{"id":615893,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/cabinet-directs-plan-to-secure-fx-for-strategic-commodities\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"cabinet-directs-plan-to-secure-fx-for-strategic-commodities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/cabinet-directs-plan-to-secure-fx-for-strategic-commodities\/","title":{"rendered":"Cabinet directs plan to secure FX for strategic commodities"},"content":{"rendered":"

Good morning, folks. <\/strong>The news cycle has kept up the pace from yesterday\u2019s landmark USD 35 bn agreement between Abu Dhabi wealth fund ADQ and the government. We\u2019ve got plenty for you to read through this morning, so let\u2019s jump right into it.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>Cabinet directs plan to secure FX for strategic commodities<\/strong>:<\/strong> A plan is in the works to speed up the release of goods that have been stuck at customs \u2014 due to FX shortage \u2014 which amount to a total of USD 1.3 bn worth of goods, according to a cabinet statement<\/a>. Priority will be given to medicine, livestock fodder, and strategic food commodities including oil, wheat, and infant formula.<\/p>\n

ICYMI: <\/strong>The Madbouly government has made addressing the import backlog one of its priorities<\/a> for the proceeds from its USD 35 bn agreement with the ADQ to develop Ras El Hekma, a top government official told Enterprise earlier this week.<\/p>\n

<\/a> #2- Regulations for the voluntary carbon market set to be announced in the<\/strong> coming days: <\/strong>The regulatory framework for the long-awaited<\/a> voluntary carbon market has been fully completed, and the Financial Regulatory Authority will be issuing decisions in the next few days, authority chair Mohamed Farid said<\/a> during a meeting with Prime Minister Mostafa Madbouly.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1-<\/strong>The economy is on the agenda for the National Dialogue today as it kicks off round<\/strong> two: <\/strong>Economists, government ministers, and business leaders are set to get together to discuss the challenges facing the economy and the way forwards in the second round of the national dialogue. Discussions will run until Thursday as the dialogue works on building recommendations to tackle inflation, encourage investment, organize the budget, and promote more inclusive growth that will be presented to the government.<\/p>\n

<\/a> #2- Foreign Minister Sameh Shoukry is in Geneva <\/strong>until Wednesday to attend thehigh-level segment of the UN Human Rights Council with 110 other country representatives. Shoukry will \u201ctake part in some sideline events on some of the most important regional and international crises and their implications on global human rights conditions,\u201d according to the SIS<\/a>. The high-level segment kicks off today and wraps up on Wednesday, while the regular session is scheduled<\/a> to wrap up on 5 April. <\/p>\n

#3- <\/strong>The <\/strong>Capital Markets Summit<\/a><\/strong> is taking place<\/strong> at the InterContinental Semiramis Hotel. Theannual event will be held under the title Structural Reforms Sustaining Development and will bring together officials from the Financial Regulatory Authority, EGX, Suez Canal Economic Zone, and the General Authority for Investments. <\/p>\n

IN THE HOUSE-<\/p>\n

MPs will meet today to discuss and vote on an amendment to the 2018 Consumer<\/strong> Protection Law<\/strong> that was approved<\/a> by The House\u2019s Constitutional Affairs Committee last week, whereby hoarding key food commodities can lead to sentences of one year in prison and fines between EGP 150k-3 mn. Repeat offenders will be faced with two to five years in prison and a fine of EGP 6 mn.<\/p>\n

The House will also discuss and vote on a number of agreements that include:<\/strong><\/p>\n