{"id":571429,"date":"2020-05-12T04:02:56","date_gmt":"2020-05-12T04:02:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=571429"},"modified":"2025-12-16T08:00:33","modified_gmt":"2025-12-16T08:00:33","slug":"imf-approves-usd-2-8-bn-in-emergency-covid-funding-for-egypt-plus-more-chatter-about-a-possible-full-lockdown","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-approves-usd-2-8-bn-in-emergency-covid-funding-for-egypt-plus-more-chatter-about-a-possible-full-lockdown\/","title":{"rendered":"IMF approves USD 2.8 bn in emergency covid funding for Egypt. \r\nPlus: More chatter about a possible full lockdown."},"content":{"rendered":"<section id=\"571431\" 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=\"571431\">\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\/05\/12\/what-were-tracking-on-12-may-2020\/\">\r\n                            What we\u2019re tracking on 12 May 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\/05\/12\/what-were-tracking-on-12-may-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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We have the full story in this morning\u2019s Speed Round, below.<\/p><p><strong>Meanwhile: We have a week and a bit left before the Eid holiday<\/strong>, but it\u2019s all our reptile brains can think of right now.<\/p><p>(Yes, we know, reptile brain = breathing and other vital functions. And yes, we know \u2014 neuroanatomists have kind of refined MacLean\u2019s original triune concept of the brain from the 1960s, etc, etc. We nevertheless insist it is our brain\u2019s most primordial component that is keeping us squarely focused on some time off. <strong>Ramadan + pandemic = most anxiously anticipated Eid ever<\/strong>.)<\/p><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The question of the morning: Will we have to go through a full lockdown to get there? <\/strong>The notion runs counter to the signals senior policymakers have sent in the past week, but it\u2019s hard to ignore the fact that the head of the state\u2019s covid-19 scientific committee told Al Kahera Alaan\u2019s Lamees El Hadidi last night <a href=\"https:\/\/www.youtube.com\/watch?v=iB2KFNT79s8\">(watch, runtime: 9:37)<\/a> that a 24-hour lockdown until the Eid should be an option on the table. The remarks came after both a top Medical Syndicate official and presidential health advisor Mohamed Awad Tageldin <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d273994e-76fa-4c11-b763-92d58cfb79ca\">said a full lockdown could be in the works<\/a> in the run-up to the holiday.<\/p><p><strong>We\u2019re mentally on the beach right now<\/strong> \u2014 and Orascom Development Holding\u2019s <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%D8%A7%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85%20%D8%A8%D9%8A%D8%A7%D9%86%20%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89%2011-05-2020.pdf\">announcement (pdf)<\/a> that it\u2019s going to start reopening hotels this coming Friday (15 May) hasn\u2019t helped. All hotels in the resort town are set to be open to domestic tourists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/911208cc-7e2c-43c6-9b09-9f249c961415\">under the government\u2019s guidelines<\/a> \u2014 including only operating at 25% capacity \u2014 by 21 May, the company said.<\/p><p><strong>But our Personal Prophet of Doom and Gloom\u2122 can\u2019t resist pouring cold water on the <\/strong><strong>faint rays of sunshine: <\/strong>Soliman Wahdan, the deputy speaker of the House of Representatives, is calling for the state to close highways to traffic between governorates during the Eid holiday to prevent the spread of the virus, says, according to <a href=\"https:\/\/bit.ly\/3bi5Ntu\">Youm7<\/a>.<\/p><hr class=\"grey-line\"><p><strong>Two international stories we\u2019re keeping an eye on this morning:<\/strong><\/p><p><strong>1- Are we looking at a \u201ctilde\u201d recovery?<\/strong> That\u2019s a ~ to those of you who don\u2019t <a href=\"https:\/\/eyeondesign.aiga.org\/answers-aiga-ultimate-typography-quiz\/\">geek out over<\/a><a href=\"https:\/\/eyeondesign.aiga.org\/answers-aiga-ultimate-typography-quiz\/\">typography<\/a> because you\u2019re \u2026 well \u2026 more socially adept than we are. The notion that we\u2019re looking at a long, drawn-out recovery is gaining currency in the global business press, with some likening it to a tilde and others calling it a \u201cswoosh\u201d recovery (from Nike\u2019s iconic emblem). See analysis in both the <a href=\"https:\/\/www.wsj.com\/articles\/why-the-economic-recovery-will-be-more-of-a-swoosh-than-v-shaped-11589203608\">Wall Street Journal<\/a> (where\u2019s it\u2019s the lead story on the web heading into deadline this morning) and the <a href=\"https:\/\/www.nytimes.com\/2020\/05\/11\/upshot\/virus-lasting-economic-effects.html\">New York Times<\/a>.<\/p><p><strong>2. Are we seeing the first signs of a \u201csecond wave\u201d of covid infections in Asia? <\/strong>Wuhan has <a href=\"https:\/\/www.ft.com\/content\/fbb9a1bb-9656-4023-aa97-01ff1dae4403\">reported its first cluster<\/a> of infections since it ended its lockdown and South Korea is <a href=\"https:\/\/www.cnbc.com\/2020\/05\/12\/coronavirus-latest-updates-asia-europe.html\">tying new cases to its easing of social distancing measures<\/a>.