{"id":637218,"date":"2017-11-12T04:00:21","date_gmt":"2017-11-12T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/between-the-imf-delegations-report-and-sps-outlook-upgrade-amr-el-garhy-had-plenty-to-talk-about\/"},"modified":"2017-11-12T04:00:21","modified_gmt":"2017-11-12T04:00:21","slug":"between-the-imf-delegations-report-and-sps-outlook-upgrade-amr-el-garhy-had-plenty-to-talk-about","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/between-the-imf-delegations-report-and-sps-outlook-upgrade-amr-el-garhy-had-plenty-to-talk-about\/","title":{"rendered":"Between the IMF delegation\u2019s report and S&#038;P\u2019s outlook upgrade, Amr El Garhy had plenty to talk about"},"content":{"rendered":"<p><strong>With plenty of developments on the economic front, Finance Minister Amr El Garhy blanketed the airwaves last night<\/strong> to discuss the IMF delegation\u2019s visit and report on Egypt\u2019s progress and reforms, as well as S&P\u2019s long-awaited move to raise the country\u2019s outlook to \u2018positive.\u2019<\/p>\n<p><strong>The IMF delegation agreed to make some adjustments to certain figures to accommodate unforeseen developments<\/strong>, including the interest rate hikes last May and July, El Garhy told Al Hayah Al Youm\u2019s Tamer Amin. As part of its review, the delegation conferred with the CBE on its monetary policy to ensure it is in line with the overall economic reform plan, according to El Garhy. The delegation also stressed the importance of structural reforms to propel economic growth and job creation. According to El Garhy, the country\u2019s indicators continue to bode well with the continued decline of inflation for three consecutive months (<a href=\"https:\/\/www.youtube.com\/watch?v=RQ2CmEmqBBY\">watch, runtime 7:38<\/a>).<\/p>\n<p><strong>An upgrade of Egypt\u2019s credit rating was not expected at this juncture considering the long road of reforms ahead<\/strong>, but the outlook upgrade is itself a positive development, El Garhy told Hona Al Asema\u2019s Lamees Al Hadidi. The minister said that he is not particularly concerned about debt \u2014 which S&P noted as one of its areas of concern \u2014 and said that external debt is expected to drop below 35% of GDP by the end of June 2018, from 41% at the end of June 2017 (<a href=\"https:\/\/www.youtube.com\/watch?v=BicJyHVIIic\">watch, runtime 3:19<\/a>).<\/p>\n<p><strong>El Garhy also told Lamees that, so far, there is no need to for further cuts to fuel subsidies during the current fiscal year<\/strong>, but the government is keeping an eye on international oil prices in light of developments including an OPEC production ease. He said prices are unlikely to rise beyond the current USD 64 per barrel, but the government is waiting to see where it will stabilize (<a href=\"https:\/\/www.youtube.com\/watch?v=sotFMyGlvMM\">watch, runtime 2:46<\/a>).<\/p>\n<p>He also told Lamees <strong>the next USD 2 bn tranche from the IMF loan is expected to be disbursed in December<\/strong>.<\/p>\n<p><strong>El Garhy said the government is looking at why Egypt\u2019s ranking in the World Bank\u2019s Doing Business Report 2018<\/strong> dropped sharply (<a href=\"https:\/\/www.youtube.com\/watch?v=cpgfwYNJjRg\">watch, runtime 2:34<\/a>).<\/p>\n<p><strong>Over on Kol Youm, Amr Adib was still squarely focused on Lebanon<\/strong>, where President Michel Aoun claimed that former Prime Minister Saad Al Hariri is under arrest, despite Al Hariri having met nine ambassadors, all of whom have confirmed otherwise (<a href=\"https:\/\/www.youtube.com\/watch?v=k-FaFopVb2w\">watch, runtime 10:01<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With plenty of developments on the economic front, Finance Minister Amr El Garhy blanketed the airwaves last night to discuss the IMF delegation\u2019s visit and report on Egypt\u2019s progress and reforms, as well as S&#038;P\u2019s long-awaited move to raise the country\u2019s outlook to \u2018positive.\u2019 The IMF delegation agreed to make some adjustments to certain figures [&hellip;]<\/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-637218","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":"ab328511-6ff4-4ded-a3f3-de11fccdaa8a","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[637211],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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":649325,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/","url_meta":{"origin":637218,"position":1},"title":"El Garhy talks IMF visit, Eurobonds; Nasr on the Investment Act delays","author":"enterpriseam admin","date":"30 April 2017","format":false,"excerpt":"Finance Minister Amr El Garhy and Investment and International Cooperation Minister Sahar Nasr\u2019s interviews were the main highlights in the airwaves which largely focused on the Pope\u2019s visit.The IMF delegation arrived yesterday and will be here for two weeks to review progress on the economic reforms before disbursing the second\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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":638964,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/el-garhy-on-eurobond-program-praise-for-egypt-in-the-us\/","url_meta":{"origin":637218,"position":2},"title":"El Garhy on eurobond program, praise for Egypt in the US","author":"enterpriseam admin","date":"18 October 2017","format":false,"excerpt":"El Garhy on eurobond program, praise for Egypt in the US: The planned eurobond issuance will not add to the pressure of external debt, as interest rates have dropped to 6% on 10-year bonds, down from 7.5%, while six-year bonds now carry a rate of 5%, down from 6.5%, Finance\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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":651498,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/14\/el-garhy-kouchouk-tout-economic-progress-on-hona-el-asema-messi-interviewed-by-adib-this-should-be-good-oh-yeah-and-cabinet-stuffs\/","url_meta":{"origin":637218,"position":3},"title":"El Garhy, Kouchouk tout economic progress on Hona El Asema; Messi interviewed by Adib (this should be good); oh, yeah, and cabinet stuffs","author":"enterpriseam admin","date":"14 February 2017","format":false,"excerpt":"The Guess-a-thon of who will be sitting around the cabinet table (it really should be a game show at this point) was the talk in the airwaves last night. We have chapter-and-verse in Speed Round, and the Talking Heads added little to our base of knowledge, so here\u2019s the rest\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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":647524,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/el-garhy-on-2nd-tranche-of-imf-facility-el-anany-about-new-archaeological-finds\/","url_meta":{"origin":637218,"position":4},"title":"El Garhy on 2nd tranche of IMF facility, El Anany about new archaeological finds","author":"enterpriseam admin","date":"14 May 2017","format":false,"excerpt":"On Hona Al Asema, Finance Minister Amr El Garhy had a chat with Lamees Al Hadidi, telling her he expects receive the second tranche of the IMF loan in the second half of June. El Garhy also vehemently denied rumors suggesting that the government has plans to hike energy prices,\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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":652523,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/cabinet-approves-imf-loan-sends-agreement-to-house-ted-cruz-wants-to-designating-ikhwan-as-terrorists\/","url_meta":{"origin":637218,"position":5},"title":"Cabinet approves IMF loan, sends agreement to House; Ted Cruz wants to designating Ikhwan as terrorists","author":"enterpriseam admin","date":"12 January 2017","format":false,"excerpt":"The Ismail cabinet\u2019s approval of the IMF loan agreement was the focus of the talking heads last evening.Minister of Finance Amr El Garhy spoke with Mehwar\u2019s TV 90 Minutes on the sidelines of a cabinet meeting yesterday that discussed the IMF loan. Cabinet reviewed the economic reform program with a\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","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\/637218","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=637218"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637218\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/637211"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=637218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=637218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=637218"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=637218"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=637218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}