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Last night on the airwaves: Egypt’s response to allegations put forward by Israel’s legal defense team before the International Court of Justice (ICJ) that Egypt blocked humanitarian aid crossing the Rafah border dominated the airwaves last night. Our nation’s talking heads also found time to dive deep into talks with the IMF and a potential ministerial reshuffle coming up.
Egypt debunks Israel’s accusation before the ICJ: The Egyptian authorities will send representatives to the ICJ to object to false Israeli allegations and instead assert that the Rafah border crossing remains open, State Information Service head Diaa Rashwan told Amr Adib (watch, runtime: 7:55). The story was also covered on Masa DMC (watch, runtime: 2:37) and Al Hayah Al Youm (watch, runtime: 9:48).
The gov’t is playing hardball with the IMF: Mostafa Bakri said on his show that President Abdel Fattah El Sisi gave directions to reject any further conditions that may be imposed by the International Monetary Fund because they could increase the burdens on the citizens. These presidential directives include a pause on currency devaluation and tasking the government with providing USD 3 bn for the central bank to eliminate the black market (watch, runtime: 5:42).
A cabinet reshuffle in the works? Bakri told his viewers that there will be an emergency cabinet reshuffle that will see 13-15 ministers changing posts to remove ministers who failed to carry out their responsibilities over the previous period. The new ministers will be tasked with restructuring the leading roles in their ministries to better serve the presidential reform program (watch, runtime: 5:42)
Egypt kicked off JP Morgan’s Government Bond Index-EMs: Falling off the index for any country makes it harder to attract FDI, finance professor Hassan El Sady said on Al Hekayah (watch, runtime: 19:05). To list debt securities on international exchanges, Egypt could now either hike rates tremendously or grant investors a bigger 15-20% reduction on the nominal value of the bonds, El Sady suggested.
