{"id":611475,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/07\/imf-boss-meets-cbes-abdalla-gaza-war-could-trigger-little-pause-in-investments\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"imf-boss-meets-cbes-abdalla-gaza-war-could-trigger-little-pause-in-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/07\/imf-boss-meets-cbes-abdalla-gaza-war-could-trigger-little-pause-in-investments\/","title":{"rendered":"IMF boss meets CBE\u2019s Abdalla + Gaza war could trigger \u201clittle pause in investments\u201d"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone<\/strong>, and welcome to what is (on the home front at least) one of the slowest news days of the year.<\/p>\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>There have been more huddles between IMF and Egyptian officials ahead of the <\/strong><strong>anticipated currency devaluation<\/strong> after this month\u2019s presidential election. This time it was IMF head Kristalina Georgieva and Central Bank of Egypt Governor Hassan Abdalla, who met on the sidelines of the COP28 summit in Dubai on Tuesday, according to <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yzbeac9t\" style=\"\" rel=\"noopener\">local media<\/a>. This came a few days after President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">held talks<\/a> with the IMF head.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What you need to know:<\/strong><\/p>\n<ul>\n<li><strong>Delay:<\/strong> The IMF has postponed two reviews of our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\" rel=\"noopener\">USD 3 bn loan program<\/a> this year after authorities failed to meet several of the key commitments, including transitioning to a fully flexible exchange rate.<\/li>\n<li><strong>Liftoff:<\/strong> Egypt is widely expected to devalue the EGP for a fourth time following this month\u2019s ballot, a move which should lead to the IMF signing off on the reviews and disbursing almost USD 700 mn in loan tranches.<\/li>\n<li><strong>Plot twist:<\/strong> In <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404ad3aa-5e2b-4642-b79a-d7ea249afca2\" style=\"\" rel=\"noopener\">an interview<\/a> this week, the IMF head indicated that another devaluation may not be in the cards for the immediate future, telling Asharq Business that the Fund is currently prioritizing getting inflation under control over exchange-rate reform.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- Wataniya could be sold as late as February: <\/strong>The government is looking to wrap up the Wataniya stake sale \u201cwithin a month or two maximum,\u201d Planning Minister Hala El Said said in an interview yesterday (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=903702627771052\" style=\"\" rel=\"noopener\">watch, runtime: 7:00<\/a>). The government had originally indicated that the sale would <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bfd11c3-82ee-4e5c-9f6d-f7695ae1ef03\" style=\"\" rel=\"noopener\">wrap in December<\/a> at the latest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WAR ECONOMICS-<\/strong><\/p>\n<ul>\n<li><strong>The good: <\/strong>Tourist bookings to Egypt will return to growth after the holiday season as \u201cconfidence returns and customers seek what is a value winter sun destination,\u201d travel agency TUI CEO Sebastian Ebel told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/holiday-group-tui-sees-more-growth-after-profit-doubled-last-year-2023-12-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. His comments come following the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/460.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>, which reported a \u201ctemporary slight slowing of bookings to Egypt\u201d due to the ongoing war in Gaza. <\/li>\n<li><strong>The bad:<\/strong> Egypt may see a \u201clittle pause in investment\u201d as investors wait and see how the war on Gaza unfolds, El Said said in the interview.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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=\"wwtt2\"><\/a> <strong>#1- Shoukry meets Blinken in DC to talk Gaza: <\/strong>Foreign Minister Sameh Shoukry will join other Arab and Islamic ministers for a meeting with US Secretary of State Anthony Blinken amid ongoing efforts to put an end to Israeli aggression. Shoukry has been in DC since Tuesday for <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3mn72ndp\" style=\"\" rel=\"noopener\">meetings<\/a> with senior lawmakers and foreign policy officials to talk Gaza and other regional issues.<\/p>\n<ul>\n<li><strong>Tomorrow- UAE to push for ceasefire:<\/strong> The UAE will <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-06\/un-chief-steps-up-pressure-for-gaza-cease-fire-with-rare-appeal?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">reportedly<\/a> submit a resolution to the UN Security Council tomorrow calling for an immediate ceasefire. This came in response to UN Secretary-General Antonio Guterres yesterday invoking a rarely-used article of the UN charter to push the Security Council to revisit the situation in Gaza.<\/li>\n<li><strong>Standing in the way:<\/strong> The US will likely continue to allow Israel to wage war on Gaza and block the adoption of a resolution that calls for a ceasefire.