{"id":588362,"date":"2023-06-11T00:00:00","date_gmt":"2023-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/this-morning-imf-says-talks-are-encouraging-expects-progress-within-weeks-on-economic-reform-agenda\/"},"modified":"2023-06-11T00:00:00","modified_gmt":"2023-06-11T00:00:00","slug":"this-morning-imf-says-talks-are-encouraging-expects-progress-within-weeks-on-economic-reform-agenda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/this-morning-imf-says-talks-are-encouraging-expects-progress-within-weeks-on-economic-reform-agenda\/","title":{"rendered":"THIS MORNING: IMF says talks are \u201cencouraging,\u201d expects progress within weeks on economic reform agenda"},"content":{"rendered":"

Good morning, wonderful people, and a very happy Sunday. <\/span>We have a packed issue to <\/span>start the week, with encouraging sounds on economic reforms including the privatization program and lots of fresh industrial investment. But first, we\u2019re excited to announce:<\/span><\/p>\n

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<\/span><\/a> <\/span>The <\/span>Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. The two-day event takes place this <\/span>September<\/span>.<\/span> Stay tuned for more information on the location. <\/span><\/p>\n

This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings<\/span> that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/span><\/p>\n

Day one is our Banking Forum<\/span>, where we\u2019ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry. <\/span><\/p>\n

Day two is all about Fintech and Non-Banking Financial Services. <\/span>We\u2019ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.<\/span><\/p>\n

WHY ATTEND? <\/span>Our guests consistently tell us they attend for two reasons: (1) meaningful discussion of the issues that shape the future of their businesses and (2) an unparalleled chance to network with other senior members of the community.<\/span><\/p>\n

** NEW: MORE NETWORKING TIME- <\/span>Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.<\/span><\/p>\n

WHO SHOULD ATTEND?<\/span> Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow\u2019s founders and c-suite executives.<\/span><\/p>\n

TAP OR CLICK <\/span>HERE<\/a><\/span>if you want to express interest in attending. <\/span>We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p>\n

Do you want to become a commercial partner? <\/span>Email mtaalab@enterpriseadvisory.com.<\/span><\/p>\n

STAY TUNED for more detail <\/span>about our exciting agenda in the weeks to come. <\/span><\/p>\n

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<\/a> <\/span>The BIG STORY here at home this morning is the p<\/span>ositive sounds on our economic reform agenda \u2014 not least from the IMF: <\/span>Talks between the IMF and local officials are \u201cencouraging\u201d and<\/span> the Fund expects to see the government achieve \u201cconcrete results that will work to restore confidence\u201d in its economic reform package \u201cover the course of the next several weeks,\u201d IMF Deputy Managing Director Antoinette Sayeh has said in an interview with Kelma Akhira\u2019s Lamees Al-Hadidi (<\/span>watch, runtime: 31: 52<\/a><\/span>). Sayeh said she expected the positive developments to speed up the review of the next stage of our USD 3 bn assistance package with the Fund, without saying when she expected to see progress. <\/span><\/p>\n

News brewing on state asset sales + FDI: <\/span> Private equity outfit Act<\/span>is and Malaysian power company Edra could be vying for one of our USD 2 bn Siemens power plants; the Port Said terminal operator is set to sell a 20% stake on the EGX; and a Saudi-Egyptian investor is on the verge of snapping up a 70% stake in a state-owned glassmaker. We have more on all that \u2014 as well as May\u2019s inflation figures \u2014 in the newswell, below. <\/span><\/p>\n

REMEMBER- Originally scheduled <\/span>for mid-March<\/a><\/span>, the IMF has postponed the first review <\/span>of Egypt\u2019s loan program<\/span> due to delays implementing several of its key conditions. Under the USD 3 bn facility, Egypt committed to adopting a fully flexible exchange rate and accelerating its privatization program as a means to ending the prolonged FX crunch. The government aims to raise USD 2 bn via asset sales by the end of this month.<\/span><\/p>\n

The IMF\u2019s Sayeh is <\/span>today expected<\/a><\/span> to attend the launch of an IMF paper. <\/span><\/p>\n

ALSO HAPPENING TODAY-<\/span><\/p>\n

<\/a><\/span>It\u2019s Budget Week in the House:<\/span> Our elected representatives will discuss the <\/span>FY<\/a><\/span>2023-2024 budget<\/a><\/span>, and the economic and social development plan today through to Tuesday. The General Assembly could hold a final vote on Tuesday. The Senate <\/span>approved<\/a><\/span> the FY 2023-24 development plan last week.<\/span><\/p>\n

The National Dialogue resumes its sessions today<\/span> after a two-week long break.<\/span> Participants will discuss the size of the country\u2019s two legislative chambers and the Freedom of Information Act, according to a <\/span>statement<\/a><\/span> by the organizers. <\/span><\/p>\n

There are more sessions coming up this week: <\/span>On Tuesday, the Dialogue\u2019s committees will <\/span>discuss public investment priorities and ownership and management of state assets, as well as support for the agriculture industry. Thursday\u2019s sessions will focus on healthcare and the new national health ins. system, and youth entrepreneurship. <\/span><\/p>\n

<\/a><\/span>Good luck, high school seniors (and parents): <\/span>Thanaweya Amma exams kick off today and <\/span>run through mid-July. Best of luck to all those entering exam halls or cheering on from the school gates. <\/span><\/p>\n

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<\/a><\/span>EGP WATCH-<\/span> The Central Bank of Egypt is unlikely to devalue the currency until <\/span>September at the earliest as economic pressure eases on the back of expectations for bumper tourism revenues and increasing positivity about the privatization program, a senior analyst at Citigroup told <\/span>Bloomberg<\/a><\/span> in an interview. The US bank has adopted \u201ca more positive view\u201d on the EGP and the country\u2019s USD bonds in the short-term and now sees policymakers waiting until September \u2014 when the IMF is expected to review the USD 3 bn loan program \u2014 before making a decision on the currency, Luis Costa, global head of emerging-market sovereign credit at Citigroup, told the news outlet.<\/span><\/p>\n

What the markets are saying:<\/span><\/p>\n