{"id":545627,"date":"2022-04-06T04:04:56","date_gmt":"2022-04-06T04:04:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/"},"modified":"2022-04-06T04:04:56","modified_gmt":"2022-04-06T04:04:56","slug":"this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/","title":{"rendered":"THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings"},"content":{"rendered":"<p><strong>Good morning, wonderful people, and happy almost-THURSDAY. <\/strong>It\u2019s a brisk-but-not-busy news day here at home \u2014 by far the most interesting news today is happening abroad, where policymakers are taking stock of how bad they think the global economy could get this year.<\/p>\n<p><strong>THE BIG STORY AT HOME- Private sector growth was weighed down by war last month.<\/strong> Egypt\u2019s non-oil private sector activity saw in March its sharpest decline in 21 months, according to S&P Global\u2019s purchasing managers\u2019 index survey. We have the rundown in our Economy section, below.<\/p>\n<p><strong>SMART POLICY- We could be getting a new authority to manage policy on population <\/strong><strong>growth<\/strong> if a Senate proposal moves forward and eventually passes the House of Representatives. We already have a council that looks after the issue, but the new body would apparently report in to Ittihadiya and (presumably) have more teeth (and a fresh mandate) to push policy measures as a result. <a href=\"https:\/\/bit.ly\/3ubv458\">Youm7<\/a> has details.<\/p>\n<p><strong>PSA- The heatwave continues<\/strong>, with our favourite weather app suggesting the mercury will hit 38\u00b0C this afternoon and 40\u00b0C tomorrow.<\/p>\n<p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:17pm CLT this evening in the capital city, and fajr prayers are at 4:08am.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD- With 12 days to go before the <\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">IMF \/ World Bank spring<\/a><\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">meetings<\/a><\/strong><strong>, Washington is sounding the alarm <\/strong>\u2014 and, separately, setting off alarm bells in some corners:<\/p>\n<ul>\n<li><strong>Treasury Secretary Janet Yellen will warn today \u201cof major consequences for the global economy<\/strong> as a result of Russia\u2019s invasion of Ukraine,\u201d the <a href=\"https:\/\/www.nytimes.com\/2022\/04\/05\/business\/yellen-russia-ukraine-sanctions.html?smid=url-share\">New York Times<\/a> reports. You can check out her prepared remarks for a congressional committee <a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba00-wstate-yellenj-20220406.pdf\">here (pdf)<\/a>.<\/li>\n<li><strong>Washington officials are \u201cscrambling\u201d to \u201climit damage from fast-spreading food shortages\u201d that threaten a global food crisis <\/strong>\u2014 and their work is being complicated by both climate change and covid-19, <a href=\"https:\/\/www.politico.com\/news\/2022\/04\/05\/deepening-global-food-crisis-ukraine-russia-00023124\">Politico<\/a> writes.<\/li>\n<\/ul>\n<p><strong>This comes as the Fed <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2022\/04\/05\/-key-people-from-the-fed-just-spooked-the-markets-heres-what-they-said.html\">\u201cspooked markets\u201d<\/a><\/strong> after top officials confirmed they are committed to high interest rates and a <a href=\"https:\/\/www.ft.com\/content\/848a70fe-557b-40a0-949b-70acc6ac6905\">\u201crapid\u201d reduction of the Fed\u2019s balance sheet<\/a> starting next month <strong>and as Washington and its allies ready <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/europe\/us-allies-ready-new-russia-sanctions-after-bucha-killings-2022-04-06\/\">more aggressive sanctions on Russia<\/a><\/strong> in the wake of the <a href=\"https:\/\/www.wsj.com\/articles\/execution-of-village-mayor-becomes-symbol-of-russian-brutality-in-ukraine-11649176611\">atrocity in Bucha and other villages<\/a> in Ukraine.<\/p>\n<p><strong>MEANWHILE- \u201cLadies and gentlemen, are you ready to close at the UN? Do <\/strong><strong>you think the time of international law has gone?\u201d <\/strong>Those were the questions posed by Ukrainian President Volodymyr Zelensky in an impassioned speech to UN Security Council members yesterday. Zelensky called on the council to kick Russia out \u2014 or else dissolve itself \u2014 over alleged war crimes by the Russian military in western Ukraine. We have more on that and other developments in the war in today\u2019s War Watch section, below.<\/p>\n<p><strong>SIGN OF THE TIMES- Deserted streets and robot dogs: The streets of the world\u2019s <\/strong><strong>third-largest city are <\/strong><strong>looking pretty dystopian right now.<\/strong> Check out this <a href=\"https:\/\/twitter.com\/DrEricDing\/status\/1509927975524913155\">drone footage<\/a> showing the deserted streets of Shanghai after authorities plunged the city into lockdown to curb an outbreak of covid-19. Shanghai is home to some 26 mn people and is the largest city to be subject to the full zero-covid lockdown treatment. It\u2019s also <a href=\"https:\/\/www.latimes.com\/world-nation\/story\/2020-05-13\/coronavirus-singapores-robot-dog-enforces-social-distancing\">one of the first<\/a> cities in the pandemic era to have <strong>deployed Boston Dynamics\u2019 robot dog, apparently <\/strong><strong><a href=\"https:\/\/twitter.com\/JayinShanghai\/status\/1508859419358019587\">letting them loose on the streets<\/a><\/strong> to broadcast public announcements about the lockdown. Not creepy in the slightest.<\/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>***<br \/> HAVE YOU RECENTLY BEEN PROMOTED? Landed a new hire for your team whom <\/strong><strong>you\u2019re super proud? <\/strong>Send us your people news on editorial@enterprise.press so we take note of it in our MOVES column. If you\u2019re dropping us a line, please make sure to include:<\/p>\n<ul>\n<li>Your new and previous titles (and employer, if you\u2019re switching companies \/ institutions);<\/li>\n<li>Your LinkedIn profile (if you have one);<\/li>\n<li>A sentence or two about what you\u2019ll be doing in the new gig.<\/li>\n<\/ul>\n<p><strong>Please include your WhatsApp number<\/strong>, name as you would like to see it in print, and best email address so we can reach out if we have questions.<br \/> <strong>***<\/strong><\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>Saudi Aramco has raised crude prices to an all-time high for Asia<\/strong> as part of a global price hike, according to a document obtained by <a href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-raises-may-arab-light-crude-prices-asia-record-levels-2022-04-04\/\">Reuters<\/a>. The Saudi oil giant will sell a barrel of its Arab Light crude to Asia in May at USD 9.35 a barrel above Oman \/ Dubai crude, the grade\u2019s highest premium ever.<\/p>\n<p><strong>Asian oil buyers will likely seek alternatives on the spot market<\/strong> or reduce purchases of Saudi contracts in response to the hike, traders tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/saudi-oil-buyers-in-asia-may-seek-alternatives-after-price-hike?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Additional flows from the US\u2019 strategic reserves have pushed down the spot price in recent days, while premiums in other parts of the Middle East have fallen due to demand concerns following China\u2019s covid-19 outbreak.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Expect movement on fuel prices this week or the next:<\/strong> The government\u2019s fuel pricing committee is due to have its quarterly meeting at the beginning of this month, when it will likely opt to hike prices in 2Q. If it does so, it would be the fifth time in less than a year. The committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">increased prices<\/a> of 80, 92 and 95-octane by EGP 0.25 when it last met in February in response to rising international prices, and since then, the war in Ukraine has sent Brent up another 15% past USD 107 a barrel. Prices at the pump have risen by up to 16% since April last year.<\/p>\n<p><strong>ALSO THIS WEEK AND NEXT-<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves: <\/strong>March\u2019s foreign reserves figures will be announced some time this week;<\/li>\n<li><strong>Inflation figures<\/strong> for March are expected on Sunday, 10 April.<\/li>\n<\/ul>\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 class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>We take a deep dive into how the International Energy Association (IEA) expects western sanctions on the Russian economy to impact oil markets in the coming months. The energy body warns that we could soon be entering the \u201cbiggest supply crisis in decades\u201d as punitive measures on one of the world\u2019s biggest oil producers limits global oil supply by a projected 3 mn barrels per day.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, and happy almost-THURSDAY. It\u2019s a brisk-but-not-busy news day here at home \u2014 by far the most interesting news today is happening abroad, where policymakers are taking stock of how bad they think the global economy could get this year. THE BIG STORY AT HOME- Private sector growth was weighed down by [&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":[7204],"tags":[394,116,107,93,72,91,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545627","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-aramco","tag-china","tag-covid-19","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"82845e18-a08d-47c2-a8fe-ae6c53dfb4d6","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545625],"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>THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings - 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\/2022\/04\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy almost-THURSDAY. 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It\u2019s a brisk-but-not-busy news day here at home \u2014 by far the most interesting news today is happening abroad, where policymakers are taking stock of how bad they think the global economy could get this year. 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The removal of non-tariff barriers and the levelling of the playing field between public and private companies should activate the private sector\u2019s potential for job creation and\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561941,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/27\/this-morning-madbouly-to-announce-2021-2022-reform-agenda-today-food-prices-surge-to-eight-year-highs\/","url_meta":{"origin":545627,"position":1},"title":"THIS MORNING: Madbouly to announce 2021-2022 reform agenda today; food prices surge to eight-year highs","author":"enterpriseam admin","date":"27 April 2021","format":false,"excerpt":"Good morning, dear readers \u2014 we\u2019re halfway through Ramadan already. The news is mercifully light this morning as we look forward to kicking back on a long weekend.WHAT\u2019S HAPPENING TODAY-Prime Minister Mostafa Madbouly will announce the government\u2019s reform agenda for the coming fiscal year later today, Planning Minister Hala El\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547083,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/","url_meta":{"origin":545627,"position":2},"title":"THIS MORNING: Back to the 70s for the global economy + USB-C is king in Europe","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"Good morning, lovely people, and welcome to almost-THURSDAY, the only name we know of for this day of the week. The BIG STORY ABROAD and the BIG STORY here at home are in sync this morning: The World Bank is warning that things could be about to get very That\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555483,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/this-morning-new-private-sector-strategy-no-three-digit-oil-any-time-soon-el-erian-biden-signs-usd-1-2-tn-infrastructure-bill-into-law\/","url_meta":{"origin":545627,"position":3},"title":"THIS MORNING: New private sector strategy; No three-digit oil any time soon -El Erian; Biden signs USD 1.2 tn infrastructure bill into law.","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"Happy hump day, wonderful people. We have a huge issue this morning, and no story has piqued our interest as much as a statement from the Cabinet economic group last night that suggests the state is looking to back out of select sectors of the economy in an orderly way.Sensitive\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599931,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/what-were-tracking-on-15-january-2019\/","url_meta":{"origin":545627,"position":4},"title":"What we\u2019re tracking on 15 January 2019","author":"enterpriseam admin","date":"15 January 2019","format":false,"excerpt":"Picking up where we left off yesterday: Concerns over the Chinese economy dominate headlines in the global business press. The country reported a 4.4% drop in exports in December \u2014 the lowest drop in two years according to the FT \u2014 a result largely attributed to the trade war with\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594866,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/what-were-tracking-on-10-september-2019\/","url_meta":{"origin":545627,"position":5},"title":"What we\u2019re tracking on 10 September 2019","author":"enterpriseam admin","date":"10 September 2019","format":false,"excerpt":"The news here at home is dominated this morning by the Euromoney Egypt conference, which took place yesterday. Among the noteworthy results from an audience poll at the one-day gathering: A \u201cclear, transparent and fair regulatory structure\u201d was cited as the most important thing for the government to provide to\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545627"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545627\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545625"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545627"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545627"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}