Egypt’s parliament continues to debate the draft budget for the 2022-23 financial year (starting 1 July) as Cairo looks to iron-out the details of a new IMF loan (MEES, 25 March).

Despite recent investment pledges totaling $22bn from its Gulf allies, Egypt is still feeling the pinch of commodity prices which have soared since Russia’s February invasion of Ukraine (MEES, 22 April). Inflation hit 12.1% for the year to March, almost three times the year-ago level, whilst the country’s forex reserves slumped by $4bn to a near two-year low $37.1bn (MEES, 15 April). (CONTINUED - 703 WORDS)