{"id":571945,"date":"2020-06-07T04:47:31","date_gmt":"2020-06-07T04:47:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/what-were-tracking-on-7-june-2020\/"},"modified":"2020-06-07T04:47:31","modified_gmt":"2020-06-07T04:47:31","slug":"what-were-tracking-on-7-june-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/what-were-tracking-on-7-june-2020\/","title":{"rendered":"What we\u2019re tracking on 7 June 2020"},"content":{"rendered":"<p><strong>Good morning, friends, and welcome to a largely \u201cgood news\u201d issue to start the<\/strong> <strong>workweek<\/strong>, corona notwithstanding. Why are we so chipper this morning?<\/p>\n<ul>\n<li>We\u2019ve reached a staff-level agreement with the IMF on <strong>USD 5.2 bn in fresh funding<\/strong>, as we note in this morning\u2019s Speed Round, below.<\/li>\n<li>Cairo has brokered <strong>a breakthrough in the peace process <\/strong>between warring factions in Libya (again, more in Speed Round).<\/li>\n<li>Data from the US and Canada suggest that <strong>economies are rebounding quicker than<\/strong> <strong>expected <\/strong>from covid-19 shutdowns.<\/li>\n<li>And we\u2019re really chuffed that <strong>Egypt is pushing ahead of mandatory vaccination <\/strong><strong>programs<\/strong> despite the pandemic (see Diplomacy + Foreign Trade, below). Toz, anti-vaxxers.<\/li>\n<\/ul>\n<p>On the jobs reports: <strong>The US economy <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-05\/economists-have-biggest-whiff-ever-as-u-s-jobs-report-surprises?sref=mmeFTDW1\">added 2.5 mn jobs in May<\/a><\/strong> after two months of mass unemployment, bringing total unemployment to 13.3% from 14.7%. Now, there\u2019s a good chance that problems with underlying data collection is partially at play here, but <a href=\"https:\/\/www.cbc.ca\/news\/business\/canada-jobs-may-1.5599719\">Canada also saw a substantial number of jobs created<\/a> last month \u2014 to the tune of 289k positions vs. the loss of 500k jobs that many economists had projected. That\u2019s leading pundits to proclaim that <a href=\"https:\/\/www.theglobeandmail.com\/business\/economy\/article-canadian-economy-adds-surprise-290000-jobs-in-may\/\">the covid-recovery has begun<\/a>.<\/p>\n<p><strong>Why are job reports in the US and Canada important to Egypt? <\/strong>Beyond being positive indicators for the global economy, it\u2019s where the jobs are coming from: \u201cJob growth was concentrated in industries hit hardest early in the crisis, like <strong>leisure, hospitality and retail work<\/strong>. But manufacturing, health care and professional services added jobs as well, possibly signaling that the damage did not spread as deeply into the economy as many feared,\u201d the <a href=\"https:\/\/www.nytimes.com\/2020\/06\/05\/business\/economy\/jobs-report.html?referringSource=articleShare\">New York Times<\/a>\u2019 Ben Casselman writes.<\/p>\n<p><strong>This is a shot in the arm for those among you who are optimistic about prospects for<\/strong> <strong>business in Egypt<\/strong> despite all the short-term pain caused by the lockdowns, as we reported in our <strong><a href=\"https:\/\/enterprise.press\/2020\/06\/04\/enterprise-covid-19-reader-poll-results\/\">Enterprise Reader Poll on Thursday<\/a><\/strong>.<\/p>\n<p><strong>Oh, and one more thing: Don\u2019t bet against the resilience of the consumer. <\/strong>Not in the US, and not in Egypt. Witness this graphic (below) from Bloomberg\u2019s Joe Weisenthal, who notes that there is \u201calmost no difference in spending activity between lockdown states and non-lockdown ones\u201d \u2014 part of what\u2019s getting economies through is that consumers keep on spending, even when they\u2019re locked down.<\/p>\n<p><strong>And consumers can expect lots of sales ahead <\/strong>with retailers globally sitting on piles and piles of unsold inventory, the <a href=\"https:\/\/www.ft.com\/content\/c453b950-5dbf-4fe3-bb74-a9e51adf24dd\">Financial Times<\/a> adds, asking whether <strong>the end of lockdown will see the sale of the century.