<\/p><p><strong>It\u2019s enough to make you ponder how pandemics end<\/strong> \u2014 <a href=\"https:\/\/www.nytimes.com\/2020\/05\/10\/health\/coronavirus-plague-pandemic-history.html\">and who decides we\u2019ve gotten<\/a><a href=\"https:\/\/www.nytimes.com\/2020\/05\/10\/health\/coronavirus-plague-pandemic-history.html\">there<\/a>.<\/p><hr class=\"grey-line\"><p><strong>It\u2019s interest rate week, and 10 of the 12 analysts<\/strong><strong> in <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78bd44d3-3a0f-4c34-8ed4-f7c105135182\">our regular poll<\/a><\/strong><strong> expect the central <\/strong><strong>bank to leave rates on hold <\/strong>when its monetary policy committee meets this coming Thursday.<\/p><p><strong>** PSA- Every bank in the country is going to require you to wear a mask<\/strong> if you show up at a branch starting next Sunday (17 May), the Federation of Egyptian Banks said in a <a href=\"https:\/\/bit.ly\/2yMcbfi\">statement<\/a> yesterday.<\/p><p><strong>So, when do we eat? <\/strong>Maghrib prayers are at 6:40pm and you\u2019ll have until 3:24am to finish caffeinating. Fajr is coming one minute earlier every day through the end of the Holy Month.<\/p><hr class=\"grey-line\"><p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/95DC9YG\">TAKE OUR POLL- How is covid-19 impacting your business?<\/a><\/strong> We do an annual reader poll asking what you expect of business conditions and the economy in the year ahead. Covid-19 has us thinking that the results of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1428f01f-9682-484b-8152-b9b69ea63b4a\">this year\u2019s survey<\/a> need updating. Take a minute and tell us how covid-19 has impacted your business, whether it\u2019s changed your outlook on the economy, and what you think of WFH.<\/p><p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/95DC9YG\">You can take the survey here<\/a><\/strong> and we\u2019ll have the results for you immediately after the Eid holiday.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/Covid-graph-11-May-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Egypt has now disclosed a total of 9,746 confirmed cases of covid-19<\/strong> after the Health Ministry reported 346 new infections yesterday. The ministry also said that another eight people had died from the virus, taking the death toll to 533. We now have a total of 2,655 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 2,172 have fully recovered.<\/p><p><strong>QNB Al Ahly will be the first recipient in Egypt of pandemic aid from EBRD <\/strong>as the lender takes on USD 100 mn for on-lending to impacted businesses, a bank <a href=\"https:\/\/www.ebrd.com\/news\/2020\/qnb-alahli-first-recipient-in-egypt-under-ebrd-solidarity-package-.html\">statement<\/a> said. The loan will be used to support businesses of all sizes, but will have a \u201cspecial focus\u201d on SMEs struggling with slowdown in activity and weaker profitability. The facility is part of EBRD\u2019s <a href=\"https:\/\/www.ebrd.com\/what-we-do\/coronavirus-solidarity\">covid-19 solidarity package<\/a>. EBRD will also increase a finance limit for QNB Al Ahly under its trade facilitation programme by USD 100 mn to USD 250 mn to meet increased demand for imports and exports.<\/p><p>Meanwhile, <strong>State-owned Banque du Caire signed up yesterday for a USD 100 mn credit <\/strong><strong>line from the European Investment Bank (EIB), <\/strong>the bank said, <a href=\"https:\/\/bit.ly\/3fF4isH\">according to Al Mal<\/a>. The credit line, which EIB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7893676a-8a66-4894-bcd5-496782103b67\">approved last month<\/a>, will be used to on-lend SMEs.<\/p><p><strong>Egypt will soon have the capacity to make 1 mn medical masks per day<\/strong>, up from 750k currently, head of the Federation of Egyptian Industries\u2019 medical supplies division Sherif Ezzat said, <a href=\"https:\/\/alborsaanews.com\/2020\/05\/10\/1340456\">according to the local press<\/a>.<\/p><p><strong>Lobby group wants to do away with development fee on mobile phones + accessories:<\/strong> The Federation of Egyptian Chambers of Commerce, which goes by the unfortunate acronym FEDCOC, is lobbying the government to scrap a 5% levy on mobile phones and accessories that could be imposed as part of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8f5970a-0655-4a51-b85e-9643444c399c\">a raft of new fees being introduced to help the state plug its budget deficit<\/a>, head of the Cairo chamber of commerce\u2019s digital economy division Karim Ghoneim <a href=\"https:\/\/bit.ly\/2LfITbw\">tells Al Mal<\/a>. An additional tax will drive prices and slow the country\u2019s digital transformation, he said.<\/p><p><strong>Repatriation flights continue: <\/strong>The government has brought home 750 more Egyptians stranded in Kuwait and placed them under quarantine in accommodation at Cairo University campus, the Giza governorate <a href=\"https:\/\/bit.ly\/2YT0fmH\">said in a statement<\/a>. Repatriation flights start tomorrow to bring home workers stranded in the UAE, <a href=\"https:\/\/bit.ly\/3coPEnb\">the Manpower Ministry said<\/a>. <strong>Also expected this week:<\/strong> Flights to bring back citizens from Sudan, the UK and the United States.