{"id":571015,"date":"2020-04-27T03:38:17","date_gmt":"2020-04-27T03:38:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=571015"},"modified":"2025-12-16T07:46:35","modified_gmt":"2025-12-16T07:46:35","slug":"egypt-asks-imf-for-funding-as-economy-weathers-covid-19","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-asks-imf-for-funding-as-economy-weathers-covid-19\/","title":{"rendered":"Egypt asks IMF for funding as economy weathers covid-19"},"content":{"rendered":"<section id=\"571017\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"571017\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/what-were-tracking-on-27-april-2020\/\">\r\n                            What we\u2019re tracking on 27 April 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/what-were-tracking-on-27-april-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Key cabinet members have signaled for some weeks now that the government was open to asking the IMF for assistance as Egypt looks to weather an unprecedented global storm. Weighing on growth: The collapse of the global tourism industry, measures imposed to stem the spread of covid-19, and the spectre of falling remittances from expats abroad on the back of plunging oil prices. We have the rundown in this morning\u2019s Speed Round, below.<\/p>\n<p><strong>The big story globally: Countries further along the infection curve than Egypt are laying <\/strong><strong>out plans that look set to see them reopen their economies<\/strong> starting in May. We have the rundown in this section, below, in On The Global Front.<\/p>\n<p>The news comes as figures crunched by the <a href=\"https:\/\/www.ft.com\/content\/6bd88b7d-3386-4543-b2e9-0d5c6fac846c\">Financial Times<\/a> suggest <strong>the global death toll <\/strong><strong>from covid-19 could be as much as 60% higher than so-far reported<\/strong> in the 14 countries the salmon-colored paper studied.<\/p>\n<p><strong>Smiley Face\u2019s Revenge: <\/strong>Cottonil is (once again) the self-styled \u201cbad boy\u201d of Ramadan airwaves as the Consumer Protection Authority <a href=\"https:\/\/bit.ly\/3bFCphD\">moved yesterday<\/a> to (once again) yank one of the undergarment maker\u2019s holiday advertisements for offending our tender collective sensibilities. <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1972138\">Al Masry Al Youm<\/a> has the story, or you can catch the offending ad here (<a href=\"https:\/\/www.youtube.com\/watch?v=d-KRtoq7rWU\">watch, runtime: 1:03<\/a>). The CPA has styled itself <a href=\"https:\/\/enterprise.press\/stories\/2016\/06\/13\/consumer-protection-agency-takes-juhayna-birell-cottonil-dice-ads-off-air\/\">as TV\u2019s morality police since 2016<\/a> and has also <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/07\/orange-egypt-to-amend-most-recent-ad-after-viewers-deemed-it-offensive-to-senior-citizens\/\">gone after campaigns outside of Ramadan<\/a>.<\/p>\n<p><strong>Meanwhile, how are the markets looking? <\/strong>The EGX30 climbed 2.5% yesterday in heavy trading, leaving the benchmark down 25.7% for the year-to-date. Asian markets started the trading week solidly in the green this morning as traders try to get their head around (a) prospects for economies reopening against (b) further pressure on the oil market. <strong>Futures suggest a mixed open in Europe<\/strong> and that US equities will open in the green.<\/p>\n<p><strong>COVID-19 IN EGYPT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt has now identified a total of 4,534 confirmed cases of covid-19<\/strong> after <a href=\"https:\/\/bit.ly\/2S6iBw3\">the Health<\/a><a href=\"https:\/\/bit.ly\/2S6iBw3\">Ministry reported<\/a> 215 new infections yesterday. The ministry also said that another 10 people had died from the virus, taking the death toll to 317. We now have a total of 1,502 confirmed cases that have since tested negative for the virus after being isolated or hospitalized, of whom 1,176 have fully recovered.<\/p>\n<p><strong>Sixteen cases have been confirmed among medical staff in Benha University <\/strong><strong>Hospital<\/strong>, along with one patient, <a href=\"https:\/\/www.zawya.com\/mena\/en\/life\/story\/Egypts_Benha_University_Hospital_announces_16_Covid19_cases_among_staff-SNG_173156346\/\">the local press reports<\/a>. The hospital had tested 140 members of staff and 10 patients based on their contact with other confirmed coronavirus cases.<\/p>\n<p><strong>The oil and tourism ministries will give airlines a USD 0.10 \/ gallon discount on fuel<\/strong> when air traffic resumes to boost inbound and domestic tourism, <a href=\"https:\/\/bit.ly\/2y0cJhg\">according to a Tourism Ministry statement<\/a>. Several airlines have reportedly been in negotiations with the government in pursuit of measures to mitigate the economic repercussions of the covid-19, including talks with banks and Egypt's Sovereign Wealth Fund over<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01f8af18-ba6f-485d-a1ce-f608f149eb59\">potential stake sale<\/a> and zero-interest loans.