{"id":614336,"date":"2024-01-31T00:00:00","date_gmt":"2024-01-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/"},"modified":"2024-01-31T00:00:00","modified_gmt":"2024-01-31T00:00:00","slug":"reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/","title":{"rendered":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Is an IMF package imminent? <\/strong>Cairo has been abuzz since midday yesterday with chatter that the Madbouly government is nearing a staff-level agreement with the International Monetary Fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The press is reporting that an agreement in principle is in sight<\/strong>, but there\u2019s no consensus on the size of the assistance program. <\/p>\n<ul>\n<li>Talk show queen <strong>Lamees El Hadidy said last night the government is nearing an agreement that would take the package to USD 7-8 bn over three years<\/strong>, with USD 700 mn disbursed up front after two in-process reviews are wrapped up (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1419541718772258\" style=\"\" rel=\"noopener\">watch, runtime: 11:14<\/a>). <\/li>\n<li>Al Hadath, the breaking news arm of Al Arabia, reported yesterday that there is agreement on a <strong>USD 7 bn program <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=x9Hf_xHiIu4\" style=\"\" rel=\"noopener\">watch, runtime: 6:02<\/a>). <a target=\"_blank\" href=\"https:\/\/www.cairo24.com\/1946933\" style=\"\" rel=\"noopener\">Cairo24<\/a> picked up the blurb. <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30012024&amp;id=55387162-66de-4842-9b66-e7d0433ca9ff\" style=\"\" rel=\"noopener\">Al Shorouk<\/a>, meanwhile, <strong>puts the value of the program at USD 6 bn<\/strong>, adding that Cabinet spokesman Mohamed El Homosany said the government is <strong>preparing to make a statement on the results<\/strong> of the talks with the IMF delegation.<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/debt-relief-delays-could-mean-disorderly-defaults-imf-official-2024-01-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> quotes Daniel Leigh, a senior IMF official, as saying the first and second reviews of the fund\u2019s initial USD 3 bn loan program could wrap up \u201cin the coming weeks.\u201d<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Four sources with knowledge of the state of play with whom we spoke yesterday have <\/strong><strong>told us that an agreement worth c. USD 9 bn is nearly over the finish line<\/strong>, though they cautioned that circumstances can change before a final agreement is reached, potentially revising the value of the program or extending the process by days or weeks. <strong>Separately, three well-placed sources put the value of the agreement at USD 6 bn. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s with the difference between the two figures? <\/strong>A larger program may only be possible if we go for a full float, not a managed devaluation. In the latter scenario, we would be looking at wrapping reviews of the USD 3 bn program already in place and then unlocking up to USD 3 bn more over an extended period of time. It remains unclear which scenario policymakers in Cairo will pursue.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In all cases, the value of the program would include the USD 3 bn the IMF had originally <\/strong><strong>committed <\/strong>under a 46-month agreement back in late 2022. We have yet to draw any of that cash since an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\" style=\"\" rel=\"noopener\">initial release of USD 347 mn<\/a>. Under the terms of the agreement, the balance could only be unlocked tranche-by-tranche after reviews by the IMF of our progress on a range of reforms and other conditions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>An IMF delegation has been in Cairo for two weeks to work out an agreement. Their mission was due to wrap up yesterday, but <strong>the delegation is reportedly willing to extend its stay to put it over the finish line<\/strong>. The meetings have absorbed a massive percentage of the cabinet economic team\u2019s bandwidth: There was no cabinet meeting last week, and International Cooperation Minister Rania Al Mashat was the only minister to make the trek to Davos for the World Economic Forum \u2014 a gathering typically attended by multiple cabinet members. <\/p>\n<p class=\"tag-border-left\">THE STATE OF PLAY ON THE EGP<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGP hit record lows in the parallel and derivative markets yesterday<\/strong> as speculation about a possible float reached a fever pitch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The EGP was changing hands <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1752368582552351226\" style=\"\" rel=\"noopener\">at 70.00 and beyond<\/a><\/strong><strong> to the USD in the <\/strong><strong>parallel market<\/strong>, while the official rate remains 30.95.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Twelve-month non-deliverable forwards now <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1752348207974060374\" style=\"\" rel=\"noopener\">put the EGP at 63.00<\/a><\/strong><strong> to the greenback<\/strong>, while GDR transactions yesterday that we\u2019ve heard of imply a rate just north of 70.00.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gold bug Naguib Sawiris poured fuel on the fire<\/strong>, <a target=\"_blank\" href=\"https:\/\/twitter.com\/NaguibSawiris\/status\/1751989034765746293\" style=\"\" rel=\"noopener\">saying on X<\/a> that it\u2019s time to devalue \u2014 and to use the parallel market rate as the starting point for discussion. \u201cThe right thing to do is to [set the official rate] at the black market price\u201d and let it equilibrate from there, he said. \u201cPeople will only sell [FX] in official channels if the two rates are equal.\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-30\/egypt-billionaire-urges-big-devaluation-and-warns-of-disaster?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> used Sawiris\u2019 posts as the hook on which to hang its story on the state of our FX crunch. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How to think about the gap between <\/strong><strong>forwards and the parallel market.<\/strong> In a nutshell: Black market = our current mental state. Forwards = future direction of travel. Forwards often miss the mark, but the market for them is a lot more liquid \u2014 and vastly more transparent \u2014 than the parallel market. The parallel market is disproportionately influenced by the sentiment of individual sellers rather than by corporates making (comparatively) large purchases to cover L\/Cs and transfers.