<\/p><p><strong>The United States Agency for International Development\u2019s (USAID) Egypt director Sherry <\/strong><strong>Carlin has pledged that the organization will continue to support Egypt through the pandemic<\/strong> <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/369067\/Business\/Economy\/INTERVIEW-Partnership-with-Egypt-is-important-for-.aspx\">in an interview with Ahram Online<\/a>. \u201cThis partnership is important to US foreign policy and to the American people and we will continue the forward movement of impactful programs that are fully in line with the Egyptian government\u2019s priorities,\u201d she said.<\/p><p><strong>DONATIONS-<\/strong><\/p><p><strong>CIB has donated USD 7 mn to the government\u2019s emergency fund<\/strong> to combat covid-19, and USD 250k to the African Union\u2019s Covid-19 Response Fund, <a href=\"https:\/\/bit.ly\/3bl98rI\">a cabinet statement said<\/a>.<\/p><p><strong>Al-Mansour Holding Company has pledged EGP 51.5 mn <\/strong>to support government efforts to treat covid-19 infections and soften the economic impact of the pandemic on vulnerable families, <a href=\"https:\/\/bit.ly\/2A80Mqo\">according to a cabinet statement<\/a>. The funds will be split between the Health Ministry, the Tahya Misr fund, and paying for food for healthcare workers and the families of 10k day laborers.<\/p><p><strong>Souq is donating EGP 800k to the Egyptian Food Bank <\/strong>to provide food, disinfectant supplies, and informational pamphlets to 4k vulnerable families across the country, <a href=\"https:\/\/ent.news\/2020\/5\/06.06.20-Souq-Egypt-Food-Bank-Release-ENG.pdf\">according to an emailed statement (pdf)<\/a>.<\/p><p><strong>Juhayna will provide ventilators to 300 general hospitals, 1k health facilities and<\/strong><strong> 50 quarantine hospitals<\/strong> in coordination with the Health Ministry and UNICEF, <a href=\"https:\/\/bit.ly\/2yMj2FA\">Al Shorouk reports<\/a>.<\/p><p><strong>The Chinese government has donated 4 tonnes of medical supplies to Egypt<\/strong>, including covid-19 testing kits, N95 medical masks, and PPE kits, <a href=\"https:\/\/bit.ly\/2YRNgBD\">according to a Health Ministry statement<\/a>. The shipment is a gesture from China to \u201creturn the favor\u201d after Egypt had sent medical supplies to Beijing at the beginning of its outbreak, China\u2019s <a href=\"https:\/\/twitter.com\/ambliaoliqiang\/status\/1259498299394076674\">ambassador in Cairo took to twitter to say<\/a>. E-commerce giant Ali Baba has also pledged a separate 4.7-tonne medical equipment shipment to Egypt.1<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/Depression-bread-line-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>GLOBAL MACRO- <\/strong><\/p><p><strong>Lockdown measures are having a devastating impact on employment across the globe<\/strong><strong>:<\/strong><\/p><ul>\n<li><strong>The US is now in its worst labor market collapse on record<\/strong> \u2014 not even the Great Depression can hold water against the sheer speed of jobless claims in the single month of April. With unemployment reaching an 80-year high of <a href=\"https:\/\/www.ft.com\/content\/2a297508-c8d0-4736-8c2f-9f4d16822f57\">14.7% last month<\/a>, the US hasn\u2019t quite reached <a href=\"https:\/\/www.thebalance.com\/unemployment-rate-by-year-3305506\">depression-era levels of joblessness<\/a>, but Treasury Secretary Steve Mnuchin <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-usa-jobs\/u-s-unemployment-rate-will-get-worse-treasurys-mnuchin-says-idUSKBN22M0HM\">is expecting levels<\/a> to increase still further in the coming months. <\/li>\n<li><strong>More than 1 in 4 people in India are now jobless<\/strong>, with the unemployment rate <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/1-in-every-4-employed-persons-lost-jobs-in-march-april-cmie\/articleshow\/75565241.cms\">soaring<\/a><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/1-in-every-4-employed-persons-lost-jobs-in-march-april-cmie\/articleshow\/75565241.cms\"><\/a><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/1-in-every-4-employed-persons-lost-jobs-in-march-april-cmie\/articleshow\/75565241.cms\">to 27.1%<\/a> at the beginning of May.<\/li>\n<li><strong>Canada <\/strong><strong><a href=\"https:\/\/business.financialpost.com\/news\/economy\/canada-lost-almost-two-million-in-april-jobless-rate-soars-to-13\">lost 3 mn jobs in March and April<\/a><\/strong><strong>, <\/strong>raising the unemployment rate to 13% by the end of last month from 7.8% in March., <a href=\"https:\/\/business.financialpost.com\/news\/economy\/canada-lost-almost-two-million-in-april-jobless-rate-soars-to-13\">according to the Financial Post.<\/a><\/li>\n<li><strong>59 mn jobs are at risk in Europe<\/strong> even as emergency safety nets rolled out by governments across the continent keep mns on the payroll, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-eu-jobs\/mckinsey-predicts-near-doubling-of-unemployment-in-europe-idUSKBN2210UZ\">according to McKinsey estimates<\/a>.<\/li>\n<\/ul><p><strong>GLOBAL MARKETS + COVID-<\/strong><\/p><p><strong>The gut-wrenching figures aren\u2019t enough to tame the bulls: The US stock market is still<\/strong> <strong>seeing a \u201cbumper rally\u201d<\/strong> buoyed by optimism among investors who are looking beyond the current situation, investment strategist Nela Richardson says. \u201cThe market is ahead of the recession and is already anticipating a recovery\u201d in 2H2020 and 2021. Insanely: Small-cap companies, whose fate, \u201cmore than multinationals, is intertwined with the health of the domestic economy\u201d are continuing to rally. The <a href=\"https:\/\/www.ft.com\/content\/dd562865-a1b4-4eff-8b84-bc7924c2635b\">Financial Times<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/americas-smallest-stocks-are-staging-a-comeback-11589103000?mod=hp_lead_pos1\">WSJ<\/a> have more.