<\/p>\n<p><strong>Manufacturers are also looking to get lower energy prices for factories<\/strong> in light of the sharp decline in oil prices, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26042020&id=ad57ddc9-6afc-4a0c-b31b-5f459ec5df08\">Al Shorouk reports<\/a>. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">slashed natural gas prices<\/a> for many many industries last month in what translated into a 25% cut for cement companies and 18% cut for metallurgy and ceramic manufacturers; electricity prices for factories also fell. The lower electricity prices alone will cost state coffers an estimated EGP 6 bn.<\/p>\n<p><strong>More repatriation flights:<\/strong> An Air Cairo flight brought home Egyptians stranded in <a href=\"http:\/\/gate.ahram.org.eg\/News\/2400370.aspx\">Germany<\/a>, <a href=\"https:\/\/bit.ly\/3aIEhVE\">Thailand, and Malaysia<\/a>. The carrier will also repatriate more citizens from Jakarta today, while EgyptAir will operate repatriation flights from <a href=\"https:\/\/bit.ly\/2zshf8w\">China, Ukraine<\/a>, and <a href=\"https:\/\/bit.ly\/2yH8Y0a\">Washington<\/a> over the next few days, according to Civil Aviation Ministry sources.<\/p>\n<p><strong>ON THE GLOBAL FRONT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>May could be the magic month as countries around the world are debating their plans to <\/strong><strong>exit lockdown <\/strong>and restart their economies. As we noted yesterday, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01f8af18-ba6f-485d-a1ce-f608f149eb59\">some lightly-hit Canadian provinces and a number of US states<\/a> are making clear their roadmaps or are already easing restrictions. New York signalled overnight that restrictions in the northern part of the state <a href=\"https:\/\/www.nytimes.com\/2020\/04\/26\/nyregion\/new-york-coronavirus-reopening.html\">could be eased after 15 May<\/a>. The news comes as<strong> U<\/strong><strong>S officials debate the pace and uniformity with which restrictions<\/strong> should be lifted, the<a href=\"https:\/\/www.wsj.com\/articles\/virus-fallout-continues-as-u-s-deaths-near-54-000-11587885746?mod=hp_lead_pos1\">Wall Street Journal<\/a> notes.<\/p>\n<p><strong>Other countries looking at easing lockdown measures:<\/strong><\/p>\n<ul>\n<li><strong>France, Spain, and Italy will release detailed plans this week<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/ee9a40c5-4911-40fa-9c36-565572bf4680\">Financial Times reports<\/a>. Spain\u2019s plans to ease restrictions slowly and \u201csector by sector,\u201d the salmon-colored paper says, while France is looking at gradually restarting schools, transport and commercial activity from 11 May, and Italy will allow many companies to start operating again from 4 May.<\/li>\n<li><strong>Belgium<\/strong> is planning a phased easing from 4 May, which will see more businesses reopening, accompanied by 25k-30k tests a day, <a href=\"https:\/\/www.reuters.com\/article\/us-healthcare-coronavirus-belgium\/belgium-set-for-phased-easing-of-lockdown-from-may-4-idUSKCN2263EJ\">Reuters reports<\/a>. <\/li>\n<li><strong>New Zealand<\/strong> is slightly easing its stringent lockdown measures today, allowing food delivery services to reopen, but still requiring most citizens to severely limit movement and contact, <a href=\"https:\/\/www.npr.org\/sections\/coronavirus-live-updates\/2020\/04\/25\/844720581\/praised-for-curbing-covid-19-new-zealands-leader-eases-country-s-strict-lockdown\">NPR reports<\/a>.<\/li>\n<li><strong>South Africa<\/strong> intends to partially reopen on 1 May, allowing some travel for essential services and certain industries allowed to operate using a government monitoring system, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-safrica\/south-africa-to-begin-phased-easing-of-lockdown-on-may-1-idUSKCN2253EZ\">Reuters reports<\/a>.<\/li>\n<\/ul>\n<p><strong>China is lobbying against the EU\u2019s claims that it used propaganda to evade blame for the <\/strong><strong>pandemic<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/a2f66f6a-50cb-46fe-a160-3854e4702f1c\">Financial Times reports<\/a>. Politico <a href=\"https:\/\/www.politico.eu\/article\/russia-and-china-promote-coronavirus-conspiracy-narratives-online-says-eu-agency\/\">had published excerpts<\/a> from an internal EU report on the alleged disinformation, but the bloc reportedly \u201csoftened\u201d the report in response to pressure from Beijing before <a href=\"https:\/\/euvsdisinfo.eu\/eeas-special-report-update-2-22-april\/\">publicly releasing it<\/a>, the <a href=\"https:\/\/www.nytimes.com\/2020\/04\/24\/world\/europe\/disinformation-china-eu-coronavirus.html\">New York Times<\/a> suggests.<\/p>\n<p><strong>The Trump administration is working to \u201csideline\u201d the World Health Organization in the <\/strong><strong>global covid-19 response<\/strong>, the <a href=\"https:\/\/www.washingtonpost.com\/national-security\/trump-expands-battle-with-world-health-organization-far-beyond-aid-suspension\/2020\/04\/25\/72c754e6-856e-11ea-9728-c74380d9d410_story.html\">Washington Post reports<\/a>, citing US and foreign officials. The White House is trying to divert its WHO funding to NGOs working on public health issues, remove references to the WHO from covid-19 factsheets, and delay resolutions and statements from global bodies \u2014 including the UN Security Council \u2014 by quibbling over their expressions of support for the WHO.