{"id":611118,"date":"2023-12-03T00:00:00","date_gmt":"2023-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/el-sisi-meets-imf-boss-the-egp-posts-gains-against-the-usd-in-the-black-market\/"},"modified":"2023-12-03T00:00:00","modified_gmt":"2023-12-03T00:00:00","slug":"el-sisi-meets-imf-boss-the-egp-posts-gains-against-the-usd-in-the-black-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/el-sisi-meets-imf-boss-the-egp-posts-gains-against-the-usd-in-the-black-market\/","title":{"rendered":"El Sisi meets IMF boss + the EGP posts gains against the USD in the black market"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people, and happy December. <\/strong>It\u2019s almost inconceivable, but 2023 is now drawing to a close. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A BIG, HAIRY, IMPORTANT PSA- You need to call in your IT boss for a talk about security<\/strong>amid an unconfirmed report that <strong>a second Egyptian blue chip has been hacked by LockBit<\/strong>, the world\u2019s most successful ransomware gang. The report comes just a week after EGX-listed fintech giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4457b19-b82f-4016-9455-edd61d94f112\" style=\"\" rel=\"noopener\">Fawry confirmed its testing environment had been hacked<\/a> by LockBit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The allegation: <\/strong>A well-known cybersecurity and dark-web monitoring firm claims that LockBit has hit another high-profile Egyptian company. The monitoring outfit has posted what it says is a LockBit hack notice that alleges \u201cwe have stolen accounting data, audit data, commercial info, contracts private data \u2026 finance data, human resources data\u201d and more. <strong>We have been unable to verify the claim<\/strong> and a company official reached yesterday declined to comment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What this means: <\/strong>If it proves true, it suggests that LockBit has turned its sights on Egypt and other emerging markets \u2014 likely banking on companies here taking a less-sophisticated approach to cybersecurity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the whole, Egyptian firms tend to significantly under-invest in tech security<\/strong>, deploying low-or-no countermeasures, relying on outdated software and hardware infrastructure, failing to educate staff about how to practice good \u201csecurity hygiene,\u201d and having few systems in place to systematically assess and manage risk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What do you need to do right now?<\/strong> Four things, we would argue.<\/p>\n<ul>\n<li><strong>Get a quick education.<\/strong> Start with this <a target=\"_blank\" href=\"https:\/\/www.cisa.gov\/sites\/default\/files\/publications\/Cyber%20Risk%20Management%20Primer%20for%20CEOs_0.pdf\" style=\"\" rel=\"noopener\">five-minute primer for CEOs (pdf)<\/a> from the US Cybersecurity and Infrastructure Security Agency. <a target=\"_blank\" href=\"https:\/\/www.ceo-review.com\/the-importance-of-cyber-security-for-small-business-ceos\/#:~:text=As%20a%20CEO%2C%20it%20is,trust%20among%20customers%20and%20partners.\" style=\"\" rel=\"noopener\">CEO Monthly<\/a> has a good read if you have 10 mins; it focuses on small businesses, but the principles are universal. And <a target=\"_blank\" href=\"https:\/\/carnegieendowment.org\/specialprojects\/fincyber\/guides\/ceo-level\" style=\"\" rel=\"noopener\">check out this guide for CEOs<\/a> from the Carnegie Endowment for International Peace.<\/li>\n<li><strong>Bring in your head of IT \/ tech security \/ CTO \/ whoever is responsible <\/strong>and discuss this morning what your vulnerabilities are, what systems you have in place, and what they can do today to start setting things right.<\/li>\n<li><strong>Accept that you will probably have to pay money <\/strong>to upgrade your systems and protect your company. And trust us \u2014 whatever it is, it\u2019s far less than you\u2019ll pay if you get hacked.<\/li>\n<li><strong>Have your head of IT \/ etc start teaching staff <\/strong><strong>today <\/strong><strong>how to decide whether to click <\/strong><strong>on a link <\/strong>or download a file on email. <\/li>\n<\/ul>\n<div style='background-color: #ddd; padding:10px; border-radius:10px;margin-bottom:20px;'>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DO US A FAVOUR? Did t<\/strong><strong>his morning\u2019s email land in your tabs? Please drag us to your<\/strong><strong> inbox <\/strong>\u2014 it goes a long way toward making sure Enterprise makes it into everyone\u2019s email inbox.