{"id":612858,"date":"2024-01-03T00:00:00","date_gmt":"2024-01-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/the-price-hikes-keep-on-coming\/"},"modified":"2024-01-03T00:00:00","modified_gmt":"2024-01-03T00:00:00","slug":"the-price-hikes-keep-on-coming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/the-price-hikes-keep-on-coming\/","title":{"rendered":"The price hikes keep on coming"},"content":{"rendered":"

Good morning, wonderful people, and welcome to a packed issue<\/strong> in which we have the inside track on the Madbouly government\u2019s move to raise prices for government services and other areas of the economy from which it derives revenue. <\/p>\n

The price hikes are all part of a package that a senior official tells us is designed with the IMF in mind. <\/strong>Talks are now in the endgame, the official said, and the state is also close to wrapping up to very welcome contracts to sell stakes in state-owned banks. <\/p>\n

^^ We have the rundown on both stories at the top of this morning\u2019s news well, below. <\/p>\n

But first: <\/strong><\/p>\n

<\/a> PSA #1- Rolling blackouts will be limited to between 11am and 5pm effective as of<\/strong> today<\/strong>,in response to requests from MPs and citizens to time planned outages so that it doesn\u2019t interfere with kids studying for mid-year exams, according to a cabinet readout<\/a>.<\/p>\n

** We have more on the rolling blackouts and electricity price hikes in this morning\u2019s HardHat.<\/strong><\/p>\n

<\/a> PSA #2- Watch out for fog as you drive to work this morning. <\/strong>The Egyptian<\/a>Meteorological Authority<\/a> is forecasting foggy skies today and tomorrow morning. We\u2019re also in for a cold couple of days paired with some moderate rainfall in different areas of the country. Expect daytime highs not exceeding 22\u00b0C from today until Sunday and lows of 13-14\u00b0C.<\/p>\n

PSA #3- There\u2019s a long weekend just aroun<\/strong>d the corner: <\/strong>Sunday, 7 January, will be a public holiday for both the public and private sectors in observance of Coptic Christmas, Prime Minister Moustafa Madbouly said in a statement<\/a> on Sunday. You can expect the central bank and the EGX to follow suit.<\/p>\n

** Enterprise AM will also be taking a break from your inbox. <\/strong>But worry not, we will be back bright and early on Monday 8 January with all the latest business news from the long weekend. <\/p>\n

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

<\/a> #1- MPs are meeting today to vote and discuss amendments to the law regulating<\/strong> ownership of desert land<\/strong>, which if passed would allow foreign nationals ownership of desert areas for investment purposes. It would also allow foreigners up to 51% ownership in companies that invest in desert land developments.<\/p>\n

#2- The House will also vote on an agreement with the European Bank for Reconstruction<\/strong> and Development,<\/strong> which would see interest rate benchmarks used in agreements with the EBRD shifting to the Secured Overnight Financing Rate (SOFR), instead of the London Interbank Offered Rate (LIBOR).<\/p>\n

#3- The House Economic Affairs committee is also set to vote on a USD 500 mn with Abu<\/strong> Dhabi Exports Office (ADEX) to finance our wheat imports<\/strong>, and on a EUR 56.7 mn grant from the French Agency for Development to expand our wheat silos capacity.<\/p>\n

<\/a> <\/p>\n

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LOOKING AHEAD-<\/p>\n

Here are the key news triggers on which to your eyes on<\/strong> during the first few weeks of January as we ring in the new year:<\/p>\n