Good afternoon, folks. As we settle into the workweek, the local business and economic news cycle shows few signs of slowing down.

THE BIG STORY TODAY

The Fund is expected to hopefully greenlight another USD 820 mn tranche later today: We’re waiting on updates this afternoon on the IMF Executive Board’s discussion on the third review of our USD 8 bn loan program, scheduled to take place today after being pushed back from its initial date of 10 July. The outcome of today’s talks is likely to provide a gauge of the IMF’s expectations of the depth and breadth of our structural reform program, and should give us a read on whether recent government moves to cut bread and fuel subsidies are up to the Fund’s expectations.

By the numbers: The greenlight from the board will see the IMF disburse USD 820 mn into state coffers and allow us to apply for an additional USD 1.2 bn in climate financing. Egypt and the IMF reached a staff-level agreement on the third review early last month.

THE BIG STORY ABROAD

In a relatively quiet afternoon in business news, Venezuelan President Nicolas Maduro’s re-election is getting a lot of digital ink in the international business papers: Venezuelan President Nicolas Maduro was declared the winner of Sunday’s presidential vote by the country’s electoral authority as the opposition rejected the results as fraudulent. The head of the National Electoral Council and close ally of Maduro, Elvis Amoroso, announced that the South American leader had secured 51% of the vote with 80% of ballots counted, landing him a third term in office. The main opposition grouping claims that its candidate, Edmundo González, had won with 70% of the votes. (Reuters | Financial Times | NY Times | Associated Press | BBC)

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

  • MEG shareholders have 19 working days to respond to MENA Glass’ offer: Shareholders of EGX-listed bottle maker Middle East Glass (MEG) have until Thursday, 22 August to respond to parent company MENA Glass’ MTO for an additional 40.8% of the company.
  • FRA listing rules for SPACs: The Financial Regulatory Authority (FRA) has updated its rules governing the listing and delisting of special purpose acquisition companies (SPACs) on the Egyptian bourse.
  • Efforts to localize the auto industry get a push: The government wants to set up three factories with investments of USD 1.4 bn to produce parts and materials to support the country’s efforts to localize the auto industry.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 38°C before simmering to a moderate low of 27°C by night, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a warmer low of 25°C.

Tags: