Good afternoon, friends. This newsweek shows no signs of slowing down as we barrel toward the weekend.

THE BIG STORY TODAY

Good tidings for our fourth IMF review: The International Monetary Fund mission has concluded its two-week visit to Cairo and is expected to greenlight the fourth review of Egypt’s loan program with the Fund, three government sources tell EnterpriseAM. The sources noted broad agreement that economic indicators are moving in the right direction, with structural reforms showing tangible progress despite a challenging external environment.

The sources also mentioned Egypt’s strong fiscal performance despite adverse economic circumstances, gesturing to gains from special funds and accounts — which jumped 108% y-o-y to EGP 4.4 bn. Higher contributions from state entities under the government’s new comprehensive budget framework also drove a Finance Ministry surplus of EGP 3.6 bn, up from EGP 2.6 bn during the same period last year. Tax revenue has grown an unprecedented 45% to reach EGP 413 bn in 1Q FY 2024-25, with our improved public debt management also getting a mention, the sources noted.

THE BIG STORY ABROAD

ECB flags risks of Eurozone debt and market instability: The European Central Bank (ECB) is raising red flags about mounting threats to the Eurozone’s financial stability, citing high public debt, weak growth, and political uncertainty as potentially auguring a second cascade of sovereign debt crises. The ECB’s annual Financial Stability Review noted that rising borrowing costs for some Eurozone countries — particularly France — could hinder EU investments in defense and climate initiatives as the incoming Trump administration rolls back its international commitments. The ECB also warned of a potential AI-linked asset price bubble, noting that the stock market’s increasing reliance on just a few US tech giants poses the risk of global market disruptions should earnings for these firms not meet expectations. (Financial Times, Reuters)

And on that note, Nvidia is set to release its earnings later tonight, with the current world’s most valuable company’s 3Q earnings set to be released after the bell around 11pm Cairo time.

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

• Attention, institutional investors: United Bank kicked off its planned offering on the EGX today, with the bank offering shares for up to EGP 15.60 a pop in a private placement, set to run until 25 November. The remaining 16.5 mn share tranche for retail investors will be up for grabs between 27 November and 3 December.
• Al Dahra to up its Egypt operations: Al Dahra Egypt — a subsidiary of Emirati agribusiness Al Dahra — is planning on investing some USD 200 mn to add between 80k-90k feddans to its land portfolio over the next five years. The company is also looking to invest an additional USD 30 mn on equipment.
• House gives its final approval to refugee bill: The House of Representatives has voted in favor of a government-drafted bill that aims to establish a legal framework for refugees’ status, rights, and obligations, after the law received preliminary approval on Sunday. The law’s executive regulations will be issued in six months.

☀️ TOMORROW’S WEATHER- We’re seeing similar temperatures tomorrow with a high of 25°C and a chilly low of 18°C, according to our favorite weather app.