Good afternoon, ladies and gentlemen. We’re looking at a busy start to this new week, particularly as we all wait with baited breath for updates on our IMF package.

THE BIG STORY TODAY

Georgieva pushes again for unified FX rate: Egypt having multiple exchange rates is “disastrous,” Al Arabiya Business quotes IMF Managing Director Kristalina Georgieva as saying. Georgieva emphasized the need for Egypt to move in a direction that allows the exchange rate to be determined by market forces and eliminate the parallel market. The IMF chief also added that an agreement over our anticipated loan from the Fund is “relatively close,” and that primary terms of the planned loan have already been agreed following a successful two-week visit from an IMF delegation to Cairo last week.

THE BIG STORY ABROAD

The likely rematch between Donald Trump and Joe Biden in the US presidential election is still leading the conversation in the international press this afternoon. Trump may be an inch ahead of Biden, as more Americans trust the former president than the incumbent to manage the economy, according to a poll. (Financial Times | Associated Press)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • More details regarding a potential Ras El Hekma sale: The government and Talaat Moustafa Group (TMG) could together retain a 20% stake in the North Coast’s Ras El Hekma after Abu Dhabi takes over the USD 22 bn development of the parcel of seaside land.
  • Inflation hits a one-year low:Inflation eased for the fourth consecutive month in January to reach its lowest level in a year on the back of a continued deceleration in food price increases.
  • We’re not ready for a devaluation, Goldman Sachs says: Under current conditions, it is unlikely that a managed devaluation would meet the Madbouly government’s policy objectives.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. About 2 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Egypt’s trade deficit narrowed in 2023 as imports fell y-o-y and exports remained more or less stable. We take a look at how our non-oil trade fared during the year, which was marked with our ongoing FX shortage.

☁️ TOMORROW’S WEATHER- Look out for a gloomy day starting with a low of 12°C before warming up to a high of 25°C, according to our favorite weather app.

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