{"id":545897,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/this-morning-hotndusty-imf-world-bank-spring-meetings-start-tomorrow\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"this-morning-hotndusty-imf-world-bank-spring-meetings-start-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/this-morning-hotndusty-imf-world-bank-spring-meetings-start-tomorrow\/","title":{"rendered":"THIS MORNING: Hot\u2019n\u2019dusty + IMF \/ World Bank Spring Meetings start tomorrow"},"content":{"rendered":"

Good morning, friends, and welcome to the last full workweek of Ramadan. <\/strong>We\u2019ll be off at least two days next week, though Cabinet has yet to confirm which holidays will be observed on which days. Coptic Easter is a week from today, while Sinai Liberation Day and Sham El Nessim are both the following Monday.<\/p>\n

Refresher: <\/strong>Last year<\/a>, we observed Coptic Easter and Sham El Nessim on Sunday and Monday.<\/p>\n

Happy holidays to everyone who is celebrating something this morning.<\/strong> Today is Western Easter, Passover, and day 16 of Ramadan. US, UK and Canadian markets were closed on Friday in observance of Good Friday. The New York and Toronto stock exchanges are back to work tomorrow, while the London Stock Exchange will remain closed in observance of Easter.<\/p>\n

PSA #1- It\u2019s going to be hot and dusty today. <\/strong>Look for a daytime high anywhere from 39\u00b0C (according the the national weather service<\/a>) to 42\u00b0C (says our favourite weather app) along with some nasty, dusty winds. The mercury will ease to 33\u00b0C in the capital city tomorrow before settling in at a more seasonable 27-28\u00b0C for the rest of the week.<\/p>\n

COVID WATCH- Egypt saw an average of 124 new covid-19 cases per day last <\/strong>week, down from <\/strong>400 per day<\/a><\/strong> the week before. <\/strong>We also saw a daily average of six deaths, down from an average of seven the week before, according to Health Ministry figures<\/a> released yesterday. Around 33.6 mn people are now fully vaccinated and nearly 2.3 mn have had their boosters, the statement added.<\/p>\n

Hats off the the Health Ministry folks working at vaccination centers. <\/strong>The resident 14-year-old got her jab yesterday in the People\u2019s Democratic Republic of Maadi. Clinic staff were friendly, kind and super efficient. Maybe the Health Ministry could be prevailed upon to teach a customer service course to the folks at the morour?<\/p>\n

No more PCR swabs rammed up your nose? Covid breathalyzer tests could soon be a <\/strong>thing in the US. <\/strong>The US Food and Drug Administration has issued an emergency use authorization<\/a> for a covid test that relies on breath samples. Positive results would still need to be confirmed with a traditional PCR test.<\/p>\n

How much longer will 18% CDs be available? <\/strong>More than half a tn EGP have poured into 18% CDs that the National Bank of Egypt and Banque Misr launched last month (EGP 543 bn as of last week \u2014 check the numbers here<\/a> and here<\/a>).<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

The IMF + World Bank <\/strong>Spring Meetings<\/a><\/strong> start tomorrow in Washington:<\/strong> Global finance chiefs will descend on Washington tomorrow for the IMF and World Bank annual Spring Meetings. Expect the global economic impact of the war in Ukraine and fears of food security to dominate the agenda. International Cooperation Minister Rania Al Mashat yesterday met with Marina Weiss, WB regional director for Egypt, Yemen and Djibouti, to finalize preparations ahead of Al Mashat\u2019s participation in the event, according to a statement<\/a>.<\/p>\n

Our <\/strong>ongoing talks<\/a><\/strong> with the IMF for a new program will be a topic of discussion<\/strong>, according to fund chief Kristalina Georgieva, who told Bloomberg<\/a> that the IMF would sit down with Egyptian officials to discuss the country\u2019s rising debt level. The fund \u201cwill sit with Sri Lanka, we will sit with Egypt, we will sit with Tunisia, and we will discuss what realistically needs to be done,\u201d she said.<\/p>\n

Smart money has the IMF downgrading its global growth forecast<\/strong> when it releases its World Economic Outlook on Tuesday.<\/p>\n

The World Bank is forecasting \u201cinsufficient and uneven\u201d growth in MENA <\/strong>this year<\/strong> on the back of the crisis. In its latest monthly economic update (pdf)<\/a> for our neck of the woods, the bank forecasts average GDP growth of 5.2% \u2014 which would be the fastest rate since 2016 \u2014 but cautions this will be uneven, with oil exporters seeing 5.4% growth and importers 4.0%. Rising food and oil prices will hit the region, especially countries with high net imports (like Egypt). Eleven out of 17 of MENA\u2019s economies are not expected to exceed their pre-pandemic GDP in 2022, it said.<\/p>\n

Egypt\u2019s growth will dip slightly next year<\/strong>, according to the bank, which has penciled in a 5% rate for the fiscal year starting this coming July, down from a projected 5.5% in the current FY.<\/p>\n

PSA #3- You only have four days left to file your ESG report: <\/strong>EGX-listed companies and all non-bank financial services outfits regardless of listing status need to submit their first quarterly ESG questionnaire by this Wednesday, 20 April<\/a>. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. Reach out to <\/strong>Moustafa Taalab at InkankIR<\/a><\/strong>, our parent company, if you need some help.<\/p>\n

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WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

The House of Representatives is reconvening today and will be in session through at <\/strong>least Thursday.<\/strong> MPs are set to sign off on bilateral and multilateral funding agreements including an EUR 250 mn loan from the European Bank for Development and Reconstruction<\/a> to to transform Alexandria\u2019s Abu Qir railway into an electrified metro line. The House will also discuss final budget accounts for the current fiscal year.<\/p>\n

Consoleya is hosting an investor talk and sohour with Cairo Angels today at 9pm CLT.<\/strong> The event will begin with a fireside chat on e-commerce, featuring former Jumia CCO Fran\u00e7ois D\u2019hautefort, with Cairo Angels\u2019 Hossam Allam as moderator. A sohour and networking session for investors will follow the talk. You can register here<\/a>.<\/p>\n

PSA #2- Enterprise doesn\u2019t do sohours. <\/strong>By which we mean that while some of us have sohour, those of us who toil on the night or pre-dawn shifts don\u2019t. We\u2019re either working when you folks break bread or are asleep so we can wake while it\u2019s still very dark to close out your morning read. So please, friends, forgive us for declining your firm\u2019s sohour invitations. We hope you all have a great time.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:23pm CLT this evening in the capital city, and fajr prayers are at 3:55am.<\/p>\n

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THE BIG STORY ABROAD- It\u2019s the war in Ukraine.<\/strong> Here\u2019s what you need to know this morning:<\/p>\n