{"id":615898,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/ras-el-hekma-transaction-not-linked-to-imf-loan-discussions-says-imf-official\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"ras-el-hekma-transaction-not-linked-to-imf-loan-discussions-says-imf-official","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/ras-el-hekma-transaction-not-linked-to-imf-loan-discussions-says-imf-official\/","title":{"rendered":"Ras El Hekma transaction not linked to IMF loan discussions, says IMF official"},"content":{"rendered":"

Ras El Hekma agreement is \u201ccompletely separate\u201d from IMF discussions: <\/strong>\u201cThe[USD 35 bn] Emirati investment in Egypt is an important step, but it is not linked to the Fund\u2019s discussions with Egypt. These two topics are completely separate,\u201d the IMF\u2019s Middle East and Central Asia head Jihad Azour told Al Arabiya Business (watch, runtime: 10:55<\/a>). The first and second reviews of Egypt\u2019s loan program are purely dependent on the Madbouly government\u2019s reform program, which aims to achieve economic stability and boost social security, he added. <\/p>\n

But It does make an agreement with the Fund all the more likely:<\/strong> Theannouncement of the Ras El Hekma agreement indicates that both the Fund and the UAE have \u201ca greater confidence\u201d in Egypt, IBIS Consultancy economist Ali Metwally told Enterprise. The Ras El Hekma agreement \u201cmay be one of the most important steps to complete the agreement, because our expectations as economists were that reaching an agreement with the Fund and disbursing tranches urgently would coincide with agreements with Egypt\u2019s partners such as the UAE and Saudi Arabia,\u201d Metwally said.<\/p>\n

Exchange rate flexibility is a key component <\/strong>to help the Egyptian economy withstandshocks, but it should be paired with fiscal and economic reforms that will help keep inflation low and boost the private sector\u2019s role in the economy, Azour said. <\/p>\n

Remember:<\/strong> IMF staff and Egyptian officials are continuing to make \u201cexcellent progress\u201d<\/a> towards finalizing the long-stalled first and second reviews of Egypt\u2019s loan program, with the main elements of the program already agreed on, the Fund\u2019s director of communication Julie Kozack said on Saturday. <\/p>\n

CLOSING THE FINANCING GAP- <\/p>\n

Our financing gap should be covered for the next three to fours years, think analysts: <\/strong>The ADQ investment, in addition to an expanded IMF loan and further FDI inflows, will cover Egypt\u2019s financing gap for the next three to four years and help Egypt \u201cavoid financial pressures from external obligations,\u201d Metwally told us. The funds will provide \u201csufficient\u201d support for Egypt until the US Federal Reserve and the EU start cutting rates, Metwally added. Goldman Sachs\u2019 Farouk Soussa also sees the investment covering the county\u2019s financing gap for the next four years<\/a>.<\/p>\n

Mind the gap: <\/strong>Egypt\u2019s external financing requirements for 2024 stand around USD 56 bn,consisting of debt repayments and our current account deficit, writes Al Ahly Pharos\u2019 Esraa Ahmed in a research note seen by Enterprise. Fresh FX injections, Arab countries expected to roll over their Egypt deposits, and the waived UAE deposits will help pay the majority of it, leaving the remaining external financing requirements for the year at around USD 11 bn, which can be covered by FDI and borrowing, she continued. <\/p>\n

Devaluation pressures to alleviate:<\/strong> The transaction will \u201cprovide a good cushion for thecurrent FX crunch and pave the way for implementing the IMF agreement and ensuing EGP exchange rate adjustment,\u201d said Ahmed. \u201cThese developments will allow for a less harsh EGP devaluation, maybe to the EGP 40-45 range, far lower than the previous parallel FX market\u2019s speculations,\u201d she added, explaining that the injection of funds will help Egypt \u201cunfreeze economic activity and withstand the front-loaded obligations.\u201d Metwally forecasted an even more pared back devaluation of 20-25%, which would put the EGP somewhere between 37-39 against the greenback.<\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement of the Ras El Hekma agreement indicates that both the Fund and the UAE have \u201ca greater confidence\u201d in Egypt<\/p>\n","protected":false},"author":1,"featured_media":615899,"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":[838,104,72,272,7388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-devaluation","tag-economy","tag-enterpriseam","tag-imf","tag-ras-el-hekma","wpautop","entry"],"acf":{"mongo_id":"4db8c8b7-64da-4999-ac2a-06164fa9e571","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2316.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ras El Hekma transaction not linked to IMF loan discussions, says IMF official","related_issue":[615891],"teaser":"The announcement of the Ras El Hekma agreement indicates that both the Fund and the UAE have \u201ca greater confidence\u201d in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f3fc85ae-0628-4156-a952-afc90b9c246c.mp3"},"yoast_head":"\nRas El Hekma transaction not linked to IMF loan discussions, says IMF official - 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\/02\/26\/ras-el-hekma-transaction-not-linked-to-imf-loan-discussions-says-imf-official\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ras El Hekma transaction not linked to IMF loan discussions, says IMF official\" 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secured the full USD 35 bn from the\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1417.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620709,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/whats-on-the-imfs-agenda-as-it-conducts-the-third-review-of-our-loan-program\/","url_meta":{"origin":615898,"position":2},"title":"What\u2019s on the IMF\u2019s agenda as it conducts the third review of our loan program?","author":"enterpriseam admin","date":"26 May 2024","format":false,"excerpt":"The IMF sees improved economic indicators and strengthened cash flows","rel":"","context":"In 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616101,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/this-evening-adq-pays-up-the-first-chunk-of-its-investment-for-ras-el-hekma-development-rights\/","url_meta":{"origin":615898,"position":4},"title":"THIS EVENING: ADQ pays up the first chunk of its investment for Ras El Hekma development rights","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"Good afternoon, folks, and happy almost-Thursday. As we move towards the end of the week, the news cycle is staying consistent with its focus on the government\u2019s agreement with ADQ on Ras El Hekma.THE BIG STORY TODAY The Central Bank of Egypt has received the first batch of funds from\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618052,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/net-foreign-liabilities-narrow-by-usd-7-1-bn-in-february-as-ras-el-hekma-funds-start-to-reflect-in-banks-sheets\/","url_meta":{"origin":615898,"position":5},"title":"Net foreign liabilities narrow by USD 7.1 bn in February as Ras El Hekma funds start to reflect in banks\u2019 sheets","author":"enterpriseam admin","date":"2 April 2024","format":false,"excerpt":"It could be a matter of time before we see a larger improvement","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\/2024\/2\/98.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\/615898","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=615898"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615898\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615899"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615898"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615898"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}