CIB, the index heaviest constituent ended up 0.9%. exchange rate flexibility, and reducing public debt. The reforms include access to industrial land with the new land allocation system. © 2020 International Monetary Fund. This tranche brings the total amount of IMF disbursements since the beginning of the Egyptian program to around 8 billion dollars. 29-30 October (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate. Egypt’s macroeconomic situation has improved significantly since 2016. The economic programme is broadly on track, according to the staff report of the International Monetary Fund (IMF)’s fourth review of the Egyptian economy released on Saturday, affirming that the authorities’ structural reform agenda aims to support inclusive growth by addressing long-standing constraints to private sector development. Corporate America is also welcoming of a US-Egypt trade agreement, which Egypt-US Business Council Chairman Omar Mohanna said could come to fruition under the current US administration. 1 May (Wednesday): Labor Day, national holiday. You can expect 92-octane gasoline prices to rise sometime in September: Fuel subsidy reforms are on track, the IMF writes, with the government expected to lift all subsidies (apart from on liquified petroleum gas and fuel oil used for electricity and bakeries) by the end of FY2018-19. “While the outlook remains favorable, a more difficult external This will pave the way for higher and more inclusive growth for the long term, and I reiterate that the Fund stands ready to help achieve a more prosperous future for Egypt.”. All of the June and December 2018 performance criteria and indicative targets were fully met, with the exception of June’s target on public debt. The realization that in-game economies essentially mirror the real world ended the previously used “money sinks”, which worked by forcing players to pay in-game taxes and fees to drive money out of the system. Dechert LLP acted as international counsel, while Al Tamimi & Co. was domestic legal counsel. Minimum wage increase for state employees will keep wage spending from decreasing as initially planned: The increase of the national minimum wage to EGP 2,000 per month from EGP 1,200 — which will come into effect with the start of the next fiscal year — “will result in the wage bill remaining at about 5% of GDP as compared to a further reduction to below 5% of GDP under IMF program parameters, and significantly lower than the 8.5% of GDP registered in fiscal [year] 2014.”, Moody’s thinks we’re going to see calls for a private sector minimum wage, writing that “in light of the significant real wage and purchasing power erosion that middle- and low-income households have faced following Egypt’s currency flotation in November 2016, we expect calls for similar minimum wage adjustments in the private sector to follow.”. Pharos stated that the price indexation of other fuel products will be introduced in June 2019, and the first price adjustment by the committee will be held by the end of September 2019. The Public debt levels could come under pressure by an increase in real interest rates or a sharp fall in the EGP. Egypt must do a better job of highlighting its efforts to create conditions for stability and promote healthy nationalism, he added. 14-17 November (Thursday-Sunday): Transpotech Expo, Egypt International Exhibition Center, Nasr City, Cairo. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and all we ask for is your name, email address and where you hang your hat during business hours. Egypt’s economy on right track, fuel subsidy reform advancing: IMF fourth review Authorities to reform its pension system by end of June, new tax regime for SMEs to be approved by parliament Hagar Omran April 6, 2019 Comments Off on Egypt’s economy on right track, fuel subsidy reform advancing: IMF fourth review 10-11 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate. 4 May (Saturday) An administrative court will look into an appeal by Emirati business figure Mohamed Alabbar’s Adeptio AD Investments against a Financial Regulatory Authority order to submit a mandatory tender offer (MTO) for Americana. The authorities remain committed to 21 April (Sunday): A court will look into a lawsuit by a subsidiary of Arabian Investments, Development and Financial Investment Holding Co. (AIND) against Peugeot Citroen. WASHINGTON - 4 October 2018: A mission of the International Monetary Fund (IMF) will visit Egypt in October to make the fourth review of the country's economic reform program. Newcomers, meanwhile, will need three years of experience in a relevant sector, bank statements registered with the Egyptian Credit Bureau (I Score), and solid business plans. M&A WATCH- Egyptian Media Group has acquired satellite television network D Media, which owns DMC Channels, Al Shorouk reports. 6 October (Sunday): Armed Forces Day, national holiday. Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region. They created a channel for a stash of a bn coins in WoW, for example, to be worth some amount in USD. (adsbygoogle = window.adsbygoogle || []).push({}); Pharos Holding For Financial Investments issued a report commenting on the International Monetary Fund’s (IMF) fourth review of Egypt’s economic reform programme, stating that the programme is broadly on right track. In August 2018, Egyptian authorities announced that the country will start the repayment of the International Monetary Fund (IMF) loan in May 2021, starting with a US $2.75 billion tranche. 