Good morning, all. We lead today’s issue with news that the IMF Executive Board has completed the fourth review of our USD 8 bn loan program, allowing for the disbursement of USD 1.2 bn, which should land in state coffers within days. We also have February’s inflation figures — the headline reading dropped over 10 percentage points to 12.8%, marking its lowest level since March 2022.

So, when do we eat? Maghrib prayers are at 6:01pm in the capital, and you’ll have until 4:42am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- It’s warming up in Cairo, with the capital in for a high of 25°C and a low of 16°C today, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 25°C and a low of 14°C.

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WATCH THIS SPACE-

#1- Tax evaders, beware. Transport and Industry Minister Kamel El Wazir asked the Finance Ministry to prepare a “comprehensive” set of recommendations to confront tax evasion, according to an Industry Ministry statement. Tax evasion has long been in the sights of the Finance Ministry, with a senior government official previously telling EnterpriseAM that clamping down on the practice is an important part of its efforts to bolster tax revenues.

An anti-dumping plan is also in the works, with the Investment Ministry instructed to conduct a report on imports that are dumped in the local market.

#2- Hearing out the Export Development Committee: Prime Minister Moustafa Madbouly yesterday met with the newly-formed Export Development Committee to hear its recommendations to help the country hit its target of reaching USD 100 bn in exports by 2030. The committee called for offering competitive interest rates tied to inflation, streamlining tax and customs procedures, and faster disbursement of payments under the export subsidy program.

What’s next? Starting next week, government officials will hold meetings with representatives from export sectors to discuss their demands, so they can be met as quickly as possible, Madbouly said.

IN THE HOUSE-

MPs approved the Egypt-Saudi Agreement on Promotion and Mutual Protection ofInvestments that is expected to help protect Saudi investors as they ramp up investment in Egypt. The agreement is expected to bring upwards of USD 10 bn in bilateral investments over the next three years. It got the green light from the Saudi cabinet last week.

DATA POINT-

#1- The government is hoping to attract USD 12 bn in FDI during the FY 2024-25, the General Authority for Investment and Freezones (GAFI) head Hossam Heiba told CNBC. GAFI is working on an investment policy with the World Bank with the aim of releasing it in the fourth quarter of the current fiscal year.

#2- Tax revenue in Egypt increased by 38% y-o-y during 1H FY 2024-25, marking the highest growth rate in years, Finance Minister Ahmed Kouchouk said during the Egyptian Private Equity and Venture Capital Association’s (EPEA) suhoor attended by EnterpriseAM.

#3- Egypt’s pharma market is valued at EGP 308 bn, with 12k pharma products on offer and annual sales of 3.6 bn units, Egyptian Drug Authority Chairman Ali El Ghamrawy said during a conference.

THE BIG STORY ABROAD-

A single story is dominating the headlines this morning: US President Donald Trump’s tariffs sent US markets plunging, the S&P 500 fell 2.7% yesterday, tech stocks saw their biggest day of losses since 2022 — thanks to Tesla shares falling 15%, seeing their worst performance in five years — with the Nasdaq dipping 3.8%, and the Dow Jones dropped 2.1%.

“This big sell-off feels ugly, it feels nasty,” Citigroup’s Drew Pettit said. “We were coming off very high sentiment and very high growth expectations. All of this is just recalibrating to the new risks that are in front of us,” he said. (Bloomberg | CNBC | FT | Reuters | AP | CNN | BBC)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look at how Egyptian companies can help African nations achieve their ambitious renewables targets.

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