<\/strong><\/p>\n<p class='web-image' ><a href='https:\/\/twitter.com\/TheStalwart\/status\/1268967503314792450?s=20'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/consumercardspending-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>It\u2019s a big day for: The House of Representatives, which is back in session this morning<\/strong> <strong>with a very busy agenda<\/strong> that ranges from passage of the 2020-2021 state budget, the reconstitution of the upper house of parliament and a pile of other business-relevant bills. MPs are now in the home stretch preparing for summer vacation.<\/p>\n<p><strong>MPs will be wearing face masks in all sessions<\/strong> with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20a315b1-16e6-48d8-8ebc-987f478e122c\">six MPs<\/a> having reported being infected with the virus that causes covid-19, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1985172\">Al Masry Al Youm<\/a> reports. Rep. Hussein Ashmawi is the most recent. He\u2019s being treated at a hospital in Giza, according to <a href=\"https:\/\/bit.ly\/3dFvBBF\">Youm7<\/a>.<\/p>\n<p><strong>The creation of a new Senate is the big draw today <\/strong>with a draft bill on the subject due to be presented this morning, <a href=\"https:\/\/bit.ly\/2Y9Vcwc\">according to Masrawy<\/a>. The bill, which parliamentary majority bloc the Support Egypt Coalition has drafted, would \u2014 if passed \u2014 set up a 300-member Senate, one-third of whom would be appointed by the president. The bill would also see the election of the remaining two thirds split equally between a list system and an individual basis. MP and former journalist Moustafa Bakry <a href=\"https:\/\/twitter.com\/BakryMP\/status\/1268579518362587137\">wrote on social media<\/a> on Friday that \u201cmost\u201d lawmakers prefer a 50\/50 split between individual and closed lists.<\/p>\n<p><strong>Background: <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/08\/parliamentary-elections-to-be-held-at-the-end-of-2020\/\">Parliamentary elections<\/a><\/strong><strong> are scheduled for the end of this year. <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/17\/mps-vote-overwhelmingly-in-favor-of-constitutional-amendments\/\">Constitutional<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/17\/mps-vote-overwhelmingly-in-favor-of-constitutional-amendments\/\"><\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/17\/mps-vote-overwhelmingly-in-favor-of-constitutional-amendments\/\">amendments<\/a> approved last year will bring back the upper house of parliament, with the Senate set to replace what was previously known as the Shura Council, which was abolished in the 2014 constitution.<\/p>\n<p><strong>Also on lawmakers\u2019 agenda before they can go on summer break:<\/strong> Today should see MPs discussing the bills <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/371605\/Egypt\/Politics-\/Egypts-parliament-to-discuss-laws-regulating-publi.aspx\">regulating the Sovereign Fund of Egypt and state-owned businesses<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8ff7c31-d68b-4d6c-8c97-b7a2992128a2\">final Banking Act<\/a> needs to be passed. MPs will vote on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/628a9e60-3aad-4b58-9f57-ad0747b79588\">Central Depository Act<\/a> and amendments to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9556cb3-c981-49ca-83fd-b9093b123645\">Railway Act<\/a> as well as discuss the bills regulating parking lots and amendments to both the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01f8af18-ba6f-485d-a1ce-f608f149eb59\">Infectious Diseases Act<\/a> and the Police Authority Act.<\/p>\n<p><strong>Key news triggers<\/strong> coming up:<\/p>\n<ul>\n<li><strong>Foreign reserves<\/strong> figures for May should be out <strong>early this week<\/strong>.<\/li>\n<li><strong>Inflation data<\/strong> for May will land on <strong>Wednesday, 10 June<\/strong>.<\/li>\n<li><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 25 June.<\/li>\n<li><strong>Founding members of the EastMed Gas Forum will meet this month<\/strong> to ink the Cairo-based energy organization\u2019s charter.