income sufficient to meet the loan installment and proportional to the number of years remaining (up to the age of 60 years ) In addition to the customer’s ability to pay the maximum amount of the required advance, and none of the standard conditions of the Central Bank of Egypt initiative issued in February 2014, as well as the Central Bank’s initiative for middle-income people issued in December 2019, did not stipulate setting a minimum number of years for granting financing .


9.18% decrease in the index of manufacturing and extractive industries


Today, Thursday, the Central Agency for Public Mobilization and Statistics released the preliminary data for the manufacturing and extractive industries production index for the month of April 2021.


The Agency updated the index methodology using the base year 2012/2013 and at the level of the index numbers of industrial activity according to the Industrial Activity Index (ISIC Rev.4) and using the monthly index (producer prices based on 2012/2013).


The index of manufacturing and extractive industries (without crude oil and petroleum products) reached 108.06 during April 2021 (preliminary) compared to 118.98 during March 2021 (final), a decrease of 9.18%.


Long-staple cotton cultivations have increased to 236.7 thousand acres this season


Official data, received from the Holding Company for Cotton, Spinning, Weaving and Clothing, one of the companies of the Ministry of Public Business Sector, revealed that Egyptian long-staple cotton cultivations increased this season to 236.7 thousand feddans, an increase of about 55,3 thousand feddans over the last season.

                    

The data obtained on the seventh day indicated that cotton was planted in 17 governorates and the Nubaria region, pointing out that the governorate of Kafr El-Sheikh leads the governorates of the Republic and the governorates of Lower Egypt, where 85.5 thousand acres were planted, followed by the Dakahlia governorate planted 45.8 thousand acres, then the Sharkia governorate planted an area of ​​36.7 thousand The entire feddan of cotton was Giza 94, then the Buhaira governorate planted 26 thousand feddans, then the Gharbia governorate planted areas amounting to 12118, all of which were Giza 94.       


According to the data, cotton was planted in the governorates of Fayoum, Beni Suef, Minya, Sohag and Assiut, in Upper Egypt, led by Fayoum with 8,943 acres, then Beni Suef with 4,789 acres, Assiut planted 1,537, Minya planted 160 acres, while Sohag only planted 74 acres.



Engineering industries exports rise 53% in the first 5 months of 2021 to reach $1.17 billion 


The Egyptian Engineering Exports Council announced that the sector’s exports increased by 72 percent in May 2021 to record $205.5 million, compared to $119.4 million in the same month last year.



The council's monthly report revealed that engineering exports achieved a remarkable increase of 53 percent in the first 5 months of 2021 to record $1.177 billion until the end of May, compared to $770 million for the same period in 2020.


In terms of the fiscal year, engineering exports recorded an increase in the first 11 months of the fiscal year 2020/2021 compared to the same period of the fiscal year 2019/2020 by 25.4%, reaching $2.517 billion, compared to $2.008 billion in the same period of 2019/2020. .


Retrieve three antiquities before they were sold in London.. They came out of the country illegally

 


Ambassador Tarek Adel, Egypt's ambassador to London, received three antiquities from the Pharaonic and Greek eras, before selling them in one of the famous theaters in the British capital, London, and after making sure that they were illegally left the country.



This comes within the framework of Egypt's tireless efforts to restore Egyptian antiquities smuggled abroad and the great interest the Egyptian state and its institutions attach to preserving its heritage and civilizational history, and the role played by the Ministry of Tourism and Antiquities in cooperation with the Ministry of Foreign Affairs in the field of recovering smuggled Egyptian antiquities, and in continuation of the continuous efforts that It is being carried out by the Egyptian Embassy in London with the theaters and the competent British authorities to retrieve the Egyptian artifacts that were illegally left the country.


Gold prices in Egypt today, Thursday 24-6-2021    


After gold prices recorded noticeable moves to the upside late on Wednesday evening, prices fell again on global stock exchanges, to record levels ranging from 1780 to 1785 dollars per ounce, up and down.


      

And gold prices in Egypt today, Thursday 24, recorded the same levels as the opening of trading yesterday morning, so that the price of gold in Egypt continues to fluctuate between 770 to 774 pounds per gram of 21 karat, which is the best seller in Egypt, according to what the global market witnesses.


Gold prices today:


Caliber 18: 661.70 pounds.


Caliber 21: 772 pounds.


Caliber 24: 882.25 pounds.


The gold pound: 6176 pounds.


An ounce of gold is $1,784.

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