{"id":552539,"date":"2022-09-12T14:14:10","date_gmt":"2022-09-12T14:14:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/this-evening-details-on-state-privatization-programs-revival-coming-soon-imf-could-top-up-lending-quotas\/"},"modified":"2022-09-12T14:14:10","modified_gmt":"2022-09-12T14:14:10","slug":"this-evening-details-on-state-privatization-programs-revival-coming-soon-imf-could-top-up-lending-quotas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/this-evening-details-on-state-privatization-programs-revival-coming-soon-imf-could-top-up-lending-quotas\/","title":{"rendered":"THIS EVENING: Details on state privatization program\u2019s revival coming soon + IMF could top up lending quotas"},"content":{"rendered":"

Happy Monday, wonderful people.<\/strong> We have another brisk news day here in Omm El Donia \u2014 and we\u2019re not even halfway through the week.<\/p>\n

THE BIG STORY TODAY- <\/strong><\/p>\n

<\/a> We\u2019ll get more details on the state\u2019s plans for the resumption of the state<\/strong> privatization program in four weeks: <\/strong>The Sovereign Fund of Egypt\u2019s (SFE) newly established pre-IPO fund<\/a> is currently working on an initial batch of strategic stake sales worth USD 2.5-3 bn, Planning Minister Hala El Said told Bloomberg Asharq (watch, runtime: 2:50<\/a>), adding that the government will announce the companies that are up for grabs and other details within four weeks. A second phase of stake sales also worth USD 2.5-3 bn will follow later, El Said added, without disclosing an exact timeline.<\/p>\n

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

The international press is broadly focused this afternoon on Ukraine pushing back<\/strong> Russian forces in Ukraine\u2019s southeast<\/strong> as Kyiv works to retake Kharkiv. The story is on the front pages of the Financial Times<\/a>, the Wall Street Journal<\/a>, Reuters<\/a>, Bloomberg<\/a>, and CNBC<\/a>.<\/p>\n

Also getting ink: Britain\u2019s economy grew at a slower pace than expected in July,<\/strong> increasing the possibility that the country could already be in a recession<\/strong>, according to fresh data from the Office for National Statistics<\/a>. GDP increased by 0.2% from June, which was less than the median estimate of 0.4%, Reuters<\/a> reported. The slower-than-anticipated expansion was caused by a combination of factors, including labor shortage and rising costs: UK inflation is currently at a 40-year high<\/a>.<\/p>\n

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

<\/a> IMF member countries (including Egypt) could have access to an additional 50% top-up<\/strong> of their quotas from the lender<\/strong> if the institution approves a proposal it is reportedly discussing at an informal board session today, Reuters<\/a> reports, citing sources with knowledge of the matter. The potential extra funding, which would be unconditional and would not permanently change countries\u2019 borrowing quotas, is designed to weather the impact of spiraling global food prices. Global food shortages and supply chain disturbances on the back of Russia\u2019s war in Ukraine, drove the food price index to rise by 10 points y-o-y in August, according to recent data<\/a> from the UN Food and Agriculture Organization (FAO).<\/p>\n

The proposal comes as <\/strong>we\u2019re in talks<\/a><\/strong> for additional funding from the IMF<\/strong>, but aren\u2019t expecting a super-sized package. Finance Minister Mohamed Maait<\/a> and other officials<\/a>dialed back expectations since Egypt has exhausted its funding quota.<\/p>\n

Our friend Dr. Mahmoud Mohieldin is with the good folks at AmCham<\/strong> for a luncheon from 1-4pm CLT. Dr. Mahmoud is speaking in his capacity as UN climate change high-level champion for Egypt<\/a>. The special luncheon meeting at the Nile Ritz Carlton is open to AmCham members and their guests. Non-members can register to watch here<\/a>.<\/p>\n

Consoleya and Cairo Angels are hosting a business meet-up <\/strong>focusing on Nigeria\u2019s tech ecosystem and how it compares with Egypt\u2019s startup scene. Tarek Shahin (CI Capital\u2019s chief investment officer), Biola Alabi Media CEO Biola Alabi, and Ibrahim Sagna (Afreximbank\u2019s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.<\/p>\n

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