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- COP28, Day 8: <\/strong>It\u2019s a relatively quiet day in COP Land today. A panel organized by Fertiglobe will discuss how to promote the use of sustainable marine fuels \u2014 as they\u2019ve <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e119de0-2263-4e7f-912b-d408d360b8a7\" style=\"\" rel=\"noopener\">been doing here<\/a> \u2014 and there are discussions elsewhere on food waste and textile circularity. There\u2019s also a \u2018mindful origami\u2019 workshop, for those inclined. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to go deeper on everything happening over at COP28?<\/strong><a target=\"_blank\" href=\"http:\/\/climate.enterprise.news\/\" style=\"\" rel=\"noopener\">Enterprise Climate<\/a> knows what\u2019s what. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.egyptdefenceexpo.com\/what-is-edex\" style=\"\" rel=\"noopener\">Egypt Defence Expo (EDEX)<\/a><\/strong><strong> wraps today: <\/strong>The four-day event at the Egypt International Exhibition Center in Cairo saw discussions on regional stability and peacekeeping in light of the war on Gaza.<\/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>#1- Counting the greenback stacks:<\/strong> The Central Bank of Egypt should be out with November\u2019s foreign reserves figures this week. <\/p>\n<ul>\n<li><strong>Where we stand:<\/strong> FX reserves edged up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d11741-bd73-46ed-9838-2101985eceed\" style=\"\" rel=\"noopener\">USD 35.1 bn<\/a> in October from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee135d58-c388-44e6-bbcd-5235e25e7358\" style=\"\" rel=\"noopener\">USD 34.97 bn<\/a> the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee135d58-c388-44e6-bbcd-5235e25e7358\" style=\"\" rel=\"noopener\">month before<\/a>. The stockpile has been gradually on the up since the middle of 2022 after the war in Ukraine triggered drastic capital outflows.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A trade mission to Saudi: <\/strong>The Engineering Export Council of Egypt starts a weeklong <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bp5kvhfj\" style=\"\" rel=\"noopener\">trade mission<\/a> to Saudi Arabia \u2014 the largest importer for our engineering sector \u2014 on Saturday. The delegation is hoping to drum up orders and investments from the kingdom for pumps, car parts, boilers, and everything in between.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING NEXT WEEK-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- It\u2019s nearly time to vote: <\/strong>Polling stations will open this Sunday and close on Tuesday for those here at home to cast their votes in the presidential election. You can <a target=\"_blank\" href=\"https:\/\/www.elections.eg\" style=\"\" rel=\"noopener\">check<\/a> your nearest polling station online if you haven\u2019t already. We should hear the first round of results by 18 December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- More inflation relief?<\/strong> New figures released on Sunday could show that inflation continued to slow in November on the back of easing food costs and a favorable base effect, according to a poll of six analysts conducted by <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/poll-egypt-inflation-seen-slowing-in-november\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<ul>\n<li><strong>Where we stand:<\/strong> Annual urban inflation eased from September\u2019s record high to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c463d2d9-390f-4e0c-b240-5dbf10bf591a\" style=\"\" rel=\"noopener\">35.8%<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c463d2d9-390f-4e0c-b240-5dbf10bf591a\" style=\"\" rel=\"noopener\">y-o-y<\/a> in October thanks to slowing food costs. Core CPI eased to 38.1% from 39.7%.<\/li>\n<li><strong>Where we could be heading: <\/strong>The poll\u2019s median projection has core inflation slowing to 37.2% in November.<\/li>\n<li><strong>Caveat:<\/strong> Lower figures or not, businesses aren\u2019t feeling optimistic about how sharply higher prices are going to impact the economy over the next year, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/875fb710-43e4-4bd4-809a-6297270f25bf\" style=\"\" rel=\"noopener\">PMI survey data<\/a> out this week.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- There\u2019s an app for that: <\/strong>E-payments, telemedicine, smart farming\u2026 Looks like the digital turn is in full force across pretty much all sectors. Business leaders will head to the St. Regis Almasa Hotel in the new capital this Sunday and Monday to discuss how to make industries a little smarter at the <a target=\"_blank\" href=\"https:\/\/www.eglobexpo.com\/\" style=\"\" rel=\"noopener\">e-Globe Expo<\/a>. <\/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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/501.