<\/p><p><strong>US lawmakers are in a stand-off over a second tn-USD stimulus package:<\/strong> Democratic and Republican lawmakers are at odds over the terms of a second stimulus package despite the unprecedented surge in unemployment in April, <a href=\"https:\/\/www.ft.com\/content\/cb203a39-686a-492f-a7d6-b4f30c591a6a\">the Financial Times reports<\/a>. Democrats are pushing for huge new fiscal measures to shore up the finances of households and local authorities in the vein of Roosevelt\u2019s Great Depression-era economic program, but Republicans are opposed to further massive government spending.<\/p><p><strong>Top asset managers are eating up market share:<\/strong> Asset management monoliths Blackrock, Vanguard and State Street are continuing to gobble up market share as spooked investors pour their money into large, low-cost funds, <a href=\"https:\/\/www.ft.com\/content\/a6aa1010-3dff-4521-af52-fbadb496c89d\">according to the Financial Times<\/a>. <strong>The top 1% of managers now control 61% of the industry\u2019s assets<\/strong> after a surge in inflows during the first three months of the year, analysis by US-based research group Flowspring shows.<\/p><p><strong>Financial markets have priced in negative US interest rates for the first time<\/strong><strong> ever<\/strong><strong>,<\/strong> despite the Fed publicly signaling scepticism about the benefits of sub-zero rates, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-fed-rates-futures\/markets-start-pricing-in-negative-u-s-interest-rates-for-first-time-idUSKBN22J2UI\">Reuters reports<\/a>. <strong>Former IMF chief economist Kenneth Rogoff thinks a negative turn may be a good<\/strong><strong> thing:<\/strong> <a href=\"https:\/\/www.project-syndicate.org\/commentary\/advanced-economies-need-deeply-negative-interest-rates-by-kenneth-rogoff-2020-05\">Writing<\/a><a href=\"https:\/\/www.project-syndicate.org\/commentary\/advanced-economies-need-deeply-negative-interest-rates-by-kenneth-rogoff-2020-05\">in Project Syndicate<\/a>, Rogoff claims that going deeply negative could rescue companies and local authorities from bankruptcy, boost demand and support employment \u2014 provided that policymakers can find ways to prevent the financial sector from hoarding cash.<\/p><p><strong>Saudi Arabia will slash oil production to its lowest level in 18 years<\/strong> to support public finances amid an unprecedented slump in prices and global demand, Oil Minister Prince Abdulaziz bin Salman <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-11\/saudi-arabia-deepens-oil-output-cuts-in-effort-to-prop-up-market?srnd=premium-middle-east&amp;sref=mmeFTDW1\">told Bloomberg<\/a>. The announcement came on the same day that Riyadh announced that it would suspend its cost of living allowance and triple the VAT rate to rescue its increasingly precarious fiscal position.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/Jerry-Stiller-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Jerry Stiller, <\/strong>iconic Seinfeld star known for his role as George Costanza\u2019s angry father<strong>, has<\/strong><strong> died aged 92<\/strong>, <a href=\"https:\/\/twitter.com\/RedHourBen\/status\/1259759084309446657\">son Ben Stiller said yesterday<\/a>.<\/p>\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\/austerity\/\">austerity<\/a>\n                <!-- <span 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/last-nights-talk-shows-for-12-may-2020\/\">\r\n                            Last Night\u2019s Talk Shows for 12 May 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 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class=\"content-area-description single-story post-571433 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-enterprise-last-nights-talk-shows tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a quiet night on the airwaves <\/strong>with only Lamees El Hadidi being of note as the other talking heads marinated in konafa during their Ramadan hiatus. We note Lamees\u2019 segments about the odds of a pre-Ramadan lockdown and her interview with the Finance Ministry\u2019s Ahmed Kouchouk in What We\u2019re Tracking Today, above.<\/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\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/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=\"571434\" 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=\"571434\">\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\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/\">\r\n                            IMF greenlights USD 2.8 bn in pandemic aid to Egypt                        <\/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             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src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"571435\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/imf-greenlights-usd-2-8-bn-in-pandemic-aid-to-egypt\/115-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"115.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/115.