{"id":543077,"date":"2022-01-05T13:46:01","date_gmt":"2022-01-05T13:46:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/tonight-parliament-had-a-busy-day-before-the-long-weekend-plus-imfs-world-economic-outlook-postponed-to-account-for-omicron\/"},"modified":"2022-01-05T13:46:01","modified_gmt":"2022-01-05T13:46:01","slug":"tonight-parliament-had-a-busy-day-before-the-long-weekend-plus-imfs-world-economic-outlook-postponed-to-account-for-omicron","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/tonight-parliament-had-a-busy-day-before-the-long-weekend-plus-imfs-world-economic-outlook-postponed-to-account-for-omicron\/","title":{"rendered":"TONIGHT: Parliament had a busy day before the long weekend. Plus: IMF\u2019s World Economic Outlook postponed to account for omicron"},"content":{"rendered":"<p><strong>Mabrouk, ladies and gents.<\/strong> You made it through the first (albeit abridged) workweek of the year. Merry Christmas to everyone who will be celebrating this Friday \u2014 and we hope all our readers enjoy the long weekend.<\/p>\n<p><strong>THE BIG STORIES TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>#1- First look at next fiscal year\u2019s budget:<\/strong> The Finance Ministry is penciling in 5.7% growth for its FY2022-2023 state budget, Minister Mohamed Maait said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/310208534482907\">statement<\/a> this morning. The ministry is looking to achieve a 2% primary surplus, along with narrowing the budget deficit to 6.1% from the 6.7%<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b256c9-96d6-4a37-8097-31671ba3016b\">targeted in the current fiscal year<\/a>.<\/p>\n<p><strong>#2- The House of Representatives had an eventful plenary session ahead of the long weekend, signing off on a number of important pieces of legislation.<\/strong> These bills include the <strong><a href=\"https:\/\/alborsaanews.com\/2022\/01\/05\/1496678\">Fintech Act<\/a><\/strong>, which is set to govern fintech use by non-banking financial services providers, as well as put the Financial Regulatory Authority in charge of overseeing the fintech space; <a href=\"https:\/\/alborsaanews.com\/2022\/01\/05\/1496736\">a law channeling<\/a> a portion of the surpluses from ministerial \u201cprivate funds\u201d to state coffers; and the Unified Planning Act, which <a href=\"https:\/\/alborsaanews.com\/2022\/01\/05\/1496742\">got its final nod<\/a> after receiving preliminary approval yesterday.<\/p>\n<p><strong>^^ We\u2019ll have more on these stories in Sunday\u2019s edition of EnterpriseAM.<\/strong><\/p>\n<p><strong>Egypt\u2019s foreign reserves rose to USD <\/strong><strong>40.93<\/strong><strong> bn in December<\/strong> from USD 40.91 bn in November, according to <a href=\"https:\/\/www.cbe.org.eg\/ar\/Pages\/HighlightsPages\/NIR-December-2021.aspx\">official figures released today<\/a>.<\/p>\n<p><strong>Egypt swept the 2021 <\/strong><strong><a href=\"https:\/\/northern.africanstartupawards.com\/regional-winners\/\">Global Startup Awards<\/a><\/strong><strong> for North Africa: <\/strong>A number of names from the Egyptian startup scene were given a nod from the Copenhagen-based competition that covers 124 countries worldwide. Among the laureates in the North Africa category:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/business.aucegypt.edu\/centers\/vlab\">AUC\u2019s Venture Lab<\/a><\/strong> (best accelerator\/incubator program);<\/li>\n<li>Textile manufacturing software solution provider <strong><a href=\"https:\/\/garment.io\/\">Garment IO<\/a><\/strong> (best startup of the year);<\/li>\n<li>Food charity app <strong><a href=\"https:\/\/www.tekeya.io\/\">Tekeya<\/a><\/strong> (women in tech).<\/li>\n<\/ul>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>PMI outlook improves, but remains in contraction territory:<\/strong> Egypt\u2019s non-oil business activity \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a81bbd94-9969-4bd7-b797-d4036671396b\">inched closer to stabilisation<\/a>\u201d in December, contracting at its slowest pace in four months, according to IHS Markit\u2019s purchasing managers\u2019 index survey.<\/li>\n<li><strong>GB Lease returns <\/strong><strong>to securitization<\/strong><strong> market with EGP 4.3 bn sale:<\/strong> GB Lease <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1205d828-fac0-43bc-8078-a6961eed086e\">has completed the sale<\/a> of EGP 4.3 bn of securitized bonds to investors in two separate issuances with tranches rated A through AA+.<\/li>\n<li>&ZeroWidthSpace;&ZeroWidthSpace;<strong>Solar energy players <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39795576-3662-4f64-bcaf-c3ee4cccb768\">are lobbying<\/a><\/strong><strong> to scrap a newly-imposed 5% import tariff on solar panels<\/strong>, warning that the new levy will hurt the industry.