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> OIL BEARS- Oil sinks to six-month low: <\/strong>Oil prices fell for the fifth day running yesterday, as bearish market sentiment continued despite some OPEC+ members agreeing to voluntarily <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">reduce output<\/a> last week. Brent futures tumbled almost 4% to USD 74.24 a barrel \u2014 its lowest level since June \u2014 in a fresh bout of selling attributed by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-fall-china-concerns-scepticism-opec-cuts-2023-12-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> to renewed concerns about global demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart:<\/strong> A market is said to be in bearish territory when it falls 20% or more below its most recent peak. Brent is now 23% below its September peak.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMATIC ENERGY-<\/strong> It was against this backdrop that Russian President Vladimir Putin made a rare overseas trip yesterday, making official state visits to the UAE and Saudi Arabia to bolster ties with the oil producers. The Russian leader <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/putin-talk-oil-uae-saudi-meet-crown-prince-mohammed-bin-salman-2023-12-06\/\" style=\"\" rel=\"noopener\">discussed deepening ties<\/a> on oil policy with Saudi Crown Prince <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2010089\" style=\"\" rel=\"noopener\">Mohamed bin Salman<\/a>, Kremlin spokesperson Dmitry Peskov was quoted by Russian news agencies as saying. In Abu Dhabi, Putin described Russia-UAE ties as reaching \u201can unprecedented high\u201d during talks with UAE President Sheikh <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/pd5xkrdj\" style=\"\" rel=\"noopener\">Mohamed bin Zayed<\/a>, which <a target=\"_blank\" href=\"https:\/\/tass.ru\/politika\/19468427\" style=\"\" rel=\"noopener\">included discussions<\/a> about the wars in Ukraine and Gaza. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/putin-talk-oil-uae-saudi-meet-crown-prince-mohammed-bin-salman-2023-12-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-06\/putin-heads-to-gulf-in-show-of-unity-as-oil-cooperation-deepens\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/russia\/putin-meets-with-saudi-u-a-e-rulers-in-bid-to-refresh-alliances-df321626\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e2c1b3d8-4626-49fd-bcdc-5596856e9cbb\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The three countries were among the OPEC+ members that agreed to extend supply cuts into the new year in a bid to stabilize prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also getting attention in the business press:<\/strong><\/p>\n<ul>\n<li><strong>The folks who <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58d3e286-4536-441b-8193-11cc4c577270\" style=\"\" rel=\"noopener\">took down NMC Health<\/a><\/strong><strong> are coming for Blackstone\u2019s mortgage REIT:<\/strong>Hedge fund Muddy Waters has <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5e1261f6-8a81-4b26-8ad2-0aefb570fad7\" style=\"\" rel=\"noopener\">taken a short position against Blackstone Mortgage Trust<\/a>, the New York-listed real estate investment trust owned by the private equity giant. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5e1261f6-8a81-4b26-8ad2-0aefb570fad7\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li><strong>Hone those PowerPoint skills:<\/strong> Earning partner status at McKinsey is becoming an increasingly tough gig, with the consulting firm shrinking its partner class by almost third this year. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/mckinsey-cuts-new-partner-class-by-roughly-35-8ed19c78\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/li>\n<li><strong>Two things Jamie Dimon doesn\u2019t like:<\/strong> Higher capital requirements and crypto. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ea983bf2-6c73-4694-9125-b31ad48ee133\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/12\/06\/jamie-dimon-lashes-out-on-crypto-if-i-was-the-government-id-close-it-down.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/505.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD- No one story is dominating the international front pages <\/strong><strong>this morning:<\/strong> US media are covering last night\u2019s <a target=\"_blank\" href=\"https:\/\/apnews.com\/live\/republican-presidential-debate-live-updates\" style=\"\" rel=\"noopener\">Republican presidential debate<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/06\/us\/politics\/senate-ukraine-aid-bill.html\" style=\"\" rel=\"noopener\">GOP\u2019s latest middle finger<\/a> to the Ukrainian war effort. Meanwhile, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-06\/spacex-tender-offer-said-to-value-startup-at-175-billion-plus\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports that Elon Musk\u2019s SpaceX has attracted a USD 175 bn valuation, while <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/edge-over-red-sea-attacks-riyadh-seeks-contain-fall-out-2023-12-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> says that Saudi Arabia is warning the US to not do anything stupid in response to Houthi attacks on ships in the Red Sea.