{"id":562860,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/"},"modified":"2021-06-09T04:00:10","modified_gmt":"2021-06-09T04:00:10","slug":"this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/","title":{"rendered":"THIS MORNING: Final IMF tranche coming this month? Also: Palestine leaders in town for talks + another export subsidies rethink is in the works"},"content":{"rendered":"

Good morning, friends. There\u2019s not a gram of fat in this morning\u2019s issue <\/strong>\u2014 it\u2019s a heavy news day with lots of business news pushing the latest on covid-19 far down our priority list, so let\u2019s jump right in.<\/p>\n

Oh, and the rest of the month is looking really, really busy<\/strong> from where we sit right now:<\/p>\n

<\/a> We could be getting the third and final tranche of our USD 5.2 bn standby loan from the<\/strong> IMF later this month<\/strong>, Finance Minister Mohamed Maait told Kelma Akhira\u2019s Lamees El Hadidi last night (swatch, runtime: 25:14<\/a>), though Maait cautioned that the Fund has not decided on an exact release date. Egypt isn\u2019t listed on the IMF executive board\u2019s agenda<\/a>, which has a 10-day look-ahead. The Fund reached a staff-level agreement<\/a> on disbursing the USD 1.6 bn tranche last month.<\/p>\n

French Finance Minister Bruno Le Maire is due in Cairo on Saturday 12 for meetings<\/strong> starting the following day, <\/strong>the office of French Ambassador St\u00e9phane Romatet tells us. The visit comes as a delegation of 18 French companies conclude today a three-day visit to Cairo during which they talked investment and partnership with Egyptian private sector firms and international financial institutions in an event organized<\/a> by Business France.<\/p>\n

I<\/strong>nvestment at the top of Le Maire\u2019s agenda<\/strong>, with transport, energy, water management and healthcare all looking interesting<\/a>.<\/p>\n

France has big plans to up its investment in green energy here and support our <\/strong>hydrogen ambitions<\/strong>, Romatet told us in yesterday\u2019s Going Green<\/a>. France and Egypt last month concluded a multi-bn<\/a> USD arms sale that will see Egypt buy 30 Rafale fighter jets. Le Maire had been scheduled<\/a> to visit Egypt in February.<\/p>\n

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Details of a new export subsidies program are due to be unveiled in days<\/strong>, Trade Minister Nevine Gamea told reporters yesterday<\/a>. The program will have a focus on Upper Egypt and the SC Zone. Cabinet will approve a budget for the program this week and the program could come into effect as early as the start of FY2021-2022 on 1 July, Gamea said without giving further details.<\/p>\n

Palestinian leaders arrived in Cairo yesterday as talks to maintain the Hamas-Israel <\/strong>ceasefire continue<\/strong>, Hamas spokesman Hazem Qassem said, according to Reuters<\/a>. The visit is a precursor to a larger gathering in Cairo of Palestinian factions that could take place as soon as next week, Qassem added.<\/p>\n

The Central Bank of Egypt will launch an electronic clearing system for <\/strong>foreign currency cheques<\/strong> between banks<\/strong> that is expected to speed up interbank clearing and settlement processes, according to a statement (pdf)<\/a>. The system will go live on 14 June.<\/p>\n

The government will announce details of its new structural reform program by the end of <\/strong>July<\/strong>, Hapi Journal<\/a> reports, quoting Planning Minister Hala El Saeed. Prime Minister Moustafa Madbouly and El Said first announced the three-year Economic Reform Program 2.0<\/a> designed to support private sector-led growth in April.<\/p>\n

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