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>COVID-19 IN EGYPT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2A7f76M\">confirmed<\/a><\/strong><strong> 32 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 1,198. Egypt has now disclosed a total of 32,612 confirmed cases of covid-19, after the ministry <strong>reported 1,497 new infections yesterday<\/strong>, shy of the record 1,536 cases reported on 31 May. We now have a total of 9,603 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 8,538 have fully recovered.<\/p>\n<p><strong>The Health Ministry has reduced the need for ventilators and increased recovery <\/strong><strong>rates by using <\/strong><strong><a href=\"https:\/\/www.mayoclinic.org\/tests-procedures\/convalescent-plasma-therapy\/about\/pac-20486440\">convalescent plasma therapy<\/a><\/strong>, Minister <a href=\"https:\/\/bit.ly\/378Y00p\">Hala Zayed said<\/a>. The ministry is calling for recovered patients to donate plasma to assist its efforts.<\/p>\n<p><strong>Restaurants and cafes will likely open their doors this month <\/strong>if they comply with new preventative measures to curb the spread of covid-19. The Chamber of Tourism Establishments circulated <a href=\"https:\/\/bit.ly\/2XCQt71\">a checklist<\/a> outlining those measures to its members, but the official announcement of the regs and the timetable to reopen will be revealed by the government soon, the Tourism Ministry said in a <a href=\"https:\/\/bit.ly\/30gbDts\">statement<\/a>. The measures include rearranging seating to be at least two meters apart and in four-person tables, ensuring distancing in places where lineups or crowding are likely, and the usual practices of deep cleaning, and screening and sanitizing customers at the doors. An existing ban on shisha will remain in place.<\/p>\n<p><strong>Measures will also be mandated at tourist sites and landmarks, <\/strong>including limiting the number of people indoors, the ministry said. Egypt is expected to soon reopen six museums and landmarks, including the Baron Palace, after an almost three-month hiatus, as it moves toward a phased reopening of national attractions, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/568744bb-b477-458e-b51c-2a6026dec8dc\">we noted last week<\/a><strong>. <\/strong><\/p>\n<p><strong>The news comes as <\/strong><strong>Egypt <\/strong><strong><a href=\"https:\/\/bit.ly\/3f7OoWT\">continues reaching out<\/a><\/strong><strong> to traditional tourism partners <\/strong>to discuss restarting flights and tourism flows as lockdown measures ease. The Tourism Ministry is also planning to <strong>kick off promotional campaigns targeting travelers in<\/strong><strong> western and central Europe<\/strong> in mid-June, the <a href=\"https:\/\/alborsaanews.com\/2020\/06\/06\/1354152\">local press<\/a> reports, citing unnamed industry sources.<\/p>\n<p><strong>Egyptian economy \u201csolid\u201d -El Said:<\/strong> Egypt\u2019s economic reform program has helped the economy to remain on a \u201csolid\u201d footing through the pandemic, Planning Minister Hala El Said <a href=\"https:\/\/ent.news\/2020\/6\/Planning-Minister-Egypts-Economy-2.pdf\">said on Thursday (pdf)<\/a>. Despite the tourism, industrial and retail sectors suffering as a result of the government\u2019s preventative measures, the Planning Ministry still expects the economy to grow at a 4% clip during the current fiscal year, down from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb412f40-f705-4822-b59b-35078a0c8985\">pre-corona forecast of 5.8%<\/a>. The<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2ecf97e-8c74-428f-843c-0559f5b1540f\">IMF predicted in April<\/a> that Egypt would be the only country in the region to avoid a recession this year.<\/p>\n<p><strong>The Madbouly government is studying <\/strong><strong><a href=\"https:\/\/bit.ly\/378CIQT\">ways to assist Egyptians<\/a><\/strong><strong> who have returned home<\/strong> from jobs abroad, including help with job placements and starting new businesses.<\/p>\n<p><strong>The African Development Bank (AfDB) could provide more funding to back Egypt\u2019s battle <\/strong><strong>against the pandemic<\/strong>, Country Manager Malinne Blomberg said, reports <a href=\"https:\/\/bit.ly\/30fNMu4\">Al Mal<\/a>. The lender last month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5337c61c-cc19-4ede-a95d-02700eccae6d\">approved a USD 500k emergency assistance grant<\/a> to provide food relief and other forms of support to vulnerable communities.<\/p>\n<p><strong>CIB is <\/strong><strong><a href=\"https:\/\/bit.ly\/3dFjPr6\">waiving transfer fees<\/a><\/strong><strong> on internet banking and hiking caps on transactions <\/strong>to encourage more customers to bank online. The move is designed to help curb footfall in branches amid the pandemic.<\/p>\n<p><strong>Public sector employees will receive their salaries starting 15 June over four <\/strong><strong>days <\/strong>to avoid congestions at ATMs nationwide, the Finance Ministry <a href=\"https:\/\/bit.ly\/3dGo1Xs\">said<\/a> on Friday.<\/p>\n<p><strong>DONATIONS-<\/strong><\/p>\n<p><strong>The National Bank of Egypt (NBE) is donating EGP 20 mn to Kasr El Ainy Hospital<\/strong> to support medical treatment for covid-19 patients, according to <a href=\"https:\/\/bit.ly\/3eUYlXp\">Masrawy<\/a>.<\/p>\n<p class='web-image stand-out-borderless' ><a href='https:\/\/somabay.com\/'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/a_new_perspective_web-scaled.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>AND THE REST OF THE WORLD- <\/strong><\/p>\n<p><strong>Black Lives Matter protests are now a global phenomenon<\/strong>, according to the western press as people march in London, Paris, Toronto, Malbourne and beyond. Meanwhile, thousands across the United States continue to hit the streets in protest of racial inequality and police violence. The story leads the front pages of newspapers globally: <a href=\"https:\/\/www.ft.com\/content\/2b0f40c0-8e07-4eb4-b2d6-0ed0e3599243\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/livecoverage\/protests-george-floyd-death-2020-06-06\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/06\/06\/us\/protests-today-police-george-floyd.html\">New York Times<\/a> | <a href=\"https:\/\/www.cnbc.com\/2020\/06\/06\/massive-protests-across-the-us-and-the-world-continue-over-police-killing-of-george-floyd.html\">CNBC<\/a> | <a href=\"https:\/\/www.businessinsider.com\/george-floyd-protest-washington-dc-photos-2020-6\">Business Insider<\/a>.<\/p>\n<p><strong>US stocks continue to rally despite the widening of civil unrest. <\/strong>That\u2019s not surprising, the <a href=\"https:\/\/www.wsj.com\/articles\/stocks-are-rallying-despite-nationwide-protests-thats-typical-11591349405\">Wall Street Journal<\/a> and <a href=\"https:\/\/fortune.com\/2020\/06\/01\/stock-market-protests-civil-unrest-reaction-markets-economy-stocks\/\">Fortune magazine<\/a> suggest.<\/p>\n<p><strong>That floor under oil prices is looking increasingly solid: \u201c<\/strong>OPEC and its allies finalized on Saturday an extension of their record oil-production curbs through July,\u201d the <a href=\"https:\/\/www.wsj.com\/articles\/opec-finalizes-deal-to-extend-oil-output-cuts-11591456992?mod=hp_lead_pos5\">Wall Street Journal<\/a> reports this morning.<\/p>\n<p><strong>Qatar wants to end its riff with the rest of the Arab world.<\/strong> Qatar is \u201copen to dialogue\u201d on ending its longstanding isolation from Egypt and key Gulf countries, Qatar\u2019s Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani told state mouthpiece Al Jazeera (<a href=\"https:\/\/twitter.com\/AJArabic\/status\/1268972056516759552\">watch, runtime: 24:58<\/a>). Egypt, Saudi Arabia, the UAE, and Bahrain \u2014 which together unilaterally cut diplomatic ties with Qatar <a href=\"https:\/\/enterprise.press\/stories\/2017\/06\/06\/the-aftermath-of-cutting-ties-with-qatar\/\">in 2017<\/a> \u2014 had <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/05\/what-were-tracking-on-5-july-2017-2\/\">previously presented<\/a> a list of demands to end their embargo on Doha, which they imposed as Qatar continued to back Islamists across the region. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-06\/qatari-officials-say-ready-to-resolve-gulf-crisis-with-dialogue?sref=mmeFTDW1\">Kuwait is pushing the thaw<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/trump-makes-fresh-attempt-to-resolve-saudi-qatar-feud-11591201000?mod=searchresults&page=1&pos=5\">the United States is angling<\/a> for Saudi and the UAE to start by re-opening their airspace to Qatari aircraft.