<\/p>\n<p class=\"tag-border-left\">WHAT TO LOOK FOR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Issues and questions you\u2019ll want to keep an eye on <\/strong>when and if an agreement is announced:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Is it a float or a managed devaluation? <\/strong>Dueling options on the table right now include (a) a move straight to a full float (see: Sawiris, Naguib, above) and (b) a more gradual process where the current is brought to a market-clearing rate in a series of more controlled auctions, possibly over an extended period of time. There\u2019s no consensus in the press or among the people we\u2019ve spoken with, though it seems we may be edging toward a managed or gradual process, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/01\/30\/1761278\" style=\"\" rel=\"noopener\">Al Borsa<\/a> writes. <strong>The language used by the central bank and the IMF to describe our FX exchange rate policy will be key. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- When does the shift to a flexible currency regime happen? <\/strong>Whether it\u2019s a float or a managed devaluation, will the IMF require it happen first as a condition of getting to a staff-level agreement? Or will the central bank want to have cash in hand ahead of time to fight a possible overshoot?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In past devaluations, the<\/strong><strong> central bank\u2019s playbook has been to announce an early-morning <\/strong><strong>interest rate decision<\/strong> (if it makes a move on rates at all) and then hold a series of auctions in the interbank market to allow a period of price discovery, posting new exchange rates at bank counters (online and IRL) nationwide in the process. The CBE\u2019s Monetary Policy Committee (MPC) can meet outside its regular schedule if it wishes to do so.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- What\u2019s the EGP really worth? <\/strong>Yesterday\u2019s parallel market rate in the EGP 68-70 range is one that we (and just about any economist you speak with) think is out of whack with the market\u2019s fundamentals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The total value of the package matters, sure \u2014 but almost as important is how fast we <\/strong><strong>get it<\/strong><strong>. <\/strong>Officials have been talking about a package in the USD 9-12 bn range. Cabinet and Central Bank Governor Hassan Abdalla will want the maximum up-front commitment possible to get the gears of the economy unstuck fast. The IMF will want to retain substantial cash as a lever to ensure we push ahead with reforms. <strong>We\u2019re told the government is hoping to get USD 3 bn in hand quickly.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The length of the approval cycle. <\/strong>The signing of a staff-level agreement on its own doesn\u2019t automatically unlock funds. The IMF\u2019s executive board would have to sign off on the text. The board\u2019s schedule is <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\" style=\"\" rel=\"noopener\">here<\/a> \u2014 it has meetings booked through 7 February to discuss Kazakhstan, the Kyrgyz Republic, and Chile. Egypt doesn\u2019t yet appear on the agenda, but the board can add a meeting or change an agenda effectively at will.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- What does the conditionality look like? <\/strong>The IMF will demand we move to a flexible exchange rate policy, fast-track the sale of state assets, curb the state\u2019s involvement in the economy, and slow down government spending, particularly on infrastructure projects. You can also expect social support spending to be a feature. Pundits will be watching closely to see what other conditions may be tacked on. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- What happens when the Central Bank of Egypt meets on Thursday? <\/strong>Only four of nine analysts we spoke with for our customary poll ahead of the MPC meeting <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77990506-c8e6-4ba3-a7a4-205e229c7be6\" style=\"\" rel=\"noopener\">expect the bank to leave interest rates on hold<\/a>. Two see 150-200 basis point hikes, and three weren\u2019t willing to make a call. All were speaking with no expectation that an IMF agreement would be announced ahead of time. <strong>If a pact with the IMF is imminent, a hold at Thursday\u2019s meeting could mean only that the CBE is keeping its powder dry ahead of a major decision post-agreement.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#8- What language do government officials<\/strong> \u2014 from the cabinet table to Ayman Soliman\u2019s Sovereign Fund of Egypt \u2014<strong> use in discussing asset sales?<\/strong> Will they entertain the idea of selling specific assets below book value just to stimulate the market? One way to spur fresh FDI is to offer an attractive asset at a great price. Snap IPOs are also worth considering \u2014 the EGX climbed 70.5% in 2023 and is up 21.9% so far this year as investors look for assets into which to park liquidity amid soaring inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#9- Will the IMF agree to reschedule <\/strong><strong>some of<\/strong><strong> the upward of USD 6 bn<\/strong> we owe it this year in repayments? Could the IMF serve as a catalyst for a swap of some of that debt for equity in companies or assets moving through the national asset sale program? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#10- What other channels will the central bank and the government use to add to their <\/strong><strong>war chest? <\/strong>For example: <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4fwehsfn\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports the CBE will sell USD 1 bn of one-year treasury bills next week. The broadcaster cited unnamed sources as backing the report. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>An IMF delegation has been in Cairo for two weeks to work out the contours of an agreement<\/p>\n","protected":false},"author":1,"featured_media":614337,"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":[7206],"tags":[104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"08f51e36-cd3a-411d-a974-659fd3601066","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1638.