Good morning, all. We have a packed issue for you this morning led by news that the Madbouly government wants more time to implement the economic reforms put forward by the IMF and the FRA giving Beltone Financial Holding and Italy’s CRIF Ratings the greenlight to set up the country’s second credit rating agency.

BUT FIRST- Please join us extending our heartfelt sympathies to the Allam family on the passing of May Essam Allam, beloved sister of our friends Hassan Essam Allam and Amr Essam Allam (the CEO and co-CEO, respectively, of Hassan Allam Holding) and of Mariam Essam Allam. May (1991-2024) passed after a long and courageous battle with cancer. She was a remarkable woman whose grace, resilience, and courage touched all of those who knew her. May she rest in peace.

WATCH THIS SPACE-

#1- Egypt asks IMF for more time to implement reforms: The Madbouly government has reportedly asked the International Monetary Fund for an extension on the timeline for the implementation of economic reforms that were agreed upon as part of our loan program, an anonymous government official told CNN Business Arabic. The reforms will still be implemented, “but over a longer time frame,” the outlet quotes the official as saying.

We may have an idea of which reforms the gov’t would want to put off: The reforms Egypt is looking to postpone implementing are the ones that would represent the biggest burden on Egyptian households, Capital Economics’ James Swanston told the outlet, pointing to reforms that have to do with lifting subsidies.

Remember: President Abdel Fattah El Sisi signaled that Egypt may reevaluate its agreement with the IMF as a result of current economic pressures, saying on Sunday that “if this challenge forces me to place unbearable pressure on the public, we must review the situation with the IMF.”

#2- A lot of new hospitals incoming: The government is currently studying offers from local and foreign investors to build hospitals on ten plots of land across the country, Health Ministry Spokesperson Hossam Abdel Ghaffar told Asharq Business.

#3- A new poverty index: The Planning Ministry is set to launch a national multidimensional poverty index, Planning, Economic Development, and International Cooperation Minister Rania Al Mashat said during a roundtable yesterday without providing a timeline. The index will “guide strategies aimed at reducing poverty rates, strengthening national capacities regarding multidimensional poverty data, and ensuring the issuance of high-accuracy quantitative and qualitative indicators.”

It’s been some time since we’ve had an official poverty measure: State statistics agency Capmas hasn’t published its biennial income and expenditure survey — which included poverty rates — since 2020. The latest survey showed the poverty rate falling for the first time in two decades in the fiscal year 2019-2020, with 29.7% of the population living below the poverty line.

FACT CHECK-

#1- Car import quotas do not exist: There is no such a thing as car import quotas set by the government, the cabinet said in a statement in response to media reports claiming that the government plans to cut the monthly car import quota to 8k per month from 10k previously.

Then what’s up with the auto market? The process of importing cars into the country is pretty complex, one source in the trade sector told us, adding that the process is going through various channels and taking into account the availability of FX.

#2- Feerum Egypt hasn’t backed out of the grain silo factory: The Egyptian arm of the Polish grain silo manufacturer Feerum has not withdrawn its investment from its planned EGP 1.6 bn grain silo project with Egyptian construction and engineering firm Samcrete and the state-owned Egyptian Holding Company for Silos and Storage, Feerum board member Ahmed El Mofty told Al Borsa. He added that the company is set to hold a meeting with Supply Minister Sherif Farouk next Sunday to get final approval for its grain silo manufacturing plant in East Port Said.

The backstory: Earlier this week, local media reported that Feerum would be pulling out of its grain siloproject after the Supply Ministry canceled an order for a silo, reportedly hampering negotiations with local banks over financing. The company had been in talks with the Commercial International Bank, Banque Misr, the National Bank of Egypt, and First Abu Dhabi Bank to secure an EGP 1.8 bn loan to help fund the factory, which is set to cost EGP 2.3 bn.

HAPPENING TODAY-

#1- It’s day one of the annual Brics Summit in Russia: The heads of Brics nations — including President Abdel Fattah El Sisi — are in the Russian city of Kazan for the three-day Brics Summit to discuss economic cooperation, trade, and global governance.

Keep your ears open for some diplomacy developments: During his time in Russia, El Sisi is expected to meet with his Russian counterpart Vladimir Putin and with Iranian President Masoud Pezeshkian.

