Privatization stations: The nation’s talking heads were laser-focused on the latest on privatization, courtesy of Prime Minister Moustafa Madbouly’s big presser. Kelma Akhira’s Lamees El Hadidi (watch, runtime: 4:26) dissected the PM’s comments, while Ala Maso’uleety’s Ahmed Moussa held a 40-minute phone call with Cabinet Spokesperson Nader Saad (watch, runtime: 40:58) to understand the ins and outs of Madbouly’s announcements. We have our own coverage in this morning’s Privatization Watch, above.

Could credit rating agencies have a change of heart? “A lot of international publications were saying that we had an exchange rate crisis on the back of high demand for FX but with the implementation of the privatization program, I believe that their outlooks will change in future reports,” EGX board member Rania Yacoub told Masa’a DMC (watch, runtime: 6:21). She is expecting to see a major change in how international firms view the Egyptian economy by 1Q 2024.

Yes, but… It’s going to take a lot more than (not quite) USD 2 bn in proceeds to move the needle — and frankly, asset sales are no substitute for lasting inflows of FDI into export-oriented industries.

REMEMBER- Over the past few months, Fitch Ratings, Moody’s, and S&P GlobalRatings all cut or downgraded their outlook on Egypt’s credit rating, citing strained external financing conditions.

This is not the end: We still have a long way to go to boost foreign reserves and rebalance the books, Yacoub said. “We have a lot of obligations, between debt payments and purchases of basic needs,” Yacoub said. Our foreign reserves inched up to USD 34.81 bn in June from USD 34.66 bn in May, marking the ninth consecutive month that foreign reserves have increased, albeit very modestly each time.

Checking in on our IMF program: Negotiations are still ongoing with the IMF to set up a date for the first review of our USD 3 bn loan program, Saad told Ala Mas’ouleety (watch, runtime: 3:58). “The second we agree on a date, an IMF delegation will head to Egypt to carry out the review,” he added. A first review of the program has been on hold since mid-March after we fell short on meeting several key conditions of the loan agreement. Some economists are expecting the review to come in September.

Why is the state selling stakes in hotels as we sit on the verge of a tourism boom? Some of these hotels have not been renovated since 2007 and the government doesn't have the resources to carry out the renovations, Saad told Yahduth Fi Masr (watch, runtime: 6:00). “We have other priorities that are more pressing than spending great sums renovating these hotels,” he said, adding that the new shareholders will inject the capital to revamp and manage the hotels. The state remains the majority shareholder, he added.

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