<\/p>\n<p><strong>Your regularly scheduled reminder that US elections are still happening this fall:<\/strong> Presidential hopeful Joe Biden \u2014 and the sole Democratic contender \u2014 formally earned the Democratic Party nomination on Friday after securing the required number of delegates, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-election\/biden-wins-enough-delegates-to-clinch-u-s-democratic-nomination-idUSKBN23D05X\">Reuters<\/a> reports. Biden has yet to tap a running mate, but has vowed to select a woman, and is coming under pressure to choose a black candidate amid ongoing protests in the US over the on-camera murder of an unarmed black man.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/Souad-Ayten-Amin-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>Egyptian film selected for the (canceled) 2020 Cannes Film Festival:<\/strong> Egyptian director Ayten Amin's new feature film ''Souad' was selected as one of 56 films of the <a href=\"https:\/\/www.festival-cannes.com\/fr\/infos-communiques\/communique\/articles\/les-films-de-la-selection-officielle-2020\">Cannes Film Festival's Official Selection<\/a> for 2020 edition. This year\u2019s film festival has been cancelled due to covid-19, but the chosen films will receive an honorable mention award and may be screened in next year's festival.<\/p>\n<p class='web-image' ><a href='enterprise.press\/podcast'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/Algebra-Ventures-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>What does a VC look for in a startup \u2014 and what makes them walk away from investing?<\/strong> Tarek Assaad and Karim Hussein, two of Cairo-based Algebra Ventures\u2019 three managing partners, give us the lay of the land on how VC is done in this corner of the world in our latest episode of Making It.<\/p>\n<p><strong>Founded in 2015, Algebra is a USD 54 mn venture capital fund <\/strong>that focuses on early stage tech startups. The VC fund\u2019s portfolio covers fintech, e-commerce, transport, and online food ordering, among other industries. Assaad and Hussein relay their experience being one in a handful of pioneers paving the way for bigger investment tickets in the region.<\/p>\n<p><strong>Tap or click here to listen to the episode on:<\/strong> <a href=\"http:\/\/enterprise.press\/podcast\">Our website<\/a> | <a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/investing-in-digital-disruption-how-algebra-ventures\/id1487974619?i=1000476653535\">Apple Podcast<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2L2U3ZjE1ZWYwLWMwOWYtNDFiNi1iZDM4LWFiMDUwMGMwNDVlZi82OTc0ODFkMi04OGRmLTRlYjMtYmY3Mi1hYjA1MDBjMjllOWYvcG9kY2FzdC5yc3M\/episode\/YzVlNjNjYzUtZTI5NC00OTY0LTljOTItYWJjZjAwZWJkZDUx?ved=0CA0Q38oDahcKEwiQ8sXq8OXpAhUAAAAAHQAAAAAQAQ\">Google Podcast<\/a> | <a href=\"https:\/\/omny.fm\/shows\/making-it\">Omny<\/a>. We\u2019re also available on <a href=\"https:\/\/open.spotify.com\/show\/5kp07MwlL0pk8W8i7thpgB\">Spotify<\/a>, but only for non-MENA accounts. Subscribe to Making It on your podcatcher of choice <a href=\"https:\/\/bit.ly\/35lugvb\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and welcome to a largely \u201cgood news\u201d issue to start the workweek, corona notwithstanding. Why are we so chipper this morning? We\u2019ve reached a staff-level agreement with the IMF on USD 5.2 bn in fresh funding, as we note in this morning\u2019s Speed Round, below. Cairo has brokered a breakthrough in the [&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":[2058,107,72,274,127,149,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571945","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-al-azhar","tag-covid-19","tag-enterpriseam","tag-house-of-representatives","tag-politics","tag-religion","tag-senate","wpautop","entry"],"acf":{"mongo_id":"a1800a0e-2b5f-4e61-b9b0-47dcd587a593","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[571943],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.57f32d94-321f-4d71-92dc-9795e64256e8.mp3"},"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>What we\u2019re tracking on 7 June 2020 - 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\/2020\/06\/07\/what-were-tracking-on-7-june-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 7 June 2020\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and welcome to a largely \u201cgood news\u201d issue to start the workweek, corona notwithstanding. Why are we so chipper this morning? We\u2019ve reached a staff-level agreement with the IMF on USD 5.2 bn in fresh funding, as we note in this morning\u2019s Speed Round, below. 