{"id":597344,"date":"2019-07-24T04:18:48","date_gmt":"2019-07-24T04:18:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/what-were-tracking-on-24-july-2019\/"},"modified":"2019-07-24T04:18:48","modified_gmt":"2019-07-24T04:18:48","slug":"what-were-tracking-on-24-july-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/what-were-tracking-on-24-july-2019\/","title":{"rendered":"What we\u2019re tracking on 24 July 2019"},"content":{"rendered":"<p><b>Good morning, folks<\/b>, and welcome back to the second half of our shortened work week.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <b>We should find out today whether the <\/b><a href=\"https:\/\/www.imf.org\/external\/NP\/SEC\/bc\/eng\/Index.aspx\"><b>IMF\u2019s executive board will sign off<\/b><\/a><b> on disbursing the final USD 2 bn tranche of our USD 12 bn loan.<\/b> Egypt <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/\">reached a staff-level agreement<\/a> with the IMF back in May after the fund completed its fifth review of the economic reform program. The board has delayed making a decision for more than two months, presumably waiting for Egypt to follow through on its pledges to cut energy subsidies.<\/p>\n<p>After months of lavishing praise on our commitment to the reform program, <b>we see no reason for an about face that would cause the IMF to withhold the funds.<\/b> Assuming everything goes to plan and the board votes in favor today, it\u2019s possible we will see the funds arrive either tomorrow or early next week.<\/p>\n<p><b>The World Bank is back in town:<\/b> A World Bank team is in Egypt to assess the business environment ahead of its 2020 Ease of Doing Business report to be published later this year. The delegation has already met PM Moustafa Madbouly, who discussed his cabinet\u2019s effort to increase Egypt\u2019s ranking in the cross-border trade and contract enforcement indices <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1309504435894585\">according to a cabinet statement<\/a>. Egypt <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/01\/egypt-jumps-8-spots-in-world-banks-2019-ease-of-doing-business-report\/\">jumped eight spots<\/a> in the 2019 report to rank 120th out of 190 countries.<\/p>\n<p><b>East Med Gas Forum meeting tomorrow: <\/b>A second meeting to discuss establishing a regional gas forum in the Eastern Mediterranean is taking place in our fair city tomorrow, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23072019&id=7247aec6-e0c5-48b2-9798-47b8fbadb324\">reports Al Shorouk<\/a>. Energy ministers from the US, Israel, Cyprus, Greece, Italy, Jordan, Palestine, and Egypt are set to attend, alongside a representative from the European Commission for Climate Action and Energy. A series of preparatory meetings are scheduled for today. The first gas forum meeting took place at the <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/15\/east-med-gas-players-vow-to-establish-regional-market-choose-cairo-as-hq-for-new-organization\/\">start of the year<\/a>. The participants agreed to establish an intergovernmental regional gas market, and designated Cairo as the incipient organization\u2019s headquarters.<\/p>\n<p><b>Could Lebanon soon become the forum\u2019s eighth member?<\/b> Beirut is in talks with Cairo and Larnaca on oil and gas cooperation, Lebanese Energy and Water Minister Nada Boustani said, according to <a href=\"https:\/\/www.annahar.com\/article\/1000672-%D8%A8%D8%B3%D8%AA%D8%A7%D9%86%D9%8A-%D8%A7%D9%81%D8%AA%D8%AA%D8%AD%D8%AA-%D9%88%D8%B1%D8%B4%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D9%84%D9%84%D8%AA%D8%B1%D9%88%D9%8A%D8%AC-%D9%84%D8%AF%D9%88%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%B1%D8%A7%D8%AE%D9%8A%D8%B5-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A%D8%A9-%D9%86%D9%88%D8%A7%D8%B5%D9%84-%D8%A8%D9%86%D8%A7%D8%A1-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84\">Lebanon\u2019s Annahar newspaper<\/a>. Talks with Egypt involve reopening idle sections of the Arab Gas Pipeline.<\/p>\n<p><b>We were on the receiving end of some Trump love yesterday:<\/b> The Donald sent us a <a href=\"https:\/\/eg.usembassy.gov\/president-trumps-message-of-congratulations-to-president-al-sisi-on-the-national-day-of-egypt\/\">message yesterday<\/a> to mark the anniversary of the 23 July revolution. \u201cThe United States values our close cooperation on counterterrorism and security, and seeks to deepen our partnership on inclusive economic growth and greater educational and cultural ties,\u201d the message reads.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <b>We need to talk about our foreign debt levels:<\/b> The rapid accumulation of foreign debt over the past decade threatens to hurt Egypt\u2019s future growth prospects, Amr Adly writes <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2019-07-22\/debt-is-no-way-for-non-oil-arab-states-to-grow\">for Bloomberg<\/a>. Egypt\u2019s ratio of foreign debt to gross national income (GNI) more than doubled to 36% from 17% between 2010 and 2017. Over the same time period, the ratio of debt to total exports surged to 190% from 75%, suggesting that the country will find it increasingly difficult to service its debt obligations. This \u201calarming\u201d growth in external debt will further reduce foreign direct investment and impede growth if left unchecked, Adly says.<\/p>\n<p><b>Global trade and the international capital markets aren\u2019t in the best shape right now,<\/b> so the best path to sustainable growth is local investment in sectors that can deliver real economic growth, boost exports and reduce dependency on imports, Adly argues. Deepening regional integration will not just increase the flow of goods and services, but Egypt could also stand to benefit from transfers of technology and skills from the Gulf, which would help the country to kick-start more high-value added industries.<\/p>\n<p><b>Saudi Arabia is finally clocking the power of wind:<\/b> Riyadh plans to build its first wind power plant and begin generating electricity within three years,<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-07-22\/oil-giant-saudi-arabia-is-set-to-start-first-wind-power-plant?srnd=premium-middle-east\">Bloomberg reports<\/a>. The planned 400-MW Dumat Al Jandal facility is expected to begin operations in 1Q 2022, and will be constructed by France\u2019s EDF and Abu Dhabi\u2019s Mubadala Investment (Masdar). The project is part of Saudi Arabia\u2019s push to increase its renewable energy facilities and diversify its oil-reliant economy.