<\/p>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- El Sisi holds t\u00eate-\u00e0-t\u00eate with IMF chief in Dubai: <\/strong>President Abdel Fattah El Sisi expressed Egypt\u2019s commitment to carrying out structural reforms during talks with IMF Director Kristalina Georgieva on the sidelines of the COP28 summit in Dubai on Thursday, Ittihadiya said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/46n358e9\" style=\"\" rel=\"noopener\">a statement<\/a>. In <a target=\"_blank\" href=\"https:\/\/twitter.com\/KGeorgieva\/status\/1730308129282298164\" style=\"\" rel=\"noopener\">a post on X<\/a>, Georgieva praised Egypt\u2019s \u201ccommitment to macroeconomic stability\u201d and affirmed the IMF\u2019s support for its reform drive.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The IMF has twice postponed reviewing Egypt\u2019s USD 3 bn program this year amid a delayed transition to a floating exchange rate. Pundits think Hassan Abdalla\u2019s central bank will pull the trigger in the coming weeks after the wrap of the presidential election, a move that is anticipated to lead to a speedy IMF review and the disbursal of almost USD 700 mn of fresh financing from the lender.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Times have changed:<\/strong> The war in Gaza appears to be changing the Fund\u2019s calculations, with Georgieva <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e3b6af2-e413-454a-ad16-4b0f5e9184cb\" style=\"\" rel=\"noopener\">saying last month<\/a> that it is \u201cseriously considering\u201d increasing the size of the loan. An unconfirmed report earlier claimed the loan could be increased to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\" rel=\"noopener\">more than USD 5 bn<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of the EGP\u2026 It <\/strong><strong>gained on the USD in the black market late last week after <\/strong><strong>weeks of decline: <\/strong>The price of the greenback on the parallel market eased to EGP 46, down from the EGP 51 recorded the week before, according to <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4ury42bn\" style=\"\" rel=\"noopener\">Masrawy<\/a>. Despite the EGP 5 drop, the gap between the official and parallel market rates still stands at around EGP 16.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The usual caveats apply: <\/strong>The parallel market is by definition thin and opaque, making it difficult to figure out what a fair value is.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What gives? Nobody is certain. <\/strong>Speculation encompasses any and all of the following:<\/p>\n<ul>\n<li>A one-off drop in demand for the greenback may have beenhelped by news that the IMF was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e3b6af2-e413-454a-ad16-4b0f5e9184cb\/\" style=\"\" rel=\"noopener\">considering<\/a> bumping up our loan program and that the EU is reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e025525-f961-4982-baca-d63fd8de7b85\" style=\"\" rel=\"noopener\">putting together<\/a> a USD 10 bn investment package for us, former Banque Misr vice chair Sahar El Damati told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/588bk7wn\" style=\"\" rel=\"noopener\">Masrawy<\/a> ;<\/li>\n<li>Some believe that the EGP gains were driven by a drop in demand for imported goods and a drop in the government\u2019s FX spending;<\/li>\n<li>Others still point to rumors (largely debunked) that the state flooded the market with some <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdhes323\" style=\"\" rel=\"noopener\">USD 2 bn<\/a> worth of FX late in the week; <\/li>\n<li>And there is speculation that fewer people were snapping up FX on the local market to buy CIB and EFG Holding GDRs, a common mechanism to move funds out of the country to pay for offshore expenses.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">We have more on all of that in the news well and Last Night\u2019s Talk Shows, below;<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2-<\/strong><strong>Israel\u2019s war on Gaza has the IMF rethinking its MENA outlook:<\/strong> The IMF is revising its economic outlook for the Middle East and North Africa due to the impact of the war on Gaza on the rest of the region, it said in <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2023\/12\/01\/middle-east-conflict-risks-reshaping-the-regions-economies\" style=\"\" rel=\"noopener\">a blog post<\/a> on Friday. The Fund said that it would downgrade its forecasts for the most \u201cdirectly exposed\u201d economies to the effects of the war, and that it\u2019s ready to increase its support for affected countries in the region.. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">recently lowered<\/a> its 2023 MENA growth outlook by 0.5 percentage points, and now expects regional growth to drop to 2.0% from 5.6% in 2022. It also downgraded its 2023-24 outlook on Egypt for the second time this year to 3.6% from 4.1% previously.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING TODAY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Today is the last day for Egyptian expats to head to the polls to cast their presidential<\/strong><strong> ballots <\/strong>\u2014 which opened on Friday \u2014 and choose between incumbent <strong>President Abdel Fattah El Sisi<\/strong>, Al Wafd Party\u2019s <strong>Abdel Sanad Yamama<\/strong>, the Egyptian Social Democratic Party\u2019s <strong>Farid Zahran<\/strong>, and the Republican People Party\u2019s <strong>Hazem Omar<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** And it\u2019s exactly one week before the polls open here at home on 10-12 December<\/strong> with the first-round results due on 18 December and a runoff, if necessary, to take place in early January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING THIS WEEK:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IT\u2019S THE FIRST WORK DAY OF DECEMBER-<\/strong> As we near the end of the year \u2014 here are the key news triggers on which to keep your eyes on:<\/p>\n<ul>\n<li><strong>PMI:<\/strong> S&amp;P Global will publish Egypt\u2019s PMI figures for November on Tuesday, 5 December.<\/li>\n<li><strong>Foreign reserves:<\/strong> The central bank should release November\u2019s foreign reserves figures this week.<\/li>\n<li><strong>Inflation:<\/strong> Capmas and the CBE will publish the latest inflation data on Sunday, 10 December. <\/li>\n<li><strong>Interest rates:<\/strong> The CBE\u2019s Monetary Policy Committee will gather to discuss interest rates on Thursday, 21 December.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.egyptdefenceexpo.com\/what-is-edex\" style=\"\" rel=\"noopener\">Egypt Defence Expo (EDEX)<\/a><\/strong><strong> will be firing off from tomorrow until Thursday:<\/strong>Around 35k defense and security professionals from across the world will land in Cairo for the defence expo at the Egypt International Exhibition Center. You can register to attend <a target=\"_blank\" href=\"https:\/\/www.egyptdefenceexpo.com\/registration\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The resumption of the war on Gaza is dominating the global front pages this morning<\/strong> as Israeli jets pound the south of the besieged enclave. The Western press is focusing on US officials\u2019 increasing public criticisms of Israel\u2019s campaign \u2014 statements which might carry more weight if the Biden administration wasn\u2019t also <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/u-s-sends-israel-2-000-pound-bunker-buster-bombs-for-gaza-war-82898638\" style=\"\" rel=\"noopener\">ramping up arms shipments<\/a> to aid its war effort. Everyone from <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-faces-growing-us-calls-restraint-amid-renewed-gaza-fighting-2023-12-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-12-2-2023-f300e8dac70d5309bf5f5a75bace7689\" style=\"\" rel=\"noopener\">Associated Press<\/a> to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/688ed77b-87ea-425a-acd3-63dd9b914633\" style=\"\" rel=\"noopener\">Financial Times<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israel-steps-up-attacks-in-southern-gaza-following-collapse-of-cease-fire-73eec04e?mod=hp_lead_pos8\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> have the story.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Israel turns to AI to amplify Gaza destruction: <\/strong>Israeli forces have been using an artificial intelligence system called \u201cHabsora\u201d to carry out strikes on residential homes where a single Hamas member might be residing, according to an <a target=\"_blank\" href=\"https:\/\/www.972mag.com\/mass-assassination-factory-israel-calculated-bombing-gaza\/\" style=\"\" rel=\"noopener\">investigation<\/a> by +972 and Local Cal. The AI-based system, referred to by a former intelligence officer as a \u201cmass assassination factory\u201d, has allowed the IDF to generate more potential targets for its attacks than ever before, contributing to the destructive nature of Israel\u2019s attacks during the initial stages of the war on