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571434\" class=\"content-area-description single-story post-571434 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-covid-19 tag-debt tag-enterpriseam tag-foreign-reserves tag-policy tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>IMF greenlights USD 2.8 bn in pandemic aid to Egypt: <\/strong>The International Monetary Fund\u2019s executive board signed off yesterday on the USD 2.77 bn rapid financing instrument (<a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2016\/08\/02\/19\/55\/Rapid-Financing-Instrument\">RFI<\/a>) the Madbouly government asked for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8321e1c8-48bf-428a-9d60-5ccb9c91d648\">last month<\/a> to help support its balance of payments as Egypt grapples with fallout from covid-19. \u201cThe RFI will help alleviate some of the most pressing financing needs, including for spending on health, social protection, and supporting the most impacted sectors and vulnerable groups,\u201d the fund <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2020\/05\/11\/pr20215-egypt-imf-executive-board-approves-us-2-772b-in-emergency-support-to-address-the-covid19\">said in a statement<\/a>.<\/p>\n<p><strong>Negotiations for separate standby arrangement (<\/strong><strong><a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2016\/08\/01\/20\/33\/Stand-By-Arrangement\">SBA<\/a><\/strong><strong>) worth as much as USD 5 bn <\/strong><strong>should begin today<\/strong>, Vice Minister of Finance Ahmed Kouchouk told late-night maven Lamees El Hadidi last night (<a href=\"https:\/\/www.youtube.com\/watch?v=GOj_BAE-rf0\">watch, runtime: 14:30<\/a>). Kouchouk expects Egypt to take receipt of the RFI in the coming days.<\/p>\n<p><strong>The IMF is signaling that Cairo may be looking for \u201cadditional expeditious support from <\/strong><strong>multilateral and bilateral creditors<\/strong>\u201d in a bid to \u201cclose the remaining balance of payments gap, ease the adjustment burden, and preserve Egypt\u2019s hard-won macroeconomic stability.\u201d<\/p>\n<p><strong>The IMF funding will shore up Egypt\u2019s foreign currency reserves<\/strong> and \u201cprovide financing to the budget for targeted and temporary spending, aimed at containing and mitigating the economic impact of the pandemic,\u201d the fund\u2019s deputy managing director Geoffrey Okamoto said. Egypt\u2019s foreign reserves fell <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf372f6c-8044-4c64-9054-8c506d63a4a8\">in both March and April<\/a>as the central bank provided liquidity to support foreign investors exiting Egypt as global markets slumped; facilitated state stockpiling of strategic commodities; and serviced the country\u2019s external debt.<\/p>\n<p><strong>Egyptian policymakers got top marks from the IMF: <\/strong>\u201cEgypt achieved a remarkable turnaround prior to the COVID-19 shock, carrying out a successful economic reform program,\u201d the fund said. \u201cThe authorities have [also] launched a comprehensive package to contain the economic impact of the COVID-19 shock.\u201d<\/p>\n<p><strong>Don\u2019t expect a new reform program as a condition of the RFI<\/strong>, which <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2016\/08\/02\/19\/55\/Rapid-Financing-Instrument\">by definition<\/a> doesn\u2019t require borrowers to develop a full-fledged program, as did the USD 12 bn extended fund facility we had signed up for following the float of the EGP.<\/p>\n<p><strong>Egypt isn\u2019t alone in asking for help: More than 90 countries have already inquired <\/strong><strong>about IMF funding <\/strong>to help them withstand the economic fallout caused by the pandemic, <a href=\"https:\/\/www.wsj.com\/articles\/egypt-gets-2-77-billion-imf-loan-as-coronavirus-hurts-economy-11589219450\">notes the Wall Street Journal<\/a>.<\/p>\n<p><strong>The story is dominating the conversation on Egypt <\/strong>in the international press. See: <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-imf\/imf-approves-2-77-billion-in-emergency-pandemic-aid-for-egypt-idUSKBN22N2KJ\">Reuters<\/a> | <a href=\"https:\/\/www.france24.com\/en\/20200511-imf-approves-2-77-bn-emergency-virus-loan-for-egypt\">AFP<\/a> | <a href=\"https:\/\/www.newser.com\/article\/a438968cc8b456d3f68027e4bf2d11cf\/imf-approves-277-billion-to-help-egypt-with-virus-fallout.html\">Associated Press<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-11\/imf-approves-2-8-billion-emergency-financing-to-support-egypt?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.thenational.ae\/business\/economy\/imf-extends-2-77bn-in-funding-to-help-egypt-respond-to-coronavirus-pandemic-1.1018098\">the National<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571452\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571453\" 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=\"571453\">\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\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/\">\r\n                            EMs turn to local debt markets, burn through FX reserves to weather the covid storm                        <\/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\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/\" 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\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/')\">\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\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/\">\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=EMs turn to local debt markets, burn through FX reserves to weather the covid storm&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/\">\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\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/&title=EMs turn to local debt markets, burn through FX reserves to weather the covid storm\">\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=EMs+turn+to+local+debt+markets%2C+burn+through+FX+reserves+to+weather+the+covid+storm+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F12%2Fems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm%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\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/124.