<\/p>\n<hr class=\"grey-line\">\n<p><b>Boris Johnson has become the UK\u2019s next prime minister, <\/b>beating rival Jeremy Hunt to be elected as the new leader of the Conservative party. The former foreign minister and London mayor will step into Theresa May\u2019s shoes today. He\u2019s promising to both deliver Brexit by 31 October and \u201cunite the country.\u201d <a href=\"https:\/\/www.theguardian.com\/politics\/ng-interactive\/2019\/jul\/23\/brexit-under-boris-johnson-the-scenarios\">We\u2019re not holding our breath<\/a>.<\/p>\n<p><b>Nassef Sawiris now the fourth richest person in Africa:<\/b> The fortune of b\u2019naire tycoon Nassef Sawiris<a href=\"https:\/\/www.egypttoday.com\/Article\/3\/73100\/Fortune-of-Nassef-Sawiris-rises-by-1-5B-in-few\">has risen by a cool USD 1.5 bn<\/a> in recent months to reach USD 7.9 bn, <a href=\"https:\/\/www.forbes.com\/profile\/nassef-sawiris\/#4e3a3a5a2456\">according to Forbes<\/a>. This follows the conclusion of <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/18\/oci-nv-adnoc-create-jv-combining-their-middle-east-fertilizers-businesses\/\">a partnership agreement<\/a> between Orascom Construction Industries and Abu Dhabi National Oil Company (ADNOC), as well as Aston Villa \u2014 which he co-owns \u2014 qualifying for the Premier League. The OCI NV-ADN OC partnership will create the region\u2019s largest producer and exporter of nitrogen fertilizer, in which OCI NV will hold a 58% stake.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, folks, and welcome back to the second half of our shortened work week. We should find out today whether the IMF\u2019s executive board will sign off on disbursing the final USD 2 bn tranche of our USD 12 bn loan. Egypt reached a staff-level agreement with the IMF back in May after the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7204],"tags":[1953,2415,93,72,272,74,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597344","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-eastern-mediterranean-gas-forum","tag-economic-reform-program","tag-energy","tag-enterpriseam","tag-imf","tag-what-were-tracking-today","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"fd64ff72-bc5e-46b8-bf63-b5081d212b3c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[597342],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What we\u2019re tracking on 24 July 2019 - 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\/2019\/07\/24\/what-were-tracking-on-24-july-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 24 July 2019\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks, and welcome back to the second half of our shortened work week. 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The IMF board had signed off on the results of the review in December, unlocking a USD 2 bn tranche of its USD 12 bn Extended Fund Facility to Egypt. The\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/egypt-will-be-getting-the-final-tranche-of-the-usd-12-bn-imf-facility-soon\/","url_meta":{"origin":597344,"position":1},"title":"Egypt will be getting the final tranche of the USD 12 bn IMF facility soon","author":"enterpriseam admin","date":"25 July 2019","format":false,"excerpt":"IMF signs off on final USD 2 bn tranche disbursal: The IMF\u2019s Executive Board approved yesterday disbursing the final USD 2 bn tranche of the institution\u2019s USD 12 bn facility to Egypt, after completing its fifth and final review of the country\u2019s economic reform program, the institution said in a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595792,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypt-in-the-news-on-6-august-2019\/","url_meta":{"origin":597344,"position":2},"title":"Egypt in the news on 6 August 2019","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"Sunday\u2019s car bomb explosion outside of the National Cancer Institute in Downtown Cairo is dominating the conversation in the foreign press: You can find international coverage of the incident in this morning\u2019s Speed Round. We\u2019re being particularly inspirational this week: Yesterday, a Nigerian regulator was waxing lyrical about our reforms\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568131,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/what-were-tracking-on-20-december-2020\/","url_meta":{"origin":597344,"position":3},"title":"What we\u2019re tracking on 20 December 2020","author":"enterpriseam admin","date":"20 December 2020","format":false,"excerpt":"Good morning, friends. It\u2019s both interest rate week and Christmas week \u2014 happy holidays to all those who celebrate. It is also \u2014 blessedly \u2014 the second-last business week of 2020.Look for the central bank to leave rates on hold when it meets this Thursday, according to our poll of\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636129,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/21\/imf-executive-board-signs-off-on-usd-2-bn-disbursement\/","url_meta":{"origin":597344,"position":4},"title":"IMF executive board signs off on USD 2 bn disbursement","author":"enterpriseam admin","date":"21 December 2017","format":false,"excerpt":"IMF executive board signs off on USD 2 bn disbursement: The Executive Board of the IMF announced on Wednesday that it has completed its second review of Egypt\u2019s economic reform program, which will unlock a USD 2.03 bn tranche of the USD 12 bn Extended Fund Facility. The sign-off brings\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":597344,"position":5},"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 &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597344"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597344\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597342"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597344"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597344"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}