{"id":616479,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/could-we-sign-a-staff-level-agreement-with-the-imf-as-soon-as-today\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"could-we-sign-a-staff-level-agreement-with-the-imf-as-soon-as-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/could-we-sign-a-staff-level-agreement-with-the-imf-as-soon-as-today\/","title":{"rendered":"Could we sign a staff-level agreement with the IMF as soon as today?"},"content":{"rendered":"

Good morning, w<\/strong>o<\/strong>nderful people, and welcome to what might well be IMF Day. <\/strong>We have little detail to report, but three sources we trust told us overnight that a staff delegation from the International Monetary Fund is in town. <\/p>\n

<\/a> Will we see an agreement today?<\/strong> One of the three, who has proven exceptionally reliable over the long term, tells us that the IMF will sign a staff-level agreement with Egyptian officials as early as today. <\/p>\n

It\u2019s still not clear what a package would look like<\/strong>, but policymakers had been pressing in January for something in the USD 10 bn range, with as much of that as possible front-loaded. The IMF, meanwhile, was asking for a full float and was pushing to tie much of the funding to our meeting reform milestones, whether on economic reforms or social protection. <\/p>\n

Could we see devaluation happen today? <\/strong>That\u2019s totally unclear. On the one hand, there is no rule that says we must devalue before signing an agreement. On the other, the IMF \u2014 like many in our community \u2014 is pushing hard not for devaluation, but for a float<\/strong>. For the \u201cenduringly flexible\u201d regime policymakers had previously promised. <\/p>\n

USD 8-10 bn (or any number, really) from the IMF would be very nice to have. <\/strong>But it\u2019s no longer critical. As HSBC\u2019s Simon Williams says in this morning\u2019s news well (below), it\u2019s much less about the capital now that we have lined up a transaction of the size of Ras El Hekma, it\u2019s about continued emphasis on policy reforms to make sure we don\u2019t come full circle in three to four years\u2019 time. The IMF, as we\u2019re previously said<\/a>, is the ideal actor to ensure that we learn the right lessons from this crisis \u2014 and take steps to ensure it doesn\u2019t happen again. <\/p>\n

We\u2019ll have the update for you in EnterprisePM this afternoon <\/strong>and, as always, will report back tomorrow morning.<\/p>\n

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DATAPOINT-<\/p>\n

Net foreign reserves inched up by USD 6 mn to USD 35.31 <\/strong>bn <\/strong>at the end of February<\/strong>, compared to USD 35.25 bn in January<\/a>, according to central bank figures<\/a>. The coming months should be set to tell a very different story, as we wait and see how \u2014 and to what extent \u2014 fresh funds from ADQ\u2019s landmark Ras El Hekma project and other agreements in the works will reflect<\/a> on the central bank\u2019s net foreign reserves.<\/p>\n

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PSA-<\/strong>Vo<\/strong>dafone <\/strong>technical hiccup resolved: <\/strong>4G and mobile network services from Vodafone are now up and running across the country as normal after network updates early yesterday morning triggered a temporary service outage, Vodafone told Enterprise.<\/p>\n

Making it up to customers: <\/strong>Vodafone will gift affected users calls and internet for 24 hours for all packages as compensation for the outage, the telecoms company said<\/a> on its social media channels.<\/p>\n

It wa<\/strong>sn\u2019t only Vodafone that had tech issues yesterday<\/strong>, asMeta\u2019s social media platforms Instagram and Facebook were down across the globe for nearly two hours yesterday due to a technical issue. The US\u2019s National Security Council was not aware of the outage as being part of deliberate cyber attack, but is looking into the interruption, according to a spokesperson cited by Reuters<\/a>.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> Ras El Hekma airport already in the works:<\/strong> The government has begun shortlisting potential sites for the airport that will serve the city of Ras El Hekma<\/a>, Prime Minister Moustafa Madbouly said yesterday during a meeting with UAE investment minister and ADQ CEO Mohamed Al Suwaidi aimed at following up on progress made in the Ras El Hekma project, according to a cabinet statement<\/a>. <\/p>\n

A ministerial committee and secretariat to oversee the project are also in the pipeline:<\/strong>The government has also begun to form a ministerial committee to oversee the project that will be headed by Madbouly. The committee will be tasked with streamlining procedures, addressing hurdles, and facilitating collaboration between the involved authorities. A technical secretariat will also be formed and headed by First Assistant to the Prime Minister Randa Al Minshawi, which will be responsible for drafting key decisions.<\/p>\n

\n

HAPPENING TODAY-<\/p>\n

<\/a> It\u2019s the penultimate day of the EFG Hermes One on One Conference<\/strong>, the largest gathering of its kind devoted to emerging and frontier equities.<\/p>\n

Some 670 investors from 250 global institutions are meeting face-to-face with senior <\/strong>execs<\/strong> from more than 215 companies in industries through Thursday. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending.<\/p>\n

We have coverage of the opening session from day one of the conference<\/strong>, which featured an interview with our friend Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and an executive director at the International Monetary Fund. We will have more coverage from the gathering in the days ahead. <\/p>\n

