IMF releases the long-awaited fourth review of Egypt’s loan program

Good morning, friends, and happy Friday. It’s been a rather long workweek, but now that it’s over, we have a few ideas on how you might want to spend your time…

Tired of staring at that painting you’ve been meaning to replace? When it comes to home renos, they’re a pain — let’s be real here. But what if they required minimal effort — and budget? In this week’s guide, we take a look at ways you can turn your space around without breaking the bank or your back.

LAST WEEK IN 3 MINS-

ECONOMY-

The IMF sees Egypt facing a financing gap of USD 5.8 bn in FY 2025-26, compared to USD 11.4 bn in FY 2024-25, the IMF said in its country staff report for the fourth review of our USD 8 bn loan program. Egypt has secured enough funding from international partners to fully cover its financing gap for the current fiscal year, according to the report. The government will plug the gap with a mix of revenue sources, including at least USD 3 bn from real estate sales to external partners and fresh inflows under the state’s asset sale program. The IMF notes that Arab countries have also pledged to keep their USD 18.3 bn in deposits at the central bank through October 2026 — unless those funds are used to acquire equities — giving Egypt a key cushion as it faces USD 30.4 bn in external financing needs this fiscal year.

INVESTMENT WATCH-

#1- Senior government officials met with UK-based investors and business leaders in London earlier this week during Egypt Day at the London Stock Exchange in a bid to boost investor confidence and promote recent reforms. The three-day business mission came as Egyptian officials work to court fresh foreign inflows and spotlight positive signals in the local market — a growing pipeline of offerings on the EGX, strong appetite for Egyptian debt, and a drumbeat of investment from multinationals and other international players. Officials are eyeing a new privatization, with Banque du Caire, Safi, and Wataniya among the potential offerings.

#2- Teda Egypt will invest USD 100 mn to develop infrastructure on a 2.9 sq km industrial plot in the Sokhna Industrial Zone in partnership with the Main Development Company (MDC). The expansion — which brings Teda’s total land holding in the industrial zone to nearly 10 sq km — is meant to help localize specific industries within the zone and attract more Chinese manufacturers seeking access to regional and global markets, SCZone head Walid Gamal El Din said.

DEVELOPMENT FINANCE-

Nearly a quarter mn refugees in Egypt could lose food assistance by next month as a USD 21 mn funding gap to keep assistance running until the end of the year squeezes the budget, World Food Program (WFP) Egypt Director Jean-Pierre de Margerie tells EnterpriseAM. To close the gap, the UN agency has launched a campaign it’s dubbing “#NowNotLater” to mobilize donor support and avoid the shutdown.

WHAT’S HAPPENING NEXT WEEK-

Bonyan is expected to make its EGX debut next Tuesday, 22 July. The real estate investment firm priced its IPO at the lower end of its range — EGP 4.96 per share, suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52. Retail investors flocked to Bonyan’s EGX offering, with the retail tranche of the IPO 33.7x oversubscribed at close yesterday, mirroring oversubscription by institutions earlier this week. The company offered 20-21.9% of its shares.

AROUND THE WORLD IN SEVEN DAYS-

Israel continued its bullying campaigns across the Middle East, this time targeting Damascus, where its warplanes struck military sites and bombed near the presidential palace in a rare escalation. The strikes killed at least three people and injured more than 30 others, coming as sectarian violence flared in the southern city of Sweida, where clashes broke out between Druze militants, Bedouin groups, and Syrian security forces.

Despite a ceasefire announcement earlier in the week, Israel launched another strike on the outskirts of Sweida yesterday as fighting persisted. Syrian government forces, who had earlier taken part in the clashes, have since withdrawn from the area.

US President Donald Trump's ongoing push to oust Fed chief Jay Powell was everywhere in the foreign press in the past few days, as US media reported that Trump had earlier this week brandished a letter firing Powell and asked the lawmakers he was meeting with whether he should send it.

BACKGROUND- Trump has waged a blunt campaign against Powell for months now, pressuring him to cut interest rates and suggesting he’s open to firing Powell if the chairman doesn’t come to heel.

☀️ THE WEATHER THIS WEEKEND-

If you’re staying in Cairo, expect warm weather, as temperatures are set to peak at 37-38°C this weekend, before cooling down to 24-25°C. Heading up north? You’ll find that things are slightly cooler in Sahel, with temperatures peaking at just 28°C, before slightly dropping to 24-26°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Feel like adding to your pile of to-be-read books? The 20th edition of Bibliotheca Alexandrina’s book fair is running until Monday, 21 July. This year’s edition includes over 70 regional publishing houses, and will feature scores of cultural events and panel discussions. For more details on the book fair, head to Bibliotheca Alexandrina’s website.

Sharmoofers take on New Cairo. Tonight, the crowd favorite Egyptian band will be bringing their signature wild energy to New Cairo’s Family Park with an eight-hour concert. If that sounds like a fun night to you, we’d suggest brushing up on the lyrics of your favorite Sharmoofers hits. Tickets can be purchased through Tikgo.

Tonight, Ras El Hekma’s ESCĀ Beach Club will be the place to be up North. Crossing the Mediterranean, Milan-hailing DJ Stephan Jolk will be bringing the groove to Sahel. Joining him will be French DJ Adrien Apache, Egyptian DJs Ziad Moussa, and ThatGirlSherryK. Tickets can be purchased through Ticketsmarché.

Cardio by the shore? Sign us up. Today, Ramla by Marakez will host Egypt’s adrenaline-packed spinning marathon Party on Wheels. The event, which is making its long-awaited Sahel debut after years of spinning in El Gouna, will hit Sahel’s shores for a five-hour ride. So if you couldn’t quite get that beach body ready by summer, all is not lost — and with Party on Wheels, fitness comes with a side of DJ beats… and much more. To sign up, reach out to info@beachmonkeyz.com

Downtown Cairo’s Consoleya will host quite the paint-splattered affair today — a Paint and Breath experience curated by Narmer Palette. To reserve your spot, reach out to Narmer Palette through their Instagram account.

What do Hadi Birajakli, Autostrad, and Wust El Balad have in common? Tomorrow, the answer would be CJC 610. The rock artist, the Jordanian band, and the Egyptian crowd favorite will be bringing indie, rock, and jazz sounds to the nightlife hotspot. You can secure your spot through Ticketsmarché.

Ruby and Ahmed Saad to steal the show back to back at Layali Marassi. Tomorrow, from the iconic helipad at the Address Beach Resort, the two megastars will be setting the night on fire. You can get your tickets from Ticketsmarche.

HAPPENING NEXT WEEKEND-

Number one is heading up north. Mark your calendars for Friday, 25 July, because Egyptian singer and rapper Mohamed Ramadan will be bringing the beat to the North Coast’s Porto Golf Marina. Ready to join the “Mafia”? You can grab your tickets from Ticketsmarché.

Ready to swim your way to glory? North Coast’s Ghazala Bay is hosting an open water sports festival on Saturday, 26 July, complete with open water swimming and a slew of family-friendly water activities. You can secure your spot through Ticketsmarché.

Pop-star Nancy Ajram and shaa’bi legend Hakim will light up the stage at Layali Marassi on Saturday, 26 July. The two megastars will be at the Address Beach Resort for a night of nostalgic hits and performances bringing together generations of music lovers by the beach. You can grab your tickets from Ticketsmarché.