{"id":613327,"date":"2024-01-14T00:00:00","date_gmt":"2024-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/a-larger-imf-package-looks-like-a-question-of-if-and-not-when\/"},"modified":"2024-01-14T00:00:00","modified_gmt":"2024-01-14T00:00:00","slug":"a-larger-imf-package-looks-like-a-question-of-if-and-not-when","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/a-larger-imf-package-looks-like-a-question-of-if-and-not-when\/","title":{"rendered":"A larger IMF package looks like a question of if and not when"},"content":{"rendered":"

Good morning, friends. <\/strong>The week is already shaping up to be a busy one with lots of economy and business news and the US and UK airstrikes in Yemen setting the agenda before the week has even started. <\/p>\n

Particularly worthy of attention: <\/strong>There are signs we could make progress before the end of the month on both a larger IMF facility and a package of investment and aid from the European Union. <\/p>\n

Egyptian and European officials are set to meet a week from Tuesday<\/strong>, and our top diplomat in Europe is making it clear that we\u2019re looking for an \u201cupgrade of relations\u201d that would include everything from more economic support to investment guarantees. Meanwhile, an IMF spokesperson has said that talks for a larger facility will continue in the coming weeks to \u201coperationalize the key policy priorities,\u201d including fiscal reforms and a flexible exchange-rate policy.<\/p>\n

^^ We have more on both stories below. <\/p>\n

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PSA- Hold onto your hats and keep your umbrellas close: <\/strong>We\u2019re in for a cold andwindy week paired with rain and foggy mornings today and tomorrow, according to the Egyptian Meteorological Authority<\/a>. Look for daytime highs of 23\u00b0C and lows of 7\u00b0C in the evening through Friday, according to our favorite weather app.<\/p>\n

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

<\/a> If you haven\u2019t already: Sign up for the UAE edition <\/strong>here<\/a><\/strong> \u2014 it\u2019s launching this <\/strong>week.<\/strong>Our report, produced in the UAE and in Cairo, is written for decision makers in the UAE as well as executives, investors, and others doing business or deploying capital there. It will be published 7am UAE time, Monday through Friday. <\/p>\n

** THAT\u2019S NOT ALL: EnterpriseAM Saudi Arabia is launching later this month. <\/strong>You can sign up here<\/a> to let us know you\u2019d like to be on the list on launch day. More details soon.<\/p>\n

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

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WATCH THIS SPACE-<\/p>\n

<\/a> We\u2019ve set terms for helping the EU control migration: <\/strong>\u201cEconomic support, investment guarantees, technology transfer, jobs, and food security\u201d is what we want from the European Union in exchange helping it curb migration across the Mediterranean, ambassador to the EU Badr Abdelatty told the Financial Times<\/a> ahead of a meeting between Egypt and European officials on 23 January. The EU has already committed to paying EUR 160 mn to support refugees and border management until 2027, but we are looking for more as the nation copes with fallout from the \u201cUkraine crisis, from Covid, and the situation in Gaza,\u201d Abdelatty told the salmon-colored paper, saying what we\u2019re looking for is \u201can overall upgrade of relations.\u201d<\/p>\n

Remember: The EU has been rumored to be putting together a plan to mobilize as much <\/strong>as<\/strong>EUR 10 bn of investment<\/a><\/strong> alongside debt relief measures to help stabilize Egypt\u2019s economy and curb migration across the Mediterranean.<\/p>\n

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HAPPENING TODAY- <\/p>\n

<\/a> #1- Th<\/strong>e Pharaohs take to the pitch for Afcon 2024: <\/strong>Egypt kicks off its Afcon campaign tonight when they meet Mozambique at La Felicia Stadium in Abidjan at 7pm CLT<\/a>. We are favored to lead Group B ahead of Ghana, which we will clash with on Thursday before playing against Cape Verde in the final group stage match on Monday, 22 January.<\/p>\n

Where to watch it:<\/strong>beIN SPORTS 1<\/a> <\/p>\n

<\/a> #2- <\/strong>The House is in session:<\/strong> The House will discuss and vote on a draft bill to set up a new authority tasked with investing and \/ or disposing of confiscated funds and assets. The House will also vote on an amendment to the law regulating the Police Authority. The MPs are also set to discuss an agreement to end double taxation between Egypt and Croatia. <\/p>\n

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HAPPENING THIS WEEK- <\/p>\n

#1- Davos 2024 is nearly upon us: <\/strong>The skies will soon be filled with private jets heading to Switzerland for the World Economic Forum<\/a> in Davos set to kick off tomorrow and run until Friday. This year\u2019s theme is an optimistic \u201crebuilding trust\u201d, but \u201cclimate, chaos and war\u201d are already filling a doomy agenda, writes the Guardian\u2019s Larry Elliot<\/a>. You can check out the forum\u2019s official teaser agenda here<\/a>.<\/p>\n

<\/a> #2- <\/strong>China\u2019s foreign minister is due in town: <\/strong>China\u2019s Foreign Minister Wang Yi is setto touch down in Egypt sometime this week during a six-day tour of Africa that started yesterday, which will also see him visit Tunisia, Togo, and Cote d'Ivoire, China\u2019s Foreign Ministry said on Thursday. <\/p>\n

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PROJECT UPDATE-<\/p>\n

The region\u2019s largest wind farm gets a land use agreement:<\/strong> A consortium led bySaudi\u2019s ACWA Power and our friends at Hassan Allam Utilities signed a 25-year long-term land use agreement with the New and Renewable Energy Authority (NREA) on Wednesday for its 1.1 GW wind farm<\/a> in the Gulf of Suez \u2014 set to be the largest in the Middle East and cost up to USD 1.5 bn \u2014 a joint statement (pdf<\/a>) read.<\/p>\n

What\u2019s next: <\/strong>Wrapping up site studies and lining up finance for the project, which when operational will offset 2.4 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households.<\/p>\n

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

Democratic Progressive Party candidate Lai Ching-te has been <\/strong>elected<\/a><\/strong> president of <\/strong>Taiwan.<\/strong> Beijing had warned the Taiwanese people to make the \u201cright choice\u201d before the presidential race and avoid voting for the DPP. <\/p>\n

MEANWHILE- The Iowa caucuses will kick off the 2024 US presidential race on Monday. <\/strong>Bone-chilling cold and a blizzard could affect turnout. CNBC has a primer<\/a>, and Politico<\/a> notes that polling shows former President Donald Trump \u201ccruising.\u201d<\/p>\n

IN BUSINESS HEADLINES you\u2019ll want to <\/strong>know about this morning:<\/p>\n