Good afternoon, nice people. It’s a relatively calm day in the local news cycle, but there are plenty of updates in our neighborhood we’re keeping an eye on.

THE BIG STORY TODAY

MPs greenlight March wage hikes, pension increases, tax breaks: The House of Representatives gave its final seal of approval for the EGP 180 bn social protection package President Abdel Fattah El Sisi introduced last week, in a bid to alleviate the effects of the ongoing economic crisis on citizens.

ICYMI- The package will introduce wage hikes for public-sector employees, pension increases of 13-15%, early bonuses for civil servants, and higher pay for doctors, nurses, school teachers, and university faculty. The personal income tax exemption threshold will also be raised for public and private sector employees.

THE BIG STORY ABROAD

No single story is dominating the international press, but we’re keeping an eye on developments in Rafah. Israeli airstrikes killed 67 Palestinians this morning, in addition to another 100 in the last 24 hours, according to the Palestinian Health Ministry. The latest attacks bring the death toll up to around 28,340 with 67,984 wounded. Rafah is now the last Gazan city available for refuge and despite international opposition — including the Netherlands halting the export of fighter jets and US President Joe Biden expressing concern over the civilian death toll, — Israeli Prime Minister Benjamin Netanyahu is determined to continue the assault on Gaza, “until total victory.” (Reuters | Bloomberg)

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

  • Reviews of Egypt’s previous IMF loan program near completion: The IMF’s long-stalled first and second reviews of Egypt’s USD 3 bn loan program are in their final stages and are expected to be completed “in a few short weeks.”
  • Gov’t taps Compass Capital to promote its stake in EPP: State-owned Egyptian Petrochemicals Holding Company has tapped private equity firm Compass Capital to promote part of the 22% stake it owns — along with the Egyptian Natural Gas Company — in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to Gulf- and China-based investors.
  • CIB saw its net income surge 83% y-o-y to EGP 7.2 bn in 4Q 2023:Revenues rose 71% y-o-y in the quarter to EGP 16.3 bn in the same period.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 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.

?️ TOMORROW’S WEATHER- Expect a mostly cloudy day with a high of 24°C and a low of 15°C, according to our favorite weather app.

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