{"id":551876,"date":"2022-07-27T13:45:03","date_gmt":"2022-07-27T13:45:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/this-evening-were-working-things-out-with-the-imf-ciras-future-flow-issuance-officially-gets-fras-blessing\/"},"modified":"2022-07-27T13:45:03","modified_gmt":"2022-07-27T13:45:03","slug":"this-evening-were-working-things-out-with-the-imf-ciras-future-flow-issuance-officially-gets-fras-blessing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/this-evening-were-working-things-out-with-the-imf-ciras-future-flow-issuance-officially-gets-fras-blessing\/","title":{"rendered":"THIS EVENING: We\u2019re working things out with the IMF + CIRA\u2019s future flow issuance officially gets FRA\u2019s blessing"},"content":{"rendered":"

It\u2019s almost-THURSDAY, friends<\/strong> \u2014 which means our favorite day of the week (and the weekly exodus to the Sahel bawabat) is just around the corner. Our reward? Another busy and interesting news day.<\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

<\/a> #1- We\u2019re working out our differences with the IMF<\/strong> as the government pushes through negotiations over a fresh loan program, Finance Minister Mohamed Maait told Al Arabiya TV (watch, runtime: 1:16<\/a>). His statements come one day after the IMF urged the government<\/a> to take \u201cdecisive\u201d steps on fiscal and structural reforms as Egypt seeks the loan to mitigate the fiscal strain and balance of payments pressure triggered by the crisis in Ukraine.<\/p>\n

#2- It\u2019s official: CIRA\u2019s future flow securitization program gets regulatory approval: <\/strong>The Financial Regulatory Authority (FRA) has given EFG Hermes the go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance of future flow securities to market, in what would kick off the company\u2019s EGP 2 bn future flow securitization program<\/a>, the authority announced in a statement (pdf)<\/a> today.<\/p>\n

^^We\u2019ll have more<\/strong> on these stories and plenty of others in tomorrow\u2019s edition of EnterpriseAM<\/strong>.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Russia further <\/strong>reducing<\/strong> its gas flows to Europe is still topping headlines in the<\/strong> international business press.<\/strong> Moscow followed through on its decision from earlier this week<\/a>, bringing supplies from its key Nord Stream 1 pipeline Europe to just 20% of its total capacity. While the move was blamed on technical issues, EU energy policy chief Kadri Simson has gone on record saying that it is politically motivated. In anticipation of the move, EU countries yesterday approved a proposal<\/a> to cut gas use by 15% from August to March of next year, as they struggle to secure enough gas for the winter. Unsurprisingly, European gas futures jumped 12% on the news.<\/strong> (Reuters<\/a> | Financial Times<\/a> | CNN<\/a> | CNBC<\/a>)<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

<\/a> It\u2019s day two of the US Federal Reserve\u2019s Federal Open Market Committee meeting.<\/strong> Expect Fed Chairman Jay Powell to announce the central bank\u2019s second consecutive 75 bps interest rate hike later today. Investors are broadly expecting the Fed to \u201ckeep aggressively raising\u201d rates this year, as demonstrated by the inverted yield curve, the Wall Street Journal<\/a> writes. On the flipside, many are concerned that the Fed going too tight too fast on monetary policy could push the US into a recession.<\/p>\n

WATCH THIS SPACE-<\/strong> The Central Bank of Egypt will next meet to review rates here at home on Thursday, 18 August.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n