{"id":589074,"date":"2023-06-21T00:00:00","date_gmt":"2023-06-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/public-sector-is-getting-six-days-off-for-eid-imfs-georgieva-speaks-on-our-reform-agenda\/"},"modified":"2023-06-21T00:00:00","modified_gmt":"2023-06-21T00:00:00","slug":"public-sector-is-getting-six-days-off-for-eid-imfs-georgieva-speaks-on-our-reform-agenda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/public-sector-is-getting-six-days-off-for-eid-imfs-georgieva-speaks-on-our-reform-agenda\/","title":{"rendered":"Public sector is getting six days off for Eid + IMF\u2019s Georgieva speaks on our reform agenda"},"content":{"rendered":"

<\/a> <\/span>Good morning, wonderful people. Welcome to almost-THURSDAY \u2014 and to <\/span>summer. <\/span>The summer solstice will occur today at 5:59pm CLT, according to the <\/span>National Institute for Astronomical and Geophysical Research<\/a><\/span>, which<\/span> would also like you <\/span>to know<\/span> that this year, summer will last 93 days, 13 hours, and 52 minutes. Make the most of them, folks \u2014 starting with a nice long Eid break.<\/span><\/p>\n

REJOICE- The public sector will have a seven-day break starting next week<\/span> in observance of <\/span>Eid Al<\/span> Adha and the anniversary of the 30 June revolution, <\/span>cabinet<\/a><\/span>said<\/a><\/span> earlier today. The holiday will run from Tuesday, 27 June until Monday, 3 July. The Manpower Ministry, Central Bank of Egypt, and EGX are yet to confirm the dates for the private sector and the banking sector.<\/span><\/p>\n

THE BIG STORY here at home this morning: The private-sector minimum w<\/span>age is rising by 11% to EGP 3k from July<\/span>, marking its second increase this year amid persistently high inflation. We have all the details in the news well, below. <\/span><\/p>\n

<\/a><\/span>Also making headlines this morning: The IMF\u2019s Georgieva wants us to strengthen our <\/span>foreign reserve<\/span>s. \u201c<\/span>Egypt needs to \u201cthink of ways in which [it] can make [its] reserve position stronger,\u201d International Monetary Fund (IMF) Managing Director Kristalina Georgieva told <\/span>Asharq Business (<\/span>watch, runtime: 2:46<\/a><\/span>) in an interview yesterday. <\/span>\u201cHow exactly Egypt goes about it . . . is not only an economic question; it\u2019s also a question of political economy,\u201d she said, adding that it \u201cis important that actions are taken to [prevent] this leakage of foreign reserves. Otherwise, it\u2019s like putting water in a bucket that has holes.\u201d<\/span><\/p>\n

\u2026And (no surprises here) eliminate the parallel exchange rate: \u201c<\/span>When you have multiple <\/span>exchange rates, you actually create privileged positions for some and not for others. We also know that when there is support for the currency but not enough foreign exchange that drains reserves and makes the situation of the country more difficult,\u201d Georgieva said.<\/span> She also reiterated the IMF\u2019s view that the state should up its efforts to reduce its economic foothold, making way for the private sector.<\/span><\/p>\n

Not all negative: <\/span>Georgieva told Asharq yesterday that the country \u201chad done m<\/span>any things right\u201d in its economic reform agenda and said she was \u201cconfident\u201d there would be progress in the IMF\u2019s talks with the government, adding that she has \u201chigh respect\u201d for President Abdel Fattah El Sisi<\/span>. The Fund has <\/span>postponed the first review of our USD 3 bn loan program, which was due in mid-March, due to a lack of progress in the country\u2019s commitments to float the currency and raise bns of USD via sales of state-owned assets. <\/span><\/p>\n

<\/p>\n

The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location. <\/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> Please click <\/span>here<\/a><\/span>.<\/span><\/p>\n

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

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

The <\/span>Egypt Infrastructure and Water Expo<\/a><\/span> and the <\/span>Big 5 Construct<\/a><\/span> conclude today<\/span> at the <\/span>Egypt International Exhibition Center. The conferences bring together contractors, financial institutions, policymakers and consultants to discuss potential projects in Egypt\u2019s infrastructure and construction sectors. The three-day events close tomorrow.<\/span><\/p>\n

IN THE HOUSE-<\/span><\/p>\n

<\/a> <\/span>The House is today set to discuss and vote on four bills allowing the Egyptian General <\/span>Petroleum Corporation and Trident Petroleum to explore for oil <\/span>in the Gulf of Suez; and two presidential decrees on Egypt joining an int\u2019l convention on nuclear energy safety and establishing the Egypt-based HQ of the African Space Agency.<\/span><\/p>\n

Also in the House committees:<\/span><\/p>\n