Egypt's fiscal year begins in early July each year and ends in June of the following year. The Ministry will allocate 127.7 billion pounds ($4.15 billion) to subsidize supply commodities.
Fitch downgraded Egypt's rating from B+ to B+ on Friday, suggesting it may downgrade the rating further in the coming months due to the country's economic woes. Official data showed that annual inflation in Egypt rose to 33.9% in March, up from 32.9%.