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"571454\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/124-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/124.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"124.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/124.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/124.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571453\" class=\"content-area-description single-story post-571453 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-bonds tag-debt tag-emerging-markets tag-enterpriseam tag-frontier-markets tag-interest-rates tag-the-macro-picture wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>EMs turn to local debt markets, burn through FX reserves to weather the covid storm:<\/strong> Emerging markets are (kind of unexpectedly) not being beaten to a pulp by the current economic crisis \u2014 thanks in large part to their local debt markets, Ashmore global head of research Jan Dehn said in a research note, according to a Wall Street Journal newsletter. The strength of local debt markets has allowed EM central banks to \u201croll out an unprecedented range of conventional and unconventional easing measures that one would ordinarily associate with developed markets.\u201d<\/p>\n<p><strong>Portfolio inflows into EMs also picked back up last month to reach USD 17.1 bn<\/strong> in what is the first step in a reversal of the record USD 83.2 bn that poured out of EMs in March. And the outlook for EM bonds is also looking fairly good, <strong>with analysts expecting FX-denominated sovereign bonds across EMs to rebound with \u201cstrong\u201d returns in tandem with the global economic recovery<\/strong>. The recovery should also get a boost from bond prices across EMs currently sitting \u201csignificantly below long-term averages\u201d for now, but are expected to gradually recover to normal levels, \u201cpresenting a substantial opportunity for investors.\u201d<\/p>\n<p><strong>EM have already drained USD 240 bn of their reserves since the onset of <\/strong><strong>the crisis:<\/strong> Central banks in large emerging markets have spent USD 240 bn of their reserves over the past two months in an attempt to bolster their currencies and economies, <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2CT4QN\">Bank of America analysts wrote in a note on Monday<\/a>. China, Hong Kong, Saudi Arabia, Brazil and Turkey have seen the largest drop in their reserves, while Turkey and Egypt \u2014 which has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf372f6c-8044-4c64-9054-8c506d63a4a8\">spent USD 8.5 bn of its USD 45.5 bn pre-covid reserves<\/a> \u2014 showed the biggest percentage declines, the note said.<\/p>\n<p><strong>\u201cThe drain of reserves is likely to continue, though more slowly<\/strong>, during what looks to be a disappointing recovery in global and EM growth,\u201d EM analyst David Hauner wrote. \u201cAfter an initial bounce in activity after the opening of lockdowns, several factors are likely to restrain the recovery: high debt, corporate defaults, inefficient labour markets, de-globalization and China-US tensions.\u201d<\/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\/bonds\/\">Bonds<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/frontier-markets\/\">frontier markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/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=\"571455\" 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=\"571455\">\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\/05\/12\/egypt-in-the-news-on-12-may-2020\/\">\r\n                            Egypt in the News on 12 May 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\/05\/12\/egypt-in-the-news-on-12-may-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\/05\/12\/egypt-in-the-news-on-12-may-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\/05\/12\/egypt-in-the-news-on-12-may-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 12 May 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/egypt-in-the-news-on-12-may-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\/05\/12\/egypt-in-the-news-on-12-may-2020\/&title=Egypt in the News on 12 May 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+12+May+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F12%2Fegypt-in-the-news-on-12-may-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\/05\/12\/egypt-in-the-news-on-12-may-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571455\" class=\"content-area-description single-story post-571455 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-egypt-in-the-news tag-enterpriseam tag-gender tag-hisham-selim tag-human-rights tag-imf tag-pandemic wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s agreement with the IMF for USD 2.8 bn <\/strong>in fresh funding is dominating the conversation in the foreign press this morning. We have more on this in today\u2019s Speed Round.