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>The IMF\u2019s World Economic Outlook is going to be published a week later than<\/strong><strong> planned to factor in covid-19 developments<\/strong>, with the publishing date now set for 25 January, reports <a href=\"https:\/\/www.reuters.com\/business\/imf-delays-release-new-forecast-jan-25-factor-covid-19-developments-2022-01-04\/\">Reuters<\/a>. Considering the developments include the fast spread of the omicron variant, the postponement is unlikely to bring with it a more positive outlook. In October, the IMF had forecast global economic growth of 5.9% in 2021 and 4.9% this year, but the spread of the omicron variant has put a dent in expected growth, especially amid returning travel restrictions and the threat of further measures and lockdowns.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"?\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f5d3.svg\"> CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Interest rates:<\/strong> The Central Bank of Egypt (CBE) will hold its first policy meeting of 2022 on Thursday, 3 February.<\/p>\n<p><strong>The 2021 Africa Cup of Nations gets underway in Cameroon next Sunday, 9 January.<\/strong> The championship will run until Sunday, 6 February.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/wyfegypt.com\/\">World Youth Forum<\/a><\/strong><strong> kicks off in Sharm El Sheikh next Monday, 10 January<\/strong> and runs until Thursday, 13 January.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"\u2601\ufe0f\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/2601.svg\"> <strong>TOMORROW\u2019S WEATHER- Cloudy with a side of rain: <\/strong>It looks like it will be a cloudy day tomorrow with a daytime high of 19\u00b0C and a nighttime low of 10\u00b0C, according to our favorite weather app. There\u2019s a 30% chance that it will rain tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mabrouk, ladies and gents. You made it through the first (albeit abridged) workweek of the year. Merry Christmas to everyone who will be celebrating this Friday \u2014 and we hope all our readers enjoy the long weekend. THE BIG STORIES TODAY- #1- First look at next fiscal year\u2019s budget: The Finance Ministry is penciling in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[657,107,633,276,275,656,655,272,187,277,634,273],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543077","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-auc-venture-lab","tag-covid-19","tag-enterprisepm","tag-finance-ministry","tag-fintech-act","tag-fiscal-budget","tag-foreign-reserves","tag-imf","tag-legislation-watch","tag-mohamed-maait","tag-what-were-tracking-tonight","tag-world-economic-outlook","wpautop","entry"],"acf":{"mongo_id":"90836db8-d371-4eee-9acd-fa1eccae4c96","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543075],"teaser":"","voice_url":""},"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>TONIGHT: Parliament had a busy day before the long weekend. 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The government is constantly updating its forecasts for Egypt\u2019s economic growth as developments in the global economy\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578353,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/our-first-look-at-the-fy2023-2024-budget\/","url_meta":{"origin":543077,"position":1},"title":"Our first look at the FY2023-2024 budget","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Egypt is targeting a GDP growth of 5.5% in its draft budget for the next fiscal year","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/514.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559198,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/","url_meta":{"origin":543077,"position":2},"title":"Cloudy with a chance of\u2026","author":"enterpriseam admin","date":"13 January 2021","format":false,"excerpt":"EXCLUSIVE- Expect to see revised GDP growth targets for the current fiscal year sometime this month as the Finance Ministry takes stock of economic performance in 1H2020-2021 and amends the full-year expectations accordingly, Finance Minister Mohamed Maait told Enterprise. The ministry will not make legal amendments to the state budget,\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":543077,"position":3},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/","url_meta":{"origin":543077,"position":4},"title":"FinMin narrows deficit target for this fiscal year as economy withstands global turmoil","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"The Madbouly government now expects the budget deficit to contract to 6.2% this fiscal year, down from a previous 6.9% target, as the economy absorbs the initial shock of the outbreak of war in Ukraine, Finance Minister Mohamed Maait told a Bank of America delegation, according to a Finance Ministry\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/176.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542627,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/first-look-at-next-fiscal-years-budget\/","url_meta":{"origin":543077,"position":5},"title":"First look at next fiscal year\u2019s budget","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"The Finance Ministry is penciling in 5.7% growth for its FY2022-2023 state budget, Finance Minister Mohamed Maait said in a statement on Wednesday. That\u2019s more or less on par with the 5.5-5.7% growth rate the government expects for the current fiscal year, which ends in June. 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