Pre-Trading Thoughts

Finance Minister Ahmed Kouchouk held a presser. Among his remarks: The government rationalized public spending by 2.2% of GDP, brought down the budget deficit to 3.6%, and achieved a primary surplus of 6.1% during the last fiscal year.The government wants to reduce debt servicing to 35% of total government spending over the medium term.Tax revenues grew by 30% y-o-y in FY 2023-24 to record EGP1.49 tn, which helped push revenues up 60%, outpacing spending growth.Government spending on subsidie...