<\/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\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-selim\/\">Hisham Selim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/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\/pandemic\/\">pandemic<\/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=\"571456\" 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=\"571456\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/\">\r\n                            Ethiopia to respond to Egypt\u2019s UN GERD complaint                        <\/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\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/\" 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\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/')\">\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\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/\">\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=Ethiopia to respond to Egypt\u2019s UN GERD complaint&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/\">\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\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/&title=Ethiopia to respond to Egypt\u2019s UN GERD complaint\">\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=Ethiopia+to+respond+to+Egypt%E2%80%99s+UN+GERD+complaint+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F12%2Fethiopia-to-respond-to-egypts-un-gerd-complaint%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\/05\/12\/ethiopia-to-respond-to-egypts-un-gerd-complaint\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571456\" class=\"content-area-description single-story post-571456 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-ethiopia tag-gerd tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ethiopia to respond to Egypt\u2019s UN GERD complaint:<\/strong> Ethiopia will provide a \u201csufficient\u201d response to Egypt\u2019s complaint to the UN about the country\u2019s plans to begin filling the Grand Ethiopian Renaissance Dam in July, <a href=\"https:\/\/www.ena.et\/en\/?p=14336\">Ethiopia\u2019s state news agency reported yesterday<\/a>. Ethiopia\u2019s water minister, Sileshi Bekele, said that the government has prepared a \u201ccomprehensive document\u201d to submit to the UN Security Council in response to <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/368823\/Egypt\/Politics-\/Egypt-sent-letter-about-GERD-crisis-to-UN-Security.aspx\">Egypt\u2019s complaint last week<\/a>. <strong>Ethiopia has repeatedly stated that it will begin filling the dam in July<\/strong>; Bekele said yesterday the facility is now 87% complete. US-backed talks between Egypt, Ethiopia and Sudan collapsed earlier this year after Ethiopia walked away from the table.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571459\" 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=\"571459\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/\">\r\n                            Egypt Hydrocarbon signs USD 550 mn ammonia plant pact with Maire Tecnimont                        <\/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\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/\" 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\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/')\">\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\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/\">\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 Hydrocarbon signs USD 550 mn ammonia plant pact with Maire Tecnimont&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/\">\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\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/&title=Egypt Hydrocarbon signs USD 550 mn ammonia plant pact with Maire Tecnimont\">\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+Hydrocarbon+signs+USD+550+mn+ammonia+plant+pact+with+Maire+Tecnimont+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F12%2Fegypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont%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\/05\/12\/egypt-hydrocarbon-signs-usd-550-mn-ammonia-plant-pact-with-maire-tecnimont\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571459\" class=\"content-area-description single-story post-571459 post type-post status-publish format-standard hentry category-manufacturing tag-egypt-hydrocarbon-corporation tag-enterpriseam tag-italy tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Egypt Hydrocarbon Corporation has signed a USD 550 mn agreement with Maire Tecnimont to set up an ammonia plant in Ain Sokhna, a <a href=\"https:\/\/www.mairetecnimont.com\/en\/media\/press-releases\/usd-550-million-contract-finalized-new-ammonia-project-plant-egypt\">statement<\/a> by the Italian company said on Monday. The plant is scheduled for completion in 36 months and will produce 1,320 metric tonnes of ammonia per day.