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Parts of the global oil industry will inevitably shut down soon<\/strong> as oil price volatility, dwindling demand, and storage shortages continue to take their toll, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-26\/the-next-chapter-of-the-oil-crisis-the-industry-shuts-down?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg reports<\/a>. Production cuts are being penciled in all over the world, and include an estimated 20% reduction in output from the OPEC+ alliance starting on Friday. Even so, this may not be enough to stabilize the industry. Demand has fallen from 100 mn bbl \/ d to somewhere between 65 and 70 mn bbl \/ d, while an estimated 50 mn bbl are going into storage every week.<\/p>\n<p><strong>In a worse-case scenario, as much as a third of global output may need to be shut<\/strong>, with Goldman Sachs separately suggesting that about <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-27\/goldman-sees-global-oil-testing-storage-capacity-in-3-4-weeks?srnd=premium-middle-east&sref=mmeFTDW1\">20% of production could have to be taken offline in 3-4 weeks\u2019 time<\/a>.<\/p>\n<p><strong>Auto companies in emerging markets are struggling with a lack of government support <\/strong>as they struggle to make payrolls without any of the paycheque support programs we\u2019ve seen rolled out in advanced economies, the <a href=\"https:\/\/www.ft.com\/content\/2dde3ac2-f9f8-434e-972f-eb79d21c0167\">Financial Times reports<\/a>.<\/p>\n<p><strong>EGYPT BEYOND COVID-<\/strong><\/p>\n<p><strong>The executive regulations for the new SMEs Act will be issued in three months,<\/strong> <a href=\"https:\/\/bit.ly\/358bvN4\">Al Mal<\/a><a href=\"https:\/\/bit.ly\/358bvN4\">reports<\/a>, citing House SMEs Committee Chairman Mohamed Kamal Marei. The House gave its final stamp of approval <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08076d9e-b48c-46f1-abe8-d1cc6fb85912\">last week<\/a> to the bill, which includes tax and non-tax incentives to encourage SMEs to go legit.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/KimJongUn-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>AND IN THE REST OF THE WORLD-<\/strong><\/p>\n<p><strong>You know what we need in the middle of a pandemic? A succession battle in a quirky <\/strong><strong>totalitarian state with nuclear weapons. <\/strong>North Korean leader Kim Jong Un hasn\u2019t been seen in public for more than two weeks now and is widely rumoured to be ailing or dead, the <a href=\"https:\/\/www.wsj.com\/articles\/as-kim-jong-un-disappears-north-korea-watchers-advise-caution-11587918517?mod=hp_lead_pos3\">Wall Street Journal<\/a> notes. Experts across the spectrum caution that it\u2019s <a href=\"https:\/\/www.nytimes.com\/2020\/04\/26\/world\/asia\/kim-jong-un-absence-north-korea.html\">neigh on impossible to understand what Kim\u2019s disappearance means<\/a> until he reappears \u2014 or some form of official announcement of his death is made.<\/p>\n<p><strong>Saudi Arabia has <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/world\/2020\/apr\/27\/saudi-arabia-ends-death-penalty-for-minors\">abolished the death penalty for minors<\/a><\/strong> and will <a href=\"https:\/\/www.nytimes.com\/2020\/04\/25\/world\/middleeast\/saudi-arabia-abolishes-flogging.html\">no longer flog people<\/a> convcted of low-level offenses.<\/p>\n<p><strong>The pandemic doesn\u2019t seem to have dented China\u2019s plans to issue the world\u2019s first <\/strong><strong>state-backed digital currency. <\/strong>Nineteen companies \u2014 including McDonald\u2019s and Starbucks \u2014 are set to participate in trials in the city of Xiong\u2019an in the coming weeks, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/24\/china-digital-currency-mcdonalds-starbucks-part-of-pilot-program.html\">CNBC reports<\/a>. The digital yuan will be a far cry from the cryptos that we have grown to know and love \/ hate: Rather than being a decentralized currency mined by anonymous users, the digital yuan will be issued by the Chinese central bank and be subject to heavy surveillance.<\/p>\n<p><strong>PSA- We\u2019re looking at a run of good weather ahead <\/strong>as we slowly ease into summer. Look for clear skies and daytime highs of 29-31\u00b0C and overnight lows of around 18\u00b0C for the coming week, according to our favorite weather app.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue: How the government is leaving room for the private sector to help plug <\/strong><strong>the skills gap <\/strong>that has long seen employers complain graduates lack the skills they need to succeed in the workplace. The education ministry is enlisting the private sector to help develop a more robust vocational education system.