Gov’t inks agreement with IMF agency responsible for banking and public finance capacity-building

Good afternoon all you wonderful people, and congrats on making it through the penultimate day of the work week. We have a raft of news for you today, including our newly inked technical cooperation agreement with the IMF’s METAC, the latest on ads coming to ChatGPT, and the skinny on where to get the most creative burgers we’ve personally ever seen.

THE BIG STORY TODAY

Egypt has signed an agreement with the IMF’s Middle East Regional Technical Assistance Center (METAC) that will see the agency provide statistical and technical support to state institutions in banking, finance, and public administration, the government announced at Deloitte’s Egypt Tax Conference 2024, attended by EnterpriseAM.

While the agreement does not include any financial support, Finance Minister Ahmed Kouchouk noted that the partnership is aligned with the government’s three main priorities, which include building a strong and reciprocal relationship with the private sector on tax and economic policy; promoting economic sustainability through a comprehensive view of key economic indicators, which will support tax administration; and launching initiatives that strengthen Egypt's ability to address social inclusion and climate change.

AND- New tax reforms on the way: Kouchouk noted that the first phase of the government’s tax reforms is set to arrive before year’s end, while phase two will be introduced in the coming months. The government is also testing a pilot of its new central tax clearing system, with the platform set to be launched in early 2025.

THE BIG STORY ABROAD

It’s a busy day for international journos, as the furore around unfolding political crises in South Korea and France continues to grab headlines around the world.

South Korean lawmakers have submitted a bill to impeach South Korean president Yoon Suk Yeol following his short-lived declaration of martial law on Tuesday, with a vote on the bill expected on Friday or Saturday. Protests and strikes have been announced by South Korea’s major unions, while financial markets and diplomatic engagements have been impacted. If the impeachment proceeds, Yoon could face trial by the country’s constitutional court, with Prime Minister Han Duck-soo set to assume interim leadership until a new election can be held. (Reuters | Financial Times | Wall Street Journal)

PLUS- The Wall Street Journal reports that US president-elect Donald Trump is considering appointing Florida governor Ron DeSantis as Pentagon head — possibly replacing previously designated nominee Pete Hegseth.

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

• United Bank has concluded its retail and private offerings ahead of the company’s shares beginning trading on the EGX, with its retail offering that closed yesterday oversubscribed 59x. The tranche offered up 16.5 mn shares — equivalent to 5% of the total offering — at 13.85 a pop.
• The non-oil private sector is still contracting, but signs of stabilization are beginning to emerge. Egypt’s non-oil private sector activity contracted for the third consecutive month in November, edging up to 49.2 from 49.0 in October.
• Going once, going twice, sold: Banque Misr has concluded the country’s first-ever online public sector real estate auction in collaboration with auction platform Belmazad.com, selling off a number of the bank’s real estate assets.

☀️ TOMORROW’S WEATHER- Prepare for the coldest day of the week in the capital tomorrow, when the mercury will reach a high of 22°C in the morning, and 14°C at night, according to our favorite weather app.