{"id":590272,"date":"2023-07-17T00:00:00","date_gmt":"2023-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/imf-happy-with-privatization-progress-the-mercury-isnt-getting-any-lower-today\/"},"modified":"2023-07-17T00:00:00","modified_gmt":"2023-07-17T00:00:00","slug":"imf-happy-with-privatization-progress-the-mercury-isnt-getting-any-lower-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/imf-happy-with-privatization-progress-the-mercury-isnt-getting-any-lower-today\/","title":{"rendered":"IMF happy with privatization progress + the mercury isn\u2019t getting any lower today"},"content":{"rendered":"

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<\/a> <\/span>Good morning, ladies and gents:<\/span> We got confirmation yesterday from <\/span>the central bank<\/a><\/span>and <\/span>the Labor Ministry<\/a><\/span> that banks and the private sector will be taking Thursday 20 July and Sunday 23 July as holiday in observance of <\/span>the Islamic New Year<\/span> and <\/span>Revolution Day<\/span>. <\/span>Expect the EGX to be out with a similar statement <\/span>in the next day or two.<\/span><\/p>\n

PSA- The weekend\u2019s heatwave is continuing into the workweek: <\/span>The <\/span>Egyptian<\/a><\/span>Meteorological Authority<\/a><\/span> (EMA) is forecasting extreme heat across Greater Cairo over the coming five days, with the mercury jumping to highs of 38\u00b0C. The weather will feel even warmer thanks to high levels of humidity. Max temperatures across other parts of the country will remain above 40\u00b0C for much of the week, including in Upper Egypt and South Sinai.<\/span><\/p>\n

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<\/a><\/span>IMF is happy with Egypt\u2019s privatization progress:<\/span> The IMF has welcomed the <\/span>government\u2019s progress selling down state assets in the privatization program, <\/span>Ahram Online<\/a><\/span> reported on Thursday.<\/span><\/p>\n

Reminder: <\/span>The government announced last Tuesday that it has agreed contracts to sell <\/span>USD<\/a><\/span>1.9 bn worth of state-owned assets<\/a><\/span> under its privatization program aimed at ending the ongoing FX crunch and increasing the private sector\u2019s role in the economy.<\/span><\/p>\n

What they said:<\/span> \u201cDivesting is a critical component of the Extended Fund Facility-supported <\/span>program, supporting the gradual withdrawal of the state from economic activity and providing resources for external financing and debt reduction,\u201d the IMF\u2019s comms head, Julie Kozack, said at a press briefing, according to the state-owned newspaper.<\/span><\/p>\n

<\/a> <\/span>Smokes are getting more expensive (just not now): <\/span>Tobacco giant Philip Morris has <\/span>reversed a price hike on its cigarette brands \u2014 L&M and Marlboro \u2014 following news of an upcoming tax hike on cigarettes,<\/span>the Federation of Egyptian Industries\u2019 (FEI) cigarettes division head Ibrahim Embaby told <\/span>Enterprise<\/span> yesterday. The tax hikes could range from EGP 0.50 on cheaper cigarettes to more than EGP 2.00 on more expensive, imported smokes, he added. <\/span><\/p>\n

Market disruptions blamed on tax delay:<\/span> Embaby said that there are currently shortages of <\/span>some types of cigarettes and that recent price hikes have been exaggerated, which he blamed on the delayed introduction of the new tax rises.<\/span><\/p>\n

FYI-<\/span>The government is aiming to raise some EGP 88.2 bn from taxing cigarettes and tobacco <\/span>during the current fiscal year, up 2% from last year. <\/span><\/p>\n

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

The North Africa fintech community is gathering in Cairo:<\/span> The <\/span>Seamless North Africa<\/a><\/span>fintech conference starts today at the Egypt International Exhibition Center and runs until tomorrow.<\/span><\/p>\n

HAPPENING THIS WEEK-<\/span><\/p>\n

Russian delegation + electricity minister <\/span>to visit Dabaa: <\/span>Electricity Minister <\/span>Mohamed Shaker, Nuclear Power Plant Authority head Amgad El Wakeel and a delegation from the Russian state nuclear company Rosatom have a visit scheduled to the site of the under-construction <\/span>Dabaa nuclear power plant<\/a><\/span> later this week.<\/span><\/p>\n

G20 finance ministers are meeting in India this week:<\/span> The war in Ukraine, rising <\/span>global interest rates, climate finance and crypto regulations will all be on the table when G20 finance ministers meet in Gandhinagar this week, according to <\/span>Bloomberg<\/a><\/span>.<\/span><\/p>\n

Reminder: Egypt has a seat at the table.<\/span> India has invited Egypt to take part as a guest at this <\/span>year\u2019s G20 meetings.<\/span><\/p>\n

The deadline for two USAID scholarships is approaching: <\/span>The application deadline for the <\/span>USAID Scholars Activity<\/a><\/span> and <\/span>USAID Egyptian<\/a><\/span>Pioneers<\/a><\/span> scholarship programs is this Thursday, 20 July. The programs offer scholarships to 250 Thanaweya Amma students in public, experimental and STEM schools. Apply <\/span>here<\/a><\/span>.<\/span><\/p>\n

NEXT WEEK-<\/span><\/p>\n

<\/a><\/span>The National Dialogue is back: <\/span>The National Dialogue will resume sessions on <\/span>Tuesday, 25 July, Kamal Zayed, member of the dialogue\u2019s board of trustees, told <\/span>Al Masry Al Youm<\/a><\/span>. The dialogue <\/span>kicked off in May<\/a><\/span>, holding three weekly sessions discussing political, economic, and social issues. Sessions have been on pause since the Eid Al Adha break. <\/span><\/p>\n

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THE BIG STORY ABROAD-<\/span><\/p>\n

It\u2019s a quiet morning for the international business press<\/span>, with no story dominating <\/span>the global front pages. Among the stories getting coverage:<\/span><\/p>\n