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Reports suggest Egypt is closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.","related_issue":[614331],"teaser":"An IMF delegation has been in Cairo for two weeks to work out the contours of an agreement","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.9b89204e-2e34-48ed-958a-8095892eb3c1.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>Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for. - 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\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.\" \/>\n<meta property=\"og:description\" content=\"An IMF delegation has been in Cairo for two weeks to work out the contours of an agreement\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.\",\"datePublished\":\"2024-01-31T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\"},\"wordCount\":1566,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\",\"IMF\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\",\"name\":\"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for. - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-01-31T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for. - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/","og_locale":"en_US","og_type":"article","og_title":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.","og_description":"An IMF delegation has been in Cairo for two weeks to work out the contours of an agreement","og_url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2024-01-31T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for.","datePublished":"2024-01-31T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/"},"wordCount":1566,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1","keywords":["economy","EnterpriseAM","IMF"],"articleSection":["Economy"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/","url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/","name":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for. - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1","datePublished":"2024-01-31T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/reports-suggest-were-closing-in-on-a-new-larger-imf-package-devaluation-heres-what-to-watch-for\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Reports suggest we\u2019re closing in on a new, larger IMF package + devaluation. Here\u2019s what to watch for."}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1638.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":546412,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/an-agreement-with-the-imf-is-coming-within-months\/","url_meta":{"origin":614336,"position":0},"title":"An agreement with the IMF is coming \u201cwithin months\u201d","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"A fresh IMF program could be sealed in a few months: The government expects to reach an agreement with the IMF on a fresh support package \u201cwithin months\u201d, Prime Minister Moustafa Madbouly said yesterday at a presser (watch, runtime:2:07:15).What IMF program? The government has been in talks with the IMF\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\/5\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614597,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/05\/goldman-sachs-morgan-stanleys-two-cents-on-our-imf-agreement\/","url_meta":{"origin":614336,"position":1},"title":"Goldman Sachs, Morgan Stanley\u2019s two cents on our IMF agreement","author":"enterpriseam admin","date":"5 February 2024","format":false,"excerpt":"Goldman Sachs sees a USD 12 bn loan in our future","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\/2024\/2\/260.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621201,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/01\/egypt-reaches-staff-level-agreement-with-imf-on-fifth-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":614336,"position":2},"title":"Egypt reaches staff-level agreement with IMF on fifth tranche of USD 12 bn facility","author":"enterpriseam admin","date":"1 November 2018","format":false,"excerpt":"** #4 Egypt reaches staff-level agreement with IMF on fifth loan tranche: Egypt reached a staff-level agreement with the IMF yesterday on the fifth USD 2 bn tranche of its USD 12 bn extended fund facility after a delegation led by Egypt Mission Chief Subir Lall completed its fourth review\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":614847,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/08\/devaluation-the-imf-package-and-ras-el-hekma-heres-what-you-need-to-know-this-morning\/","url_meta":{"origin":614336,"position":3},"title":"Devaluation, the IMF package, and Ras El Hekma: Here\u2019s what you need to know this morning","author":"enterpriseam admin","date":"8 February 2024","format":false,"excerpt":"There\u2019s a lot of chatter, but nothing concrete on any of those fronts","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\/2024\/2\/696.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616559,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/madbouly-sounded-the-right-notes-as-he-unveiled-a-super-sized-usd-8-bn-imf-package\/","url_meta":{"origin":614336,"position":4},"title":"Madbouly sounded the right notes as he unveiled a super-sized USD 8 bn IMF package","author":"enterpriseam admin","date":"7 March 2024","format":false,"excerpt":"An additional USD 1.2 bn in climate financing could also be in the pipeline as separate talks continue","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\/2024\/3\/595.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544835,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/more-chatter-that-we-are-indeed-going-to-talk-to-the-imf-about-a-new-program\/","url_meta":{"origin":614336,"position":5},"title":"More chatter that we are, indeed, going to talk to the IMF about a new program","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"More analysts are speculating that thefiscal stimulus package and monetary policy measures announced Monday will pave the way for a fresh IMF program as the ongoing commodity price shock puts strain on the economy. Since the start of the war in Ukraine, sporadic reports that the government is in discussions\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\/3\/310.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\/614336","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=614336"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614336\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/614331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614337"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614336"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614336"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}