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Funds from multilateral institutions are flowing to the private sector and infrastructure, and private sector companies have\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":629188,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/24\/what-were-tracking-on-24-may-2018\/","url_meta":{"origin":571945,"position":1},"title":"What we\u2019re tracking on 24 May 2018","author":"enterpriseam admin","date":"24 May 2018","format":false,"excerpt":"We hope you, like us, have had a wonderful week and are looking forward to the second weekend of Ramadan. We are forever grateful for the privilege of writing all of you each morning.Our top three stories this morning are at the intersection of energy and social stability. Sources close\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":651674,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/19\/what-were-tracking-on-19-february-2017\/","url_meta":{"origin":571945,"position":2},"title":"What we\u2019re tracking on 19 February 2017","author":"enterpriseam admin","date":"19 February 2017","format":false,"excerpt":"Keep an eye on the EGP today. The pound is flirting with the EGP 16.00 barrier this morning, with the CBE quoting a 16.0038 \/ 16.1062 buy \/ sell split in its table of average market rates for Thursday. Anecdotal evidence over the weekend suggests to us that small-time USD\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":647848,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/22\/what-were-tracking-on-22-may-2017\/","url_meta":{"origin":571945,"position":3},"title":"What we\u2019re tracking on 22 May 2017","author":"enterpriseam admin","date":"22 May 2017","format":false,"excerpt":"Bad news this morning: The Central Bank of Egypt raised interest rates 200 bps overnight. We\u2019re only starting to get our heads around the implications of the rate hike on borrowing costs for the state \u2014 let alone for investment by businesses, who will effectively be borrowing at what were\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":650184,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/19\/what-were-tracking-on-19-march-2017\/","url_meta":{"origin":571945,"position":4},"title":"What we\u2019re tracking on 19 March 2017","author":"enterpriseam admin","date":"19 March 2017","format":false,"excerpt":"Business could take a back seat to foreign policy over the next couple of weeks. Look for plenty of discussion of Cairo-Washington ties in from now through early April, when President Abdel Fattah El Sisi is apparently now set to visit the White House. In parallel, speculation is mounting 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":639018,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/what-were-tracking-on-19-october-2017\/","url_meta":{"origin":571945,"position":5},"title":"What we\u2019re tracking on 19 October 2017","author":"enterpriseam admin","date":"19 October 2017","format":false,"excerpt":"** A NOTE TO YOU FROM US: One of our smartest readers pointed out earlier this week that some of you might not know why we deliberately redact or shorten some words in Enterprise \u2014 or make passing references to \u201calgorithms that govern our deliverability to your inboxes.\u201d It\u2019s not,\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\/571945","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=571945"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571945\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571943"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571945"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571945"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}