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span 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Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypts-decision-to-seek-fresh-imf-funding-reigns-supreme-on-the-airwaves\/\">\r\n                            Egypt\u2019s decision to seek fresh IMF funding reigns supreme on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypts-decision-to-seek-fresh-imf-funding-reigns-supreme-on-the-airwaves\/\" target=\"_blank\">\n                    Open in 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    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571019\" class=\"content-area-description single-story post-571019 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-imf tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The government\u2019s decision to seek IMF funding to help cope with the economic fallout<\/strong><strong> from<\/strong><strong> covid-19<\/strong> was the chief talking point on the airwaves last night. That being said, the vast majority of talk shows are on their regularly scheduled Ramadan hiatus, leaving only a handful of talking heads to zone in on the topic.<\/p>\n<p><strong>The broad strokes:<\/strong> Al Kahera Alaan\u2019s Lamees El Hadidi recapped Prime Minister Moustafa Madbouly\u2019s announcement on the funding request and broke down for her viewers what the packages could entail. Lamees also explained that the government needed to seek IMF funding as the global economy slows down as a result of the pandemic. Egypt, she said, is looking to protect the progress it has made thus far on the economic reform front. We have chapter and verse in this morning\u2019s Speed Round, below (<a href=\"https:\/\/www.youtube.com\/watch?v=3y56dtvi1tI\">watch, runtime: 16:41<\/a>).<\/p>\n<p><strong>The funding does not come with demands that Egypt enact further economic reforms <\/strong>and is only meant to provide financial support, Cabinet spokesman Nader Saad was careful to note on Sada El Balad\u2019s \u2018Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=WvY_rH96S4A\">watch, runtime: 2:54<\/a>).<\/p>\n<p><strong>Back on the covid-19 front: We could see some measure of normalcy restored in the tourism industry post-Ramadan<\/strong>, Federation of Tourism Chambers Hossam El Shaer told Lamees. The government is looking at resuming domestic tourism and allowing for restaurants to reopen, albeit with strict precautionary measures such as limiting hotels\u2019 occupancy rates and enforcing physical distance requirements at restaurants and beaches, El Shaer said (<a href=\"https:\/\/www.youtube.com\/watch?v=UyFZgV9AzSo\">watch, runtime: 5:34<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571020\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"571020\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\">\r\n                            Egypt seeks financial support from the IMF                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Funding will also be made available for other sectors that come under pressure. The prime minister noted the packages will be used to preserve the progress achieved from the country\u2019s economic reform program.<\/p>\n<p><strong>The RFI will allow the government to address any immediate balance of payments needs<\/strong> and support the most affected sectors and vulnerable groups of people, IMF Managing Director Kristalina Georgieva <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2020\/04\/24\/pr20188-egypt-statement-by-imf-managing-director-kristalina-georgieva\">said in a statement<\/a>. Meanwhile, the SBA will be geared towards supporting the government\u2019s reform policies and allow for continued growth, Georgieva said.<\/p>\n<p><strong>Georgieva gave Egypt props for its response to covid-19<\/strong>, noting that the Sisi administration has \u201cresponded quickly and decisively with measures to limit its spread and provide support to affected people and businesses. The Central Bank of Egypt has also implemented timely measures to support the domestic economy.\u201d<\/p>\n<p><strong>How much are we looking at?<\/strong> Madbouly remained tight-lipped on how much the government is seeking. Pharos\u2019 Head of Research Radwa Elswaify thinks we\u2019re looking at a package to the tune of USD 3-4 bn, which she sees would be sufficient to help plug the budget deficit and restructure government loans without weighing on FX reserves. EFG Hermes\u2019 Mohamed Abu Basha expects a slightly lower USD 2.8 bn, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/26\/1325955\">according to the local press<\/a>.<\/p>\n<p><strong>Egypt is looking to secure a five-year repayment term and low interest rates on the <\/strong><strong>funding<\/strong>, CBE Deputy Governor Rami Aboul Naga said, <a href=\"https:\/\/bit.ly\/3bH9OIW\">according to Al Shourouk<\/a>. The RFI will most likely be disbursed in one go, while the SBA could be disbursed over three tranches, Aboul Naga said.<\/p>\n<p><strong>When can we expect to cross the t\u2019s and dot the i\u2019s?