{"id":628567,"date":"2018-05-08T04:12:37","date_gmt":"2018-05-08T04:12:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/ride-hailing-apps-act-passes-the-house-lipton-el-garhy-amer-show-off-egypts-reforms\/"},"modified":"2018-05-08T04:12:37","modified_gmt":"2018-05-08T04:12:37","slug":"ride-hailing-apps-act-passes-the-house-lipton-el-garhy-amer-show-off-egypts-reforms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/ride-hailing-apps-act-passes-the-house-lipton-el-garhy-amer-show-off-egypts-reforms\/","title":{"rendered":"Ride-Hailing Apps Act passes the House; Lipton, El Garhy, Amer show off Egypt\u2019s reforms"},"content":{"rendered":"

<\/a> The talking heads had plenty to keep them busy last night<\/strong> with parliament signing off on the Ride-Hailing Apps Act, the details of which we cover extensively in the Speed Round below. But the star show of night was Amr Adib\u2019s roundtable with IMF Deputy Managing Director David Lipton, CBE Governor Tarek Amer, and Finance Minister Amr El Garhy<\/strong>. President Abdel Fattah El Sisi had met with Lipton yesterday to discuss progress on the government\u2019s reforms and the steps that lie ahead, according to an Ittihadiya statement<\/a>.<\/p>\n

The central bank retains the ability to intervene in the FX market if it sees rates fluctuating outside \u201cacceptable\u201d ranges<\/strong>, CBE Governor Amer said. The CBE hasn\u2019t made a move on this yet to allow the market to become accustomed to seeing rates oscillating (watch, runtime: 3:20<\/a>). The governor quelled Adib\u2019s concerns about Egypt\u2019s borrowing, saying that the increase in foreign reserves outweighs the increase in loans the country has taken on, and that we are comfortably able to meet our debt obligations due to the diverse maturities and interest rates of Egypt\u2019s debt instruments (watch, runtime: 3:00<\/a>).<\/p>\n

Amer fiercely defended the decision to float the EGP in 2016<\/strong>, pointing to the various sectors and aspects of citizens\u2019 lives that were harmed by pre-float conditions, including heavy-duty factories whose utilization rates dropped to as low as 10%. Amer also noted that the float was necessary to meet Egypt\u2019s debt obligations and pay arrears to IOCs, without which companies such as Italy\u2019s Eni would not have returned to the country \u2014 and Zohr may have remained undiscovered (watch, runtime: 3:47<\/a>). The international credibility Egypt earned through its reform program also paved the way for the successful eurobond issuances, Amer said (watch, runtime: 4:04<\/a>).<\/p>\n

The IMF\u2019s David Lipton sang the praises of Egypt\u2019s reform program and the strides the economy has taken over the past year and a half<\/strong>, saying that the economy was \u201cvery close to the danger zone\u201d in 2016 prior to the implementation of reform (watch, runtime: 1:15<\/a>). He reiterated his call for the government to double down on creating jobs, removing obstacles for exports and imports, and allowing the private sector to flourish (watch, runtime: 7:00<\/a>).<\/p>\n

While reforms have brought economic hardships, many fail to consider how the economy would be faring had these reforms not been implemented<\/strong>, Finance Minister Amr El Garhy said. He reminded viewers of how Egypt\u2019s trade and budget deficits both skyrocketed over the past few years, and pointed to the significantly reduced current account deficit and improved balance of payments as evidence the reforms are bearing fruit (watch, runtime: 5:25<\/a>).<\/p>\n

Articles 9 and 10 of the Ride-Hailing Apps Act managed to squeeze their way through Parliament\u2019s final vote on the legislation after significant controversy<\/strong>, MP Mohamed Zeineldin told Hona Al Asema\u2019s Lamees Al Hadidi. Despite a previous Council of State ruling saying otherwise, Zeineldin claims the House of Representatives (legal experts that they are) found that the articles are entirely constitutional (watch, runtime: 7:32<\/a>).<\/p>\n