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Introducing Google\u2019s most powerful AI model:<\/strong> Google introduced its \u201cmost capable\u201d AI model thus far \u2014 dubbed <a target=\"_blank\" href=\"https:\/\/deepmind.google\/technologies\/gemini\/#introduction\" style=\"\" rel=\"noopener\">Gemini<\/a> \u2014 which it claims processes more sophisticated reasoning and understanding of information. Google\u2019s chatbot Bard will use Gemini to help the chatbot out with advanced reasoning, planning, and understanding. The company will release the most advanced version of Gemini early next year. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/alphabet-unveils-long-awaited-gemini-ai-model-2023-12-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/12\/06\/google-launches-its-largest-and-most-capable-ai-model-gemini.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/06\/technology\/google-ai-bard-chatbot-gemini.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2023\/12\/06\/tech\/google-launches-gemini-compete-with-chatgpt\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/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\"><a id=\"wwtt4\"><\/a> <strong>COUNTING COSTS- <\/strong><strong>How muc<\/strong><strong>h are we really spending on fuel subsidies this year? <\/strong>We\u2019re getting mixed messages\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More than first thought, says one official: <\/strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5aajbnxv\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported yesterday that the government has upped its fuel subsidies allocation for FY 2023-2024. According to an official who spoke to the news outlet, we\u2019re now looking at spending around <strong>EGP 130 bn<\/strong> this year, <strong>up 9%<\/strong> from previous calculations.<\/p>\n<ul>\n<li><strong>Remember:<\/strong>The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\" rel=\"noopener\">allocated EGP 119.4 bn<\/a> towards fuel subsidies in the 2023-2024 budget.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Slow down there, says another: <\/strong>It\u2019s too early to determine whether the subsidy spend will increase this year, a Finance Ministry official told us yesterday when we reached out for comment on Asharq\u2019s reporting. Fuel hedging contracts <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5509f320-a92c-4c1c-a7a4-fffcfdbb7302\" style=\"\" rel=\"noopener\">signed this year<\/a> should mean that the government doesn\u2019t have to cough more than expected on fuel subsidies, they said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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>COME WORK FOR OUR ADVISORY ARM- <\/strong>Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region\u2019s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHO YOU ARE-<\/strong> We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data \u2014 with a keen eye for details and accuracy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INTERESTED IN APPLYING?<\/strong> To apply for the position, drop us a line at jobs@enterprisemea.com and mention \u201cEnterprise Advisory\u201d in your subject line. Please send a solid cover letter telling us a bit about who you are and why you\u2019re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, everyone, and welcome to what is (on the home front at least) one of the slowest news days of the year. WATCH THIS SPACE- There have been more huddles between IMF and Egyptian officials ahead of the anticipated currency devaluation after this month\u2019s presidential election. This time it was IMF head Kristalina Georgieva [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":611476,"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":[104,72,727,2276,272,1368,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam","tag-hala-el-said","tag-hassan-abdalla","tag-imf","tag-kristalina-georgieva","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"790e79c3-8d2c-440a-9ab1-57aa11afbfe0","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/506.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF boss meets CBE\u2019s Abdalla + Gaza war could trigger \u201clittle pause in investments\u201d","related_issue":[611473],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.bbb2a734-4f47-4030-a6a6-51372b6f5dbb.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>IMF boss meets CBE\u2019s Abdalla + Gaza war could trigger \u201clittle pause in investments\u201d - 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\/07\/imf-boss-meets-cbes-abdalla-gaza-war-could-trigger-little-pause-in-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF boss meets CBE\u2019s Abdalla + Gaza war could trigger \u201clittle pause in investments\u201d\" \/>\n<meta property=\"og:description\" content=\"Good morning, everyone, and welcome to what is (on the home front at least) one of the slowest news days of the year. 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IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585383,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/imf-wants-to-see-progress-on-reforms-before-first-loan-review-bloomberg-plus-abdalla-on-inflation\/","url_meta":{"origin":611475,"position":1},"title":"IMF wants to see progress on reforms before first loan review \u2013Bloomberg. 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