<\/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-hydrocarbon-corporation\/\">Egypt Hydrocarbon Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/italy\/\">Italy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/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=\"571460\" 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=\"571460\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/mnhd-signs-egp-2-1-bn-loan-agreement-with-nbe-aaib-and-banque-misr\/\">\r\n                            MNHD signs EGP 2.1 bn loan agreement with NBE, AAIB and Banque Misr                        <\/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\/05\/12\/mnhd-signs-egp-2-1-bn-loan-agreement-with-nbe-aaib-and-banque-misr\/\" 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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The loan will be used to partially finance MNHD\u2019s Saray 1 and Saray 2 real estate projects and restructure debts owed to AAIB.<\/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\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/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\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"571461\" 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=\"571461\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/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\/05\/12\/the-market-yesterday-90\/\">\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\/05\/12\/the-market-yesterday-90\/\" 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\/05\/12\/the-market-yesterday-90\/')\">\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\/05\/12\/the-market-yesterday-90\/\">\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\/05\/12\/the-market-yesterday-90\/\">\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\/05\/12\/the-market-yesterday-90\/&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%2F05%2F12%2Fthe-market-yesterday-90%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\/05\/12\/the-market-yesterday-90\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571461\" class=\"content-area-description single-story post-571461 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> (Monday): 10,296 (+0.4%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.1 bn (59% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -26.3%<\/p>\n<p><strong>THE MARKET ON MONDAY:<\/strong> The EGX30 ended xx session up 0.4%. CIB, the index\u2019s heaviest constituent, ended down 0.6%. EGX30\u2019s top performing constituents were Eastern Co up 6.8%, EFG Hermes up 5.7%, and Ibn Sina Pharma up 3.2%. Yesterday\u2019s worst performing stocks were Credit Agricole down 5.9%, Qalaa Holdings down 4.5% and Pioneers Holding down 4.4%. The market turnover was EGP 1.1 bn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -96.9 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -75.7 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +172.6 mn<\/p>\n<p><strong>Retail<\/strong>: 31.2% of total trades | 30.5% of buyers | 32.0% of sellers<br \/>\n <strong>Institutions<\/strong>: 68.6% of total trades | 69.5% of buyers | 68.0% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 24.66 (+2.15%)<br \/>\n <strong>Brent:<\/strong> USD 29.63 (-4.33%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.84 MMBtu, (+0.93%, Jun 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,700.00 \/ troy ounce (+0.12%)<\/p>\n<p><strong>TASI:<\/strong> 6,603.96 (-1.18%) (YTD: -21.28%)<br \/>\n <strong>ADX:<\/strong> 4,120.56 (+0.04%) (YTD: -18.82%)<br \/>\n <strong>DFM:<\/strong> 1,883.51 (-0.95%) (YTD: -31.88%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,120.08 (-1.02%)<br \/>\n <strong>QE:<\/strong> 8,863.63 (-0.49%) (YTD: -14.98%)<br \/>\n <strong>MSM:<\/strong> 3,465.81 (-0.10%) (YTD: -12.95%)<br \/>\n <strong>BB: <\/strong>1,252.45 (-1.25%) (YTD: -22.22%)<\/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=\"571462\" 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\/05\/12\/571462\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571462\" class=\"content-area-description single-story post-571462 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>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15 May (Friday): Egyptian hotels will be allowed to partially reopen to domestic tourists.<\/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>31 May (Sunday): <a href=\"https:\/\/hapijournal.com\/2020\/04\/28\/%d8%a2%d8%b1%d8%a7%d8%a8%d9%8a%d8%a7-%d8%a7%d9%86%d9%81%d8%b3%d8%aa%d9%85%d9%86%d8%aa%d8%b3-%d8%ad%d8%ac%d8%b2-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d9%82%d8%a7%d9%87%d8%b1%d8%a9-%d9%84%d9%84%d8%aa-2\/\">A postponed court session<\/a> for the lawsuit filed by Cairo Development and Auto Industry, a subsidiary of Arabia Investment Holding, against Peugeot Automotive to demand EUR 150 mn compensation.<\/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":571430,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-571429","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"16190e57-6e08-4e99-ba37-3641209306d3","teaser":"","photo_url":"https:\/\/ent.news\/2020\/5\/110.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF approves USD 2.8 bn in emergency covid funding for Egypt.  Plus: More chatter about a possible full lockdown. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-approves-usd-2-8-bn-in-emergency-covid-funding-for-egypt-plus-more-chatter-about-a-possible-full-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF approves USD 2.8 bn in emergency covid funding for Egypt.  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