{"id":571989,"date":"2020-06-08T04:23:50","date_gmt":"2020-06-08T04:23:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/"},"modified":"2020-06-08T04:23:50","modified_gmt":"2020-06-08T04:23:50","slug":"egypts-stocks-nearly-5-higher-after-early-sba-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/","title":{"rendered":"Egypt\u2019s stocks nearly 5% higher after early SBA agreement"},"content":{"rendered":"

<\/a> EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF <\/strong>funding: <\/strong>The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) announced on Friday<\/a> it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. The benchmark index is now down 20.4% for the year, largely in response to the pandemic\u2019s economic fallout and a shutdown of the tourism industry, Reuters<\/a> notes.<\/p>\n

Biggest gainers: <\/strong>The EGX30\u2019s top performing companies were Pioneers Holding (+8.6%), EFG Hermes (+8.2%), and TMG Holding (+6.2%). Trading was heavy, with EGP 1.4 bn-worth of shares changing hands, about 89% above the trailing 90-day average.<\/p>\n

The announcement of the standby agreement with the IMF also helped slow the USD\u2019s <\/strong>rally against the<\/strong> EGP<\/strong>, which was was changing hands at 16.17 against the greenback yesterday, inching up two piasters from 16.15 \/ USD 1 on Thursday, according to CBE data (pdf)<\/a>. The EGP had held steady at 15.70 throughout the onset of the covid-19 pandemic, after peaking at 15.49 on 23 February.<\/p>\n

What to expect from the IMF loan: <\/strong>The loan, which still needs a final sign-off from the fund\u2019s executive board (expected some time this month), would come in the form of a stand-by arrangement<\/a> (SBA) to help withstand the economic fallout from the covid-19 pandemic and safeguard Egypt\u2019s recent economic gains and reform program. It comes on top of the USD 2.8 bn rapid financing instrument<\/a> Egypt received last month to help plug in the budget gap and support temporary spending to fight the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF funding: The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) announced on Friday it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. The benchmark index is now down 20.4% […]<\/p>\n","protected":false},"author":1,"featured_media":571990,"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":[8572],"tags":[7106,72,164,272,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-equities","tag-imf","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ef0b3eb4-a475-483a-b0fb-e216866ce9f5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/80.jpg","photo_position":"above","related_issue":[571984],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s stocks nearly 5% higher after early SBA agreement - 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\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s stocks nearly 5% higher after early SBA agreement\" \/>\n<meta property=\"og:description\" content=\"EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF funding: The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) announced on Friday it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. 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came just hours after the IMF announced that it had reached a staff level agreement with the government on disbursing the USD 2 bn tranche of its USD 12 bn Extended Fund Facility. \u201cEgypt\u2019s economy continues to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598213,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":571989,"position":1},"title":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621231,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/cabinet-discusses-imf-review-staff-level-agreement-to-disburse-fifth-tranche\/","url_meta":{"origin":571989,"position":2},"title":"Cabinet discusses IMF review, staff-level agreement to disburse fifth tranche","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"CABINET WATCH- Cabinet discusses IMF review, staff-level agreement to disburse fifth tranche: The Madbouly Cabinet discussed during its weekly meeting on Thursday a staff-level agreement Egypt reached with the IMF last week to disburse the fifth USD 2 bn tranche of its USD 12 bn extended fund facility, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628982,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/imf-egypt-reach-staff-level-agreement-to-disburse-usd-2-bn-loan-tranche\/","url_meta":{"origin":571989,"position":3},"title":"IMF, Egypt reach staff-level agreement to disburse USD 2 bn loan tranche","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"IMF, Egypt reach staff-level agreement to disburse USD 2 bn loan tranche: The IMF delegation that was in town reviewing Egypt\u2019s economic reform program has reached a staff-level agreement with the government to disburse the next USD 2 bn tranche of a USD 12 bn extended fund facility. The announcement\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572145,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/house-committee-approves-usd-2-8-bn-covid-19-imf-funding\/","url_meta":{"origin":571989,"position":4},"title":"House committee approves USD 2.8 bn covid-19 IMF funding","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves USD 2.8 bn covid-19 IMF funding: The House Economic Committee approved Egypt\u2019s agreement with the IMF for a USD 2.77 bn rapid financing instrument (RFI) on Thursday, Masrawyreports. The IMF disbursed the funding last month, a day after it was approved. 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