{"id":616678,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/we-could-be-in-for-usd-20-bn-in-foreign-support-plus-good-news-from-morgan-stanley\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"we-could-be-in-for-usd-20-bn-in-foreign-support-plus-good-news-from-morgan-stanley","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/we-could-be-in-for-usd-20-bn-in-foreign-support-plus-good-news-from-morgan-stanley\/","title":{"rendered":"We could be in for USD 20 bn in foreign support. PLUS: Good news from Morgan Stanley"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>IMF agreement could pave the way for more foreign financing: <\/strong>Officials expect our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">agreement<\/a> with the IMF to help secure a total of USD 20 bn in foreign support, Finance Minister Mohamed Maait said on Thursday during AmCham\u2019s monthly luncheon \u2014 under the title Egypt at the Crossroads: Fiscal Policy for Economic Revival \u2014 attended by Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong>The USD 20 bn figure includes the USD 8 bn IMF package we agreed on with the Fund last week and a still-in-talks USD 1-1.2 bn in climate finance under the Fund\u2019s Resilience and Sustainability Facility. The remaining USD 11 bn will come from international partners including the World Bank, European Union, Japan, and the UK, Maait said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Morgan Stanley sees us securing funding<\/strong> from the World Bank and the EU in the coming days, according to a report seen by Enterprise. A senior government official told Enterprise that we can finalize the agreements with the EU and the World Bank shortly after the IMF executive board approves the USD 8 bn program \u2014 the board will meet to consider the pact before the end of March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE DEPARTMENT OF GOOD NEWS- <\/strong>Morgan Stanley also expects credit rating agency Moody\u2019s to upgrade Egypt\u2019s rating to B3 from Caa1 and sees a mega jump in the country\u2019s FX reserves to USD 58.3 bn by the end of the year and to USD 67.4 bn in 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Moody\u2019s has just upgraded its Egypt outlook to positive. <\/strong>We have the full story in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maait\u2019s comments received attention from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-07\/egypt-expects-imf-deal-to-catalyze-20-billion-in-foreign-funds\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egyptian-pound-stable-after-devaluation-imf-deal-2024-03-07\/#:~:text=Egypt%20expected%20a%20total%20of,and%20encourage%20private%20sector%20investment\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD 20 bn figure includes the USD 8 bn IMF package<\/p>\n","protected":false},"author":1,"featured_media":616679,"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":[104,72,490,272,277,508],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-hsbc","tag-imf","tag-mohamed-maait","tag-morgan-stanley","wpautop","entry"],"acf":{"mongo_id":"298d8f45-7f19-4800-8b35-e7cc6cbad8ba","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/755.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt could be in for USD 20 bn in foreign support. PLUS: Good news from Morgan Stanley","related_issue":[616674],"teaser":"The USD 20 bn figure includes the USD 8 bn IMF package","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.a38fbfa2-c8a9-46dd-bb07-25865297b277.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>We could be in for USD 20 bn in foreign support. PLUS: Good news from Morgan Stanley - 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\/03\/10\/we-could-be-in-for-usd-20-bn-in-foreign-support-plus-good-news-from-morgan-stanley\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We could be in for USD 20 bn in foreign support. 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The French bank in July said we would need USD 10 bn or more from the multilateral lender to plug our growing\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\/9\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548270,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/maait-dials-down-expectations-for-imf-loan\/","url_meta":{"origin":616678,"position":2},"title":"Maait dials down expectations for IMF loan","author":"enterpriseam admin","date":"2 August 2022","format":false,"excerpt":"Maait shoots down talk of a USD 15 bn IMF loan: \u201cThat figure is completely inaccurate,\u201d Finance Minister Mohamed Maait told Al Kahera Wal Nas\u2019 Khairy Ramadan late Sunday evening (watch, runtime: 22:43) when asked if Egypt is requesting a USD 15 bn loan from the international lender. Maait maintained\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\/8\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-hopes-to-reach-a-non-loan-program-agreement-with-imf-before-october\/","url_meta":{"origin":616678,"position":3},"title":"Egypt hopes to reach a non-loan program agreement with IMF before October","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"Egypt is in talks with the IMF for a non-loan program and hopes to reach an agreement by October, Finance Minister Mohamed Maait told Bloomberg TV yesterday (watch, runtime: 4:59). \u201cWe started discussing with the IMF, first of all, what are the options Egypt is eligible to and after that\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\/2019\/6\/1125.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550163,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait\/","url_meta":{"origin":616678,"position":4},"title":"Expat car import scheme could raise EGP 50 bn worth of FX -Maait","author":"enterpriseam admin","date":"17 October 2022","format":false,"excerpt":"A scheme to allow expat Egyptians to import cars into Egypt and draw back customs and other fees at a later date could raise USD 2.5 bn in FX: Expats could send some EGP 50 bn (c. USD 2.5 bn) into Egypt under a cabinet program that will allow Egyptians\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\/10\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608085,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/we-want-usd-2-bn-more-from-imf-to-bring-our-assistance-program-to-usd-5-bn-a-report-claims\/","url_meta":{"origin":616678,"position":5},"title":"We want USD 2 bn more from IMF to bring our assistance program to USD 5 bn, a report claims","author":"enterpriseam admin","date":"15 October 2023","format":false,"excerpt":"The Madbouly government wants to raise the size of the USD 3 bn to a total of USD 5 bn","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\/2023\/10\/694.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\/616678","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=616678"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616678\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616679"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616678"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616678"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}