{"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. The benchmark index is now down 20.4% […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-08T04:23:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s stocks nearly 5% higher after early SBA agreement\",\"datePublished\":\"2020-06-08T04:23:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\"},\"wordCount\":259,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"EnterpriseAM\",\"equities\",\"IMF\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\",\"name\":\"Egypt\u2019s stocks nearly 5% higher after early SBA agreement - 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The IMF disbursed the funding last month, a day after it was approved. The RFI will help\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":637221,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/imf-reaches-agreement-with-egypt-to-disburse-usd-2-bn\/","url_meta":{"origin":571989,"position":2},"title":"IMF reaches agreement with Egypt to disburse USD 2 bn","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"IMF reaches agreement with Egypt to disburse USD 2 bn: The S&P\u2019s announcement 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":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":3},"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":596527,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/imf-says-no-talks-with-egypt-over-new-program\/","url_meta":{"origin":571989,"position":4},"title":"IMF says no talks with Egypt over new program","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Finish your plate before asking for a new program, IMF tells Egypt: The International Monetary Fund (IMF) will not open talks with Egypt over new support until the government has finished implementing the current program of economic reforms, IMF assistant communications director Camilla Andersen told a press briefing. \u201cWe\u2019re not\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":646005,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/04\/next-imf-review-to-be-in-november-or-december-el-garhy\/","url_meta":{"origin":571989,"position":5},"title":"Next IMF review to be in November or December -El Garhy","author":"enterpriseam admin","date":"4 June 2017","format":false,"excerpt":"The next review by the IMF as part of its USD 12 bn, three-year, funding package to Egypt will be in either November or December, Finance Minister Amr El Garhy said, according to Reuters. 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