<\/strong> The IMF\u2019s executive board should review Egypt\u2019s request in a matter of weeks, Georgiva said. Talks on the packages are already in \u201cadvanced stages,\u201d Madbouly said. The lender was already in \u201cdirect contact\u201d with the government over a potential lifeline, Middle East and Central Asia Director Jihad Azour <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d1b5da1-4a89-412e-b90b-536ee6a79834\">said earlier this month<\/a>.<\/p>\n<p><strong>What cabinet had to say:<\/strong> International Cooperation Minister Rania Al Mashat noted that seeking financing from a multilateral lender like the IMF is the most cost-effective option on the table. The country\u2019s fiscal and economic performance were solid prior to the outbreak, but revenues have since taken a blow from shutdowns and exceptional circumstances, said Finance Minister Mohamed Maait and Planning Minister Hala El Said. El Said reaffirmed the government's <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7042f747-e225-4e0e-a3c0-cb7f2f538c86\">revised target GDP<\/a> growth for the current fiscal year at 4.2% down from 5.1%, assuming the worst will be over by June.<\/p>\n<p><strong>The story is leading the conversation on Egypt in the foreign press this morning<\/strong>, with <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N2CE0DQ\">Reuters<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-26\/egypt-has-asked-imf-for-financial-assistance-premier-says?sref=mmeFTDW1\">Bloomberg<\/a>, the <a href=\"https:\/\/apnews.com\/6762a70e8356d091d7b312178cddf5cf\">Associated Press<\/a> and the <a href=\"https:\/\/www.thenational.ae\/business\/economy\/egypt-requests-assistance-from-imf-to-help-cushion-covid-19-blow-1.1011262\">National<\/a>all taking note.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-minister\/\">Finance Minister<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fri\/\">FRI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/multilaterals\/\">Multilaterals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rfi\/\">RFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sba\/\">SBA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/stand-by-agreement\/\">Stand by agreement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571029\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571030\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"571030\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Image of the Day<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/\">\r\n                            Happy birthday, Hubble                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Happy birthday, Hubble&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/&title=Happy birthday, Hubble\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Happy+birthday%2C+Hubble+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F27%2Fhappy-birthday-hubble%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/228.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"571031\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/happy-birthday-hubble\/228-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/228.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"228.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/228.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/228.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571030\" class=\"content-area-description single-story post-571030 post type-post status-publish format-standard has-post-thumbnail hentry category-image-of-the-day tag-enterpriseam tag-image-of-the-day tag-nasa tag-space wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Happy birthday, Hubble:<\/strong> Last Friday marked 30 years since the Hubble Space Telescope was first launched, and in that time it has captured images that enhance our understanding of the universe. <a href=\"https:\/\/www.nasa.gov\/feature\/goddard\/2020\/hubble-marks-30-years-in-space-with-tapestry-of-blazing-starbirth\/\">NASA celebrated<\/a> the day by sharing this recent Hubble image <a href=\"https:\/\/www.euronews.com\/2020\/04\/24\/hubble-turns-30-take-a-look-back-at-some-of-the-space-telescope-s-best-images\">of two nebulas<\/a>, NGC 2020 and NGC 2014, found some 163k light years from Earth.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/image-of-the-day\/\">IMAGE OF THE DAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasa\/\">NASA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/space\/\">space<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571032\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"571032\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/\">\r\n                            Egypt in the News on 27 April 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 27 April 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/&title=Egypt in the News on 27 April 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+27+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F27%2Fegypt-in-the-news-on-27-april-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-in-the-news-on-27-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571032\" class=\"content-area-description