Gaza, according to the study. (<a target=\"_blank\" href=\"https:\/\/www.972mag.com\/mass-assassination-factory-israel-calculated-bombing-gaza\/\" style=\"\" rel=\"noopener\">+972<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2023\/dec\/01\/the-gospel-how-israel-uses-ai-to-select-bombing-targets\" style=\"\" rel=\"noopener\">The Guardian<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong><strong>No \u201cget-out-of-jail\u201d pass for Agent Orange: <\/strong>The Trump election interference saga continues, with US District Judge Tanya Chutkan ruling on Wednesday that there is no legal basis that former presidents are immune to criminal charges after they leave office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3r423j3d\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5bhzbpce\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2a6cfvx4\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MARKET WATCH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Powell comments spark buy everything rally:<\/strong> Investors rushed into stocks, bonds, gold and risk assets on Friday on the back of remarks made by Fed chief Jay Powell. Despite a hawkish tone, the market interpreted his comments as signaling a sooner-than-expected pivot to rate cuts, sparking a rally across financial markets.<\/p>\n<ul>\n<li>The S&amp;P 500 rose 0.6% on Friday to close at its highest level since March 2022; <\/li>\n<li>Bonds rallied, pushing the 10-year yield to three-month lows;<\/li>\n<li>Gold climbed 1.6% to hit a record high;<\/li>\n<li>The USD index fell 0.3%.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Powell is talking, but no one is listening:<\/strong> Though noting policy is \u201cwell into restrictive territory,\u201d Powell said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=1k9V584znqU\" style=\"\" rel=\"noopener\">watch, runtime: 1:09:45<\/a>) that it would be \u201cpremature\u201d to speculate that the Fed will ease policy. Still, investors remained optimistic. \u201cOptimism that the Fed\u2019s next move is going to be a rate cut, optimism that the US economy is going to avoid a hard landing \u2014 they\u2019re strong drivers,\u201d City Index analyst Fiona Cincotta told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-01\/wall-street-bets-on-soft-landing-again-in-best-month-since-2008\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>OPEC+ countries double down on supply cuts in 2024:<\/strong> Several OPEC+ countries agreed on Thursday to make deeper voluntary supply cuts in a bid to stabilize the markets, the alliance of oil producers said in <a target=\"_blank\" href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/7267.htm\" style=\"\" rel=\"noopener\">a statement<\/a>. Some 2.2 mn bpd will be removed from the market in 1Q 2024, with Russia committing to an additional 500k bpd cut and Saudi Arabia rolling over its 1 mnbpd reduction into 2024. The UAE, Iraq, Kuwait, Kazakhstan and Algeria will also reduce output during the period. The organization said it would gradually phase out the cuts starting 2Q 2024, depending on market conditions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the market reaction they wanted:<\/strong> Crude prices slumped almost 5% on Thursday and Friday following the announcement, which analysts attributed to the absence of a broader OPEC+ agreement and an expectation that the cuts would be deeper. \u201cThe market reaction implies disbelief in the full efficacy of the cuts,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-ministers-meet-discuss-additional-oil-output-cuts-2023-11-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> quotes a JPMorgan analyst as saying.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>A new <\/strong><strong>round of GERD talks to take place this<\/strong><strong> month: <\/strong>The fourth round of talks between Egypt, Ethiopia, and Sudan over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) is set to take place between 16-18 December in Addis Ababa, Irrigation Minister Hani Suweilam told local media on Friday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=IvVpM7R0ltE&amp;t=181s\" style=\"\" rel=\"noopener\">watch, runtime 5:57<\/a>). This is the fourth round of talks since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a70fe3ef-254a-41e4-8335-5db25860d457\" style=\"\" rel=\"noopener\">agreed to re-enter negotiations<\/a> in July and reach an agreement within four months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, and happy December. It\u2019s almost inconceivable, but 2023 is