6/ Debt at remaining maturity and stock of foreign holding 21 April (Sunday): RT Imaging Summit & Expo-EMEA, InterContinental City Stars, Nasr City, Cairo, Egypt. All rights reserved, Al-Masry Al-Youm. 12-14 April (Friday-Sunday): IMF and World Bank spring meetings in Washington, DC. Foreigners: Net Long | EGP +61.0 mn Regional: Net Short | EGP -0.1 mn Domestic: Net Short | EGP -61.0 mn, Retail: 57.1% of total trades | 56.2% of buyers | 58.0% of sellers Institutions: 42.9% of total trades | 43.8% of buyers | 42.0% of sellers, WTI: USD 63.08 (+1.58%) Brent: USD 70.34 (+1.35%), Natural Gas (Nymex, futures prices) USD 2.66 MMBtu, (+0.79%, May 2019) Gold: USD 1,295.60 / troy ounce (+0.10%), TASI: 9,063.88 (+0.87%) (YTD: +15.81%) ADX: 5,032.19 (-0.33%) (YTD: +2.38%) DFM: 2,776.29 (+0.57%) (YTD: +9.75%) KSE Premier Market: 6,137.71 (+1.21%) QE: 10,189.56 (+0.28%) (YTD: -1.06%) MSM: 3,939.54 (-0.54%) (YTD: -8.89%) BB: 1,419.30 (+0.05%) (YTD: +6.14%). account deficit reflect a rebound in tourism and strong remittances, If you think you are our next Arabic copywriter, please send us your CV and writing sample on jobs@inktankcommunications.com. Global financial conditions are worsening and the Madbouly government will need to maintain “consistent policy implementation” if it is going to continue to benefit from the reform program. Despite his easy run for the position, Malpass has been met with skepticism from many over his views on the bank’s traditional goals and policies, including multilateralism and combating climate change, James Politi writes for the Financial Times. Moreover, Pharos assured that Egypt has taken structural and institutional steps in enhancing the business climate, which is reflected in advancing eight positions in the World Bank’s 2018 Ease of Doing Business ranking and 15 positions on World Economic Forum’s 2018 Global Competitiveness Index. Pharos - Pharos Holding For Financial Investments issued a report commenting on the International Monetary Fund’s (IMF) fourth review of Egypt's economic reform May: An IMF delegation will be in town to conduct its final review of the reform program.ahead of the disbursement of the fifth and final tranche of Egypt’s USD 12 bn IMF loan. Moreover, Pharos assured that Egypt has taken structural and institutional steps in enhancing the business climate, which is reflected in advancing eight positions in the World Bank’s 2018 Ease of Doing Business ranking and 15 positions on World Economic Forum’s 2018 Global Competitiveness Index. 21-22 April (Sunday-Monday): Egypt CSR Summit, InterContinental City Stars, Nasr City, Cairo, Egypt. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. 16-17 June (Sunday-Monday): Mega Projects Conference, Egypt International Exhibition Center, Nasr City, Cairo. Malpass has identified Egypt as a “priority country” and the World Bank is in talks with Egypt for a “digital infrastructure development loan” and a separate USD 200 mn to support SMEs. recapitalization of the CBE for EGP 6 billion. 2-4 September (Monday-Wednesday): The Big 5 Construct Egypt, Egypt International Exhibition Center, Nasr City, Cairo. The government debt-to-GDP ratio has also markedly improved amid fiscal consolidation and is expected to continue falling over the coming years. Egypt closes EUR 2 bn eurobond issuance in final international debt auction for FY2018-19: Egypt sold EUR 2 bn worth of six- and 12-year EUR-denominated bonds in an issuance that went to market on the London Stock Exchange on Thursday, according to a Finance Ministry statement (pdf). exchange rate flexibility, including by eliminating the repatriation The authorities’ reform program has helped accelerate growth, reduce inflation and unemployment, and narrow external and fiscal deficits. Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. The indicator, which measures non-oil business activity in Egypt, hit its lowest level in 17 months in the February survey. (Speed Round), Egypt’s FY2019-20 budget is “credit positive”- Moody’s. December: Egypt will host for the first time the Pack Process trade expo for the Middle East and African region. On February 4, 2019, the Executive Board of the International Monetary Fund (IMF) completed the fourth review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF). “The authorities’ structural reform agenda aims to support inclusive “Egypt’s macroeconomic situation has markedly improved, and has maintained macroeconomic stability thanks to the government’s sound policy implementation,” according to Pharos. At the World Bank, there is nothing but love for Egypt: Egypt’s position in the Doing Business Report is expected to improve this year as we push ahead with “the first reform program that Egypt completes successfully,” Alternate Executive at the Board of the World Bank Ragui El Etreby told reporters. The government plans to replace the controversial 2017 NGO law with new legislation, Social Solidarity Minister Ghada Wala said in a statement.