{"id":618279,"date":"2024-04-05T00:00:00","date_gmt":"2024-04-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/05\/el-sisi-sworn-in-for-a-third-term-plus-net-foreign-reserves-at-highest-level-in-two-years\/"},"modified":"2024-04-05T00:00:00","modified_gmt":"2024-04-05T00:00:00","slug":"el-sisi-sworn-in-for-a-third-term-plus-net-foreign-reserves-at-highest-level-in-two-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/05\/el-sisi-sworn-in-for-a-third-term-plus-net-foreign-reserves-at-highest-level-in-two-years\/","title":{"rendered":"El Sisi sworn in for a third term. Plus: Net foreign reserves at highest level in two years"},"content":{"rendered":"

Good morning folks, and happy Friday. <\/strong>We are a few days closer to a long holiday, which means time to get out of town.<\/p>\n

Egypt is getting six days off for Eid: <\/strong>Public, private, and banking sectors will be off from Tuesday, 9 April until Sunday, 14 April in observance of Eid Al Fitr.<\/p>\n

In case you're stumped for ideas on how to spend Eid, well, we are stoked to share our suggestions with you.<\/strong>Whether you choose to leave Cairo or stay, we will have an activity that is right for your time and energy level.<\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with Enterprise Egypt AM. Until then: Enjoy the weekend.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

POLICY-<\/strong><\/p>\n

El Sisi begins his third term with big promises:<\/strong> President Abdel Fattah El Sisi was sworn in<\/a>for a third term<\/a> in office on Tuesday. His seven-point inauguration speech outlined the state\u2019s commitments to strengthen the country\u2019s foreign relations, national security, economic growth and productivity, fiscal discipline, education, and urban planning. The strategy also seeks to enact economic and social changes based on policy recommendations from the National Dialogue.<\/p>\n

The big theme: We\u2019re in a \u201crace against time\u201d<\/strong> to move the needle on development, El Sisi said, promising that his administration would shore up revenues flowing into the treasury while rationalizing public spending. Becoming a regional hub for energy, trade, and transport <\/strong>centered around the Suez Canal is a key priority, he said, building on themes that his administration has already been building on.<\/p>\n

El Sisi wants more private sector involvement in the healthcare sector ASAP: <\/strong>El Sisi earlier in the week called for the swift completion of the required legislative steps to facilitate the participation of the private sector<\/a> in the country\u2019s healthcare sector.<\/p>\n

ECONOMY-<\/strong><\/p>\n

#1- IMF approves expanded USD 8 bn loan program:<\/strong> The International Monetary Fund\u2019s Executive Board has signed off<\/a> on the USD 5 bn extension for Egypt\u2019s extended fund facility \u2014 bringing the total value of the loan program to USD 8 bn \u2014 and completed its long-delayed first and second reviews of the facility. <\/p>\n

A USD 820 mn chunk has already been disbursed<\/strong>, according<\/a> to IMF mission chief for Egypt Ivanna Hollar, but we\u2019re yet to hear if the funds have arrived in state coffers.<\/p>\n

#2- And a lot more funds are coming our way over the next few months:<\/strong><\/p>\n