now drawing to a close. A BIG, HAIRY, IMPORTANT PSA- You need to call in your IT boss for a talk about securityamid an unconfirmed report that a second Egyptian blue chip has been hacked by LockBit, the world\u2019s most successful ransomware [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":611119,"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":[1],"tags":[104,72,2234,272,1368,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-imf","tag-kristalina-georgieva","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"64121833-7675-4fb0-b223-e5da836c416e","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/39.jpg","photo_position":"above","homepage_title":"","full_issue_title":"El Sisi meets IMF boss + the EGP posts gains against the USD in the black market","related_issue":[611116],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.0c8006a2-8b50-4a46-b918-696cfd99d110.mp3"},"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>El Sisi meets IMF boss + the EGP posts gains against the USD in the black market - 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\/2023\/12\/03\/el-sisi-meets-imf-boss-the-egp-posts-gains-against-the-usd-in-the-black-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi meets IMF boss + the EGP posts gains against the USD in the black market\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy December. It\u2019s almost inconceivable, but 2023 is now drawing to a close. 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PLUS: Why does film piracy continue to grow?","author":"enterpriseam admin","date":"21 February 2024","format":false,"excerpt":"The UK\u2019s NCA hopes that this victory will stop other ransomware organizations\u2019 cyberattacks","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2062.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610763,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/27\/fawry-confirms-data-breach-after-hack-of-its-testing-environment-leaked-data-isnt-sufficient-for-hackers-to-run-a-transaction\/","url_meta":{"origin":611118,"position":2},"title":"Fawry confirms data breach after hack of its testing environment; leaked data isn\u2019t sufficient for hackers to run a transaction","author":"enterpriseam admin","date":"27 November 2023","format":false,"excerpt":"Fawry CEO Ashraf Sabry says users need to be vigilant against social engineering attacks","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1436.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632991,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/sources-confirm-north-korea-hacked-otmt\/","url_meta":{"origin":611118,"position":3},"title":"Sources confirm North Korea hacked OTMT","author":"enterpriseam admin","date":"25 February 2018","format":false,"excerpt":"Sources confirm North Korea hacked OTMT: North Korea\u2019s hacking units did attack desktop computers and laptops at Orascom Telecom Media and Technology (OTMT), people familiar with the matter tell Bloomberg. Hackers gained access through emails laced with malware that exploits a security hole in Adobe Flash. The vulnerability has since\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":617253,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/after-securing-world-bank-package-were-now-looking-at-usd-57-bn-in-inflows\/","url_meta":{"origin":611118,"position":4},"title":"After securing World Bank package, we\u2019re now looking at USD 57 bn in inflows","author":"enterpriseam admin","date":"19 March 2024","format":false,"excerpt":"Good morning, friends. It\u2019s another morning dominated by news of a big package from an international partner \u2014 this time, we secured a USD 6 bn financing package from the World Bank. That means we\u2019ve now lined up a total of USD 57\u00a0bn of finance. Some of that funding has\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\/2024\/3\/1637.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611358,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/more-data-breaches-compromises-genetic-testing-company-gta-is-back\/","url_meta":{"origin":611118,"position":5},"title":"More data breaches compromises genetic testing company + GTA is back","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"Hackers skimming data off companies is a growing trend","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/291.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611118","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=611118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611119"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}