single-story post-571032 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-israel tag-politics tag-ramadan tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ramadan TV series <\/strong><strong><a href=\"https:\/\/gulfnews.com\/entertainment\/tv\/sci-fi-dystopian-arab-tv-show-the-end-amazes-viewers-1.70988261\">The End<\/a><\/strong><strong> provokes outrage in the Israeli press:<\/strong> The dystopian series, set in 2120, depicts an imagined future in which Israel has been destroyed. The series has prompted criticism from the Israeli foreign ministry, <a href=\"https:\/\/apnews.com\/8da27cf77303a06069bb0c054b2748c0\">the Associated Press<\/a>, <a href=\"https:\/\/www.jpost.com\/israel-news\/foreign-ministry-egyptian-tv-show-predicting-end-of-israel-unacceptable-625956\">the Jerusalem Post<\/a> and <a href=\"https:\/\/www.jewishpress.com\/news\/middle-east\/egypt\/41-years-after-camp-david-egyptian-tv-still-fantasizing-about-destroying-israel\/2020\/04\/26\/\">Jewish Press<\/a>report.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571036\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"571036\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/&title=The Market Yesterday\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F27%2Fthe-market-yesterday-79%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/the-market-yesterday-79\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571036\" class=\"content-area-description single-story post-571036 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.69 | Sell 15.79<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.70 | Sell 15.80<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 10,377 (+2.5%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.0 bn (53% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -25.7%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session up 2.5%. CIB, the index\u2019s heaviest constituent, ended up 2.3%. EGX30\u2019s top performing constituents were GB Auto up 8.7%, Orascom Investment Holding up 7.9%, and Porto Group up 7.8%. Yesterday\u2019s worst performing stock was Heliopolis Housing down 0.4%. The market turnover was EGP 1.0 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -60.0 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +2.7 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +57.4 mn<\/p>\n<p><strong>Retail<\/strong>: 75.3% of total trades | 74.2% of buyers | 75.6% of sellers<br \/>\n <strong>Institutions<\/strong>: 24.7% of total trades | 25.8% of buyers | 23.5% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 16.15 (-4.66%)<br \/>\n <strong>Brent:<\/strong> USD 21.24 (-0.93%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.73 MMBtu, (-0.80%, May 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,742.30 \/ troy ounce (+0.39%)<\/p>\n<p><strong>TASI:<\/strong> 6,838.67 (+3.54%) (YTD: -18.48%)<br \/>\n <strong>ADX:<\/strong> 4,181.84 (+2.93%) (YTD: -17.61%)<br \/>\n <strong>DFM:<\/strong> 1,956.68 (+3.47%) (YTD: -29.23%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,074.33 (+0.98%)<br \/>\n <strong>QE:<\/strong> 8,513.07 (+0.47%) (YTD: -18.34%)<br \/>\n <strong>MSM:<\/strong> 3,513.29 (+0.90%) (YTD: -11.75%)<br \/>\n <strong>BB: <\/strong>1,302.14 (-0.42%) (YTD: -19.13%)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571037\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/571037\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571037\" class=\"content-area-description single-story post-571037 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>28-29 April (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 May (Saturday): Earliest date on which suspension of international flights to \/ from Egypt expires.<\/p>\n<p>23 May (Saturday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/p>\n<p>23 May (Saturday): An administrative court will look into an appeal by steel rolling mills to overturn a government\u2019s decision to place import tariffs on steel rebar and iron billets. The hearing <a href=\"http:\/\/bit.ly\/32gKHbU\">was postponed<\/a> from 22 February 2020.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>9-10 June (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 June (Sunday): Anniversary of the June 2013 protests, national holiday.<\/p>\n<p>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28-29 July (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 July-3 August (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>20 August (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 September- 2 October (Thursday-Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>6 October (Tuesday): Armed Forces Day, national holiday.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":571016,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-571015","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bbebb3a6-8813-4b45-a67b-4cdc7c2a5d14","teaser":"","photo_url":"https:\/\/ent.news\/2020\/4\/223.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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