Good afternoon, friends, and a top o’ the week to you all. In stark contrast to the previous one, this week is off to a slow start — a welcome change of pace.

THE BIG STORY TODAY-

? An IMF delegation is set to land in Egypt tomorrow — and there’s hope we’ve made enough progress to get to get the final sign-off for our combined fifth and sixth reviews, three government sources told EnterpriseAM.

In case you forgot, the International Monetary Fund decided in July to postpone our fifthreview — and resulting funds — of the country’s USD 8 bn extended fund facility program and combine it with its sixth review, arguing that “more time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda.

Now nearly five months on, the country has made significant progress in curbing inflation, down from a 16.8% headline figure when the Fund made the decision to delay to a more manageable 12.5%. Another key priority of the IMF was seeing progress on foreign reserves, which passed the USD 50 bn mark in October, up from the USD 48.5 bn figure available when the Fund delayed the review back in July. Also working in our favor is GDP growth hitting 5.3% in the first quarter of the fiscal year, movement once again on the government’s privatization push, and incoming FDI inflows from projects like Qatar’s USD 29.7 bn Alam El Roum project, our sources told us.

What’s next? The visiting delegation is expected to be busy meeting with officials until 12 December, which policymakers hope will lead to a staff-level agreement between the two sides ahead of the reviews and tranches being given the green light from the IMF Executive Board later down the line. The two reviews are expected to see USD 2.7 bn channeled into state coffers, in addition to the first tranche from the Resilience and Sustainability facility, which could add a further USD 274 mn in climate financing.

THE BIG STORY ABROAD-

? A hodgepodge of stories is making the rounds this Sunday, with none dominating the headlines across the board.

Israeli Prime Minister Benjamin Netanyahu has submitted a request to Israeli President Isaac Herzog for a pardon in his long-standing corruption trial, claiming that it would help restore national unity. “The president will responsibly and sincerely consider the request,” a statement published by Herzog’s office reads. Netanyahu’s request comes less than a month after US President Donald Trump urged Israel to pardon him. (Reuters | Associated Press | Bloomberg | New York Times)

MEANWHILE- The death toll in Hong Kong continues to rise as more bodies are found in the burnt-out buildings of the Wang Fuk Court complex, where a massive fire erupted on Wednesday. Over 146 residents have died, with the number expected to rise as more bodies are discovered. Some 100 residents remain unaccounted for. (Guardian | Associated Press | BBC)

ALSO- At least 193 civilians have been reported dead and scores more missing in Sri Lanka after Cyclone Ditwah — one of the country’s worst weather disasters in years — ravaged the island nation. While the cyclone has now subsided, over 20k homes have been destroyed and 108k people displaced. Large parts of the country remain submerged following the unprecedented flooding. (Guardian | BBC | New York Times)

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today’s issue: This week, we’re dissecting the country’s iron and steel industry, what problems have burrowed themselves within, their root causes, and how they might be addressed.

☀️ TOMORROW’S WEATHER- We hope you managed to unpack your winter wardrobe over the weekend, because we’re in for a cool day in the capital tomorrow. Temperatures are set to peak at a high of just 24°C, before further cooling down to 14°C, according to our favorite weather app.

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