#2- It’s day two of the World Bank and IMF annual meetings: The American capital is busier than usual today, with the world’s finance ministers, central bank governors, and other big names in finance and policy in town for the six-day International Monetary Fund and World Bank Group Annual Meetings. The meetings kicked off yesterday and will run until Saturday. Check out the full schedule on the event’s official website.

What to expect: Yesterday’s Planet Finance laid out the big themes to look out for and the global challenges structuring the conversation.

PSA-

WEATHER- We are in for another cool day in the capital, with a high of 28°C and a low of 20°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 27°C and a low of 21°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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CIRCLE YOUR CALENDAR-

Falak Startups is hosting a Fund Manager Masterclass in Cairo from 10-12 November, targeting emerging fund managers, entrepreneurs, and angel investors. The three-day, EBRD-supported event will take you through everything you need to know about VC funds from raising funds to successfully exiting companies. Early registration is available until 1 November through the link shared on Falak Startups’ LinkedIn account.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. EnterpriseAM — the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region — is looking for writers, reporters, and editors to help us build out new publications.

Never worked in a newsroom before? We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

PLUS- We’re also looking for our first dedicated audience development professional. Someone who loves the challenge of helping us reach new readers in new markets — Saudi, the UAE, and lots more to come —using a range of digital channels and tools. You’re someone who thrives on working in a small, focused team. You’ve got proven digital skills (more likely than not on the performance marketing side). And you want to be part of what we immodestly think is the region’s most exciting media, advisory, and business intelligence company.

Interested? Tell Patrick and Moustafa why and send us your resume on newjobs@enterprise.news. We’d love to hear from you today. The position is based in Cairo, offers two days a week working anywhere you please, and offers a competitive package. (We’re also pretty nice people to work with, if we don’t say so ourselves.)

THE BIG STORY ABROAD-

The US elections and attempts towards a ceasefire in Gaza and Lebanon are once again pushing business news to the bottom of digital front pages.

US Secretary of State Antony Blinken’s return to the Middle East in hopes of securing a ceasefire — for the eleventh time — is getting attention, as other US officials held talks in Beirut for conditions for a ceasefire. It’s not clear where Blinken will be holding ceasefire talks in the region.

The situation on the ground: Israel continued to strike Beirut and Syria yesterday, killing at least four near one of Lebanon’s largest public hospitals and two in a missile attack on a car in Syria. Crowds of Palestinians were evacuated from the Jabaliya refugee camp, where around 400 people have been killed over the past two weeks, while over in Lebanon, Israel is setting its sights on a hospital it says houses Hezbollah money — a claim yet to be backed up by any sort of evidence. (Reuters | Bloomberg | CNN | The Guardian)

SPEAKING OF CEASEFIRE- Egypt proposes new, “smaller” ceasefire agreement as bridge to more comprehensive accord: Egyptian officials met with Shin Bet director Ronen Bar in Cairo on Sunday, reportedly putting forth a proposal for a “small” agreement that would see some of the Israeli hostages being held by Hamas released in exchange for a short ceasefire in Gaza, Axios reports, citing unnamed Israeli officials. The proposal suggested that the temporary ceasefire would then be followed by renewed negotiations over a more comprehensive hostage and ceasefire agreement, the officials added.

The meeting follows the death of Hamas leader Yahya Sinwar last week — which the Shin Bet director said presents an opportunity to begin negotiations afresh, according to a source speaking to the outlet.

Not everyone is on board with the idea: While Israeli Defense Minister Yoav Gallant reportedly supported Egypt’s proposal, the country’s finance and national security ministers both opposed it, the officials said.

ALSO RECEIVING ATTENTION- The US elections money race, in which Kamala Harris is emerging as a victor with some USD 1 bn raised in three months, surpassing the USD 894 mn Donald Trump has gathered since January 2023 for his campaign. (Financial Times)

Elon Musk’s pledge to hand out USD 1 mn checks to voters signing for his free-speech and gun rights petition is also seeing some scrutiny in the foreign press, with legal experts weighing in on whether the move could be seen as an illegal way of paying people to vote.

*** 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 the challenges and solutions to making green hydrogen blending in Egypt a reality.