The passing of the legislation will allow small companies to compete in the ride-sharing industry and will help to attract new investments<\/strong>, Investment Ministry senior adviser Shehab Marzban told Lamees (watch, runtime: 8:00<\/a>).<\/p>\n

In other legislative news, the Local Administration Act is a \u201ctop priority\u201d for the House of Representatives<\/strong>, which is currently deliberating the law, Local Development Minister Abu Bakr El Gendy told Yahduth fi Masr\u2019s Sherif Amer (watch, runtime: 8:00<\/a>).<\/p>\n

Amr Adib seems to be using his last few days on air to beat the drum on the urgency of Egypt\u2019s water situation<\/strong>. He pointed to the status of trilateral talks between Egypt, Sudan, and Ethiopia over the Grand Ethiopian Renaissance Dam, which is near completion, saying that Egypt is now in a tight spot. We have updates on the talks in Diplomacy + Foreign Trade, below (watch, runtime: 3:35<\/a>).<\/p>\n

Meanwhile, Consumer Protection Agency head Atef Yacoub lashed out against telecom companies<\/strong> in a phone-in to Al Hayah Al Youm, saying that his agency has received complaints over these companies\u2019 service quality and high prices. If he\u2019s referring to TE Data\u2019s dodgy WiFi connections, we\u2019re with Smileyface on this one.<\/p>\n","protected":false},"excerpt":{"rendered":"

The talking heads had plenty to keep them busy last night with parliament signing off on the Ride-Hailing Apps Act, the details of which we cover extensively in the Speed Round below. But the star show of night was Amr Adib\u2019s roundtable with IMF Deputy Managing Director David Lipton, CBE Governor Tarek Amer, and Finance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9281],"tags":[2379,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628567","post","type-post","status-publish","format-standard","hentry","category-enterprise-last-nights-talk-shows","tag-enterprise-last-nights-talk-shows","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"78b06af2-7381-479a-8177-f832ad8eaab6","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[628561],"teaser":"","voice_url":""},"yoast_head":"\nRide-Hailing Apps Act passes the House; Lipton, El Garhy, Amer show off Egypt\u2019s reforms - 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\/2018\/05\/08\/ride-hailing-apps-act-passes-the-house-lipton-el-garhy-amer-show-off-egypts-reforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ride-Hailing Apps Act passes the House; Lipton, El Garhy, Amer show off Egypt\u2019s reforms\" \/>\n<meta property=\"og:description\" content=\"The talking heads had plenty to keep them busy last night with parliament signing off on the Ride-Hailing Apps Act, the details of which we cover extensively in the Speed Round below. 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Debates on the Ride-hailing Apps Act and the new education system moved from the floor of the House of Representatives to the airwaves without any dilution of the drama. 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Aly El Dash, a lawyer for Thabet, said\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647411,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/10\/talk-of-the-investment-act-dominates-the-airwaves-on-last-nights-talk-shows\/","url_meta":{"origin":628567,"position":4},"title":"Talk of the investment act dominates the airwaves on Last Night\u2019s Talk Shows.","author":"enterpriseam admin","date":"10 May 2017","format":false,"excerpt":"The Investment Act was once again the topic of choice on the airwaves last night. On Hona Al Asema, Lamees El Hadidi had a chat with Finance Minister Amr El Garhy about issues ranging from the Investment Act and the IMF delegation visiting Cairo. El Garhy also told Lamees that\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574461,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/ahmed-moussa-interviews-cbe-governor-tarek-amer-on-last-nights-talk-shows\/","url_meta":{"origin":628567,"position":5},"title":"Ahmed Moussa interviews CBE governor Tarek Amer on last night\u2019s talk shows","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"CBE governor Tarek Amer gave a marathon interview to Ala Mas\u2019ouleety\u2019s Ahmed Moussa last night, sitting down for over two hours to talk about everything econ you can think of (watch, runtime: 2:19:42). Here are the highlights: More reform is in the pipeline: Amer touched on a range of initiatives\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628567","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=628567"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628567\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628561"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628567"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628567"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}