{"id":615815,"date":"2024-02-25T00:00:00","date_gmt":"2024-02-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/"},"modified":"2024-02-25T00:00:00","modified_gmt":"2024-02-25T00:00:00","slug":"how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/","title":{"rendered":"How will we use the cash? Clearing the backlog, paying foreign partners top the list"},"content":{"rendered":"

The Madbouly government is still looking at how it will use the proceeds from the sale<\/strong>, but a top government official told us yesterday that addressing the import backlog and paying arrears owed to foreign partners are among cabinet\u2019s top priorities. <\/p>\n

The funding also puts cabinet in a strong position <\/strong>as it looks to negotiate the pacing-out of payments owed to foreign creditors this year. In all cases, the official said, the funding will significantly increase the government\u2019s financial flexibility and leaves it well-positioned to bridge the financing gap. <\/p>\n

We look good for about four years: <\/strong>The investment, alongside an expanded IMF assistance package, will together cover the country\u2019s financing gap for the next four years,Goldman Sachs\u2019 Farouk Soussa said in a note to clients. Earlier this month, the lender put Egypt\u2019s total financing needs for the next four years<\/a> at USD 25 bn \u2014 a USD 8 bn financing gap and USD 17 bn needed to stabilize the exchange rate. <\/p>\n

Getting the ball rolling: <\/strong>The transaction will open the door for the central bank to move forward with the long-anticipated devaluation of the EGP and in turn move us closer towards a staff agreement with the IMF, Morgan Stanley economist Hande Kucuk said in a note. Having sufficient FX reserves in the banking system will keep the EGP from freefalling when the CBE floats or devalues the currency.<\/p>\n

Brace for a \u201crelatively modest\u201d deval: <\/strong>Soussa sees the \u201cmagnitude of any devaluation is likely to be relatively modest compared to the current market pricing given the FX resources that will be available to the Egyptian authorities (and in the monetary system).\u201d <\/p>\n

It could all be closer than you think: <\/strong>\u201cWe think that the chances of an FX adjustment and announcement of a [staff-level agreement with the IMF] seem very likely before Ramadan,\u201d the Morgan Stanley\u2019s note read. We\u2019re expecting Ramadan to kick off in two weeks. <\/p>\n","protected":false},"excerpt":{"rendered":"

Brace for a \u201cmodest\u201d devaluation \u2014 if the IMF facility comes through, policymakers will have four years of runway when it comes to the funding gap<\/p>\n","protected":false},"author":1,"featured_media":615816,"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":[299,838,104,72,891,7388,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-adq","tag-devaluation","tag-economy","tag-enterpriseam","tag-madbouly-government","tag-ras-el-hekma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"7ff3f1fe-8206-4052-b4da-085131fed0a4","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2312.jpg","photo_position":"above","homepage_title":"","full_issue_title":"How will Egyptian officials deploy the proceeds from ADQ\u2019s landmark investment in Ras El Hekma","related_issue":[615808],"teaser":"Brace for a \u201cmodest\u201d devaluation \u2014 if the IMF facility comes through, policymakers will have four years of runway when it comes to the funding gap","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.547e8a52-a13d-4b70-a486-6955bca7b9a2.mp3"},"yoast_head":"\nHow will we use the cash? 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Once we reach that mark, the government will move to cut its foreign borrowing\u2026","rel":"","context":"In "Speed Round"","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":571722,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/with-fresh-imf-funding-in-place-and-more-to-come-finmin-could-cut-back-on-local-borrowing-to-curb-the-cost-of-servicing-its-debt\/","url_meta":{"origin":615815,"position":1},"title":"With fresh IMF funding in place and more to come, FinMin could cut back on local borrowing to curb the cost of servicing its debt","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"With fresh IMF funding in place and more to come, FinMin could cut back on local borrowing to curb the cost of servicing its debt: The Finance Ministry could cut down on the number of bids it accepts in EGP-denominated bond sales until the end of FY2019-2020, which wraps on\u2026","rel":"","context":"In "Speed Round"","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":571020,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/egypt-seeks-financial-support-from-the-imf\/","url_meta":{"origin":615815,"position":2},"title":"Egypt seeks financial support from the IMF","author":"enterpriseam admin","date":"27 April 2020","format":false,"excerpt":"It\u2019s official: We\u2019re asking the IMF for fresh funding: The government has asked the International Monetary Fund for a one-year rapid financing instrument (RFI) and a separate stand-by arrangement (SBA) to help the country deal with the economic repercussions of covid-19, Prime Minister Mostafa Madbouly said at a press conference\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/225.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571518,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/egypt-wants-usd-9-bn-in-funding-from-imf-other-intl-lenders\/","url_meta":{"origin":615815,"position":3},"title":"Egypt wants USD 9 bn in funding from IMF + other int\u2019l lenders","author":"enterpriseam admin","date":"14 May 2020","format":false,"excerpt":"Egypt is lining up another USD 9 bn from int\u2019l lenders to plug budget deficit, shore up reserves: The Madbouly government is in talks with international lenders for an additional USD 9 bn to help it plug its budget deficit as it spends bns to fight covid-19, Bloomberg reports, citing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547846,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/imf-talks-were-productive-but-theres-no-new-help-just-yet\/","url_meta":{"origin":615815,"position":4},"title":"IMF talks were \u201cproductive,\u201d but there\u2019s no new help just yet","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"\u201cProductive discussions\u201d with the IMF \u2014 but no agreement yet: The IMF and Egyptian officials held \u201cproductive discussions\u201d on a fresh assistance programme during recent meetings in Cairo, the Fund and a government spokesperson said in separate statements this past Friday. The staff-level talks, which took place between 26 June\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568679,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/madbouly-directs-officials-to-speed-up-overdue-payments-for-egyptian-exporters\/","url_meta":{"origin":615815,"position":5},"title":"Madbouly directs officials to speed up overdue payments for Egyptian exporters","author":"enterpriseam admin","date":"30 January 2020","format":false,"excerpt":"Madbouly directs officials to speed up overdue export subsidy payments: Larger exporters will receive an additional 10% of their outstanding export subsidy dues and smaller companies owed less than EGP 5 mn will get their dues paid in full, under a decision taken yesterday by Prime Minister Moustafa Madbouly. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/768.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\/615815","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=615815"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615815\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615816"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615815"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615815"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}