** If you\u2019re in Dubai and want to have coffee or pitch us on an interview<\/strong>, hit us up on 1x1@enterprisemea.com<\/a>.<\/p>\n

\n

SIGN OF THE TIMES-<\/p>\n

Starbucks to lay off 2k workers in the MENA region after consumer boycott hits<\/strong> sales: <\/strong>Kuwaiti retail conglomerate Alshaya Group<\/a> plans to cut over 2k jobs in its Starbucks franchise in the Middle East and North Africa as boycotts triggered by Israel\u2019s war on Gaza continue to hobble the business, Reuters<\/a> reports, citing people familiar with the matter. The layoffs reportedly account for some 4% of Alshaya's total workforce of almost 50k.<\/p>\n

ICYMI: <\/strong>Alshaya in January said it will be scaling back<\/a> operations in Egypt on the back of FX pressure and difficult economic conditions, with Debenhams, The Body Shop, Mothercare, and Pinkberry leaving Egypt.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

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

Three days of Gaza ceasefire talks fail to reach breakthrough,<\/strong> as negotiators from Egypt, Qatar, the US, and Hamas met for a third day in Cairo yesterday to try and secure a six-week pause in time for Ramadan, the Associated Press<\/a> quotes Egyptian officials as saying.<\/p>\n

No economic slump here, says China: <\/strong>The Chinese government is out with an ambitious 5% GDP growth target for 2024, despite a property and debt crises coupled with a slower-than-expected post-covid recovery. But, not everyone\u2019s so optimistic, including the IMF, that currently forecasts China\u2019s growth slowing down from 5.2% in 2023 to 4.6% in 2024 and 3.5% by 2028. (Reuters<\/a> | Bloomberg<\/a> | Associated Press<\/a>)<\/p>\n

WHILE IN THE US- Get ready for Super Tuesday being the only thing the US press talks<\/strong> about for the next few days: <\/strong>Voters in 16 US states and one US territory have mostly wrapped up voting for which Republican or Democratic presidential candidate they want to be their party\u2019s nominee. With few pundits doubting that Trump and Biden will both sail to overwhelming victories, the fourth estate is asking if Super Tuesday will be Republican challenger Nikki Hailey\u2019s last stand. (Reuters<\/a> | Associated Press<\/a> | Washington Post<\/a> | New York Times<\/a> | Wall Street Journal<\/a> | Axios<\/a>)<\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We look at the benefits and challenges of moving cargo around the country via railways instead of trucks.}<\/p>\n","protected":false},"excerpt":{"rendered":"

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(IMF) will not open talks with Egypt over new support until the government has finished implementing the current program of economic reforms, IMF assistant communications director Camilla Andersen told a press briefing. \u201cWe\u2019re not\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":598213,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":616479,"position":1},"title":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562485,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/this-morning-blinken-is-in-town-imf-staff-agreement-on-third-sba-loan-tranche-budget-week-rolls-on\/","url_meta":{"origin":616479,"position":2},"title":"THIS MORNING: Blinken is in town + IMF staff agreement on third SBA loan tranche + budget week rolls on","author":"enterpriseam admin","date":"26 May 2021","format":false,"excerpt":"Good morning, friends. We\u2019re almost at the weekend, and diplomacy dominates the press, the airwaves, and our issue today. We have the updates on Palestine, GERD, and Qatar, but first:THE BIG STORY HERE AT HOME- Egypt looks set to unlock the USD 1.6 bn third and final tranche of its\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563257,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/this-morning-imf-gives-final-sign-off-on-usd-1-6-bn-loan-tranche-no-atm-transfer-fees-for-the-rest-of-2021-three-way-gerd-talks-start-today-windows-11-announced-today\/","url_meta":{"origin":616479,"position":3},"title":"THIS MORNING: IMF gives final sign-off on USD 1.6 bn loan tranche; no ATM, transfer fees for the rest of 2021; three-way GERD talks start today; Windows 11 announced today.","author":"enterpriseam admin","date":"24 June 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to a super-busy news day to end this last full week of June. We\u2019ve got tons of stuff for you today, so let\u2019s get this show on the road: Egypt has officially unlocked the third and final tranche of our USD 5.2 bn standby\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590019,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/ksa-deposits-usd-2-bn-at-pakistans-central-bank-ahead-of-imf-bailout\/","url_meta":{"origin":616479,"position":4},"title":"KSA deposits USD 2 bn at Pakistan\u2019s central bank ahead of IMF bailout","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"The IMF\u2019s executive board is expected to sign off on Pakistan\u2019s USD 3 bn loan today","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/449.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586205,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/08\/jpmorgan-expects-an-imf-review-in-june-but-warns-on-medium-term-debt-outlook\/","url_meta":{"origin":616479,"position":5},"title":"JPMorgan expects an IMF review in June but warns on medium-term debt outlook","author":"enterpriseam admin","date":"8 May 2023","format":false,"excerpt":"JPM says the most likely scenario is that we reach a staff-level agreement on the pending review, unlocking fresh cash","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\/2023\/5\/407.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\/616479","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=616479"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616479\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616480"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616479"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616479"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}