{"id":636293,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/imf-meets-to-discuss-greenlighting-third-review-of-our-usd-8-bn-loan-program\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"imf-meets-to-discuss-greenlighting-third-review-of-our-usd-8-bn-loan-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/imf-meets-to-discuss-greenlighting-third-review-of-our-usd-8-bn-loan-program\/","title":{"rendered":"IMF meets to discuss greenlighting third review of our USD 8 bn loan program"},"content":{"rendered":"

Good afternoon, folks.<\/strong> As we settle into the workweek, the local business and economic news cycle shows few signs of slowing down.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

The Fund is expected to hopefully greenlight another USD 820 mn tranche later today:<\/strong> We\u2019re waiting on updates this afternoon on the IMF Executive Board\u2019s discussion on the third review<\/a> of our USD 8 bn loan program, scheduled<\/a> to take place today after being pushed back<\/a> from its initial date of 10 July. The outcome of today\u2019s talks is likely to provide a gauge of the IMF\u2019s expectations of the depth and breadth of our structural reform program, and should give us a read on whether recent government moves to cut bread<\/a> and fuel<\/a> subsidies are up to the Fund\u2019s expectations.<\/p>\n

By the numbers:<\/strong> The greenlight from the board will see the IMF disburse USD 820 mn into state coffers and allow us to apply for an additional USD 1.2 bn in climate financing. Egypt and the IMF reached a staff-level agreement<\/a> on the third review early last month.<\/p>\n

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

In a relatively quiet afternoon in business news, Venezuelan President Nicolas Maduro\u2019s<\/strong> re-election is getting a lot of digital ink in the international business papers: <\/strong>Venezuelan President Nicolas Maduro was declared the winner of Sunday\u2019s presidential vote by the country\u2019s electoral authority as the opposition rejected the results as fraudulent. The head of the National Electoral Council and close ally of Maduro, Elvis Amoroso, announced that the South American leader had secured 51% of the vote with 80% of ballots counted, landing him a third term in office. The main opposition grouping claims that its candidate, Edmundo Gonz\u00e1lez, had won with 70% of the votes. (Reuters<\/a> | Financial Times<\/a> | NY Times<\/a> | Associated Press<\/a> | BBC<\/a>)<\/p>\n

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