{"id":638782,"date":"2017-10-15T03:54:26","date_gmt":"2017-10-15T03:54:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/15\/govt-makes-the-case-for-more-investment-in-egypt-at-imf-wb-fall-meetings\/"},"modified":"2017-10-15T03:54:26","modified_gmt":"2017-10-15T03:54:26","slug":"govt-makes-the-case-for-more-investment-in-egypt-at-imf-wb-fall-meetings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/15\/govt-makes-the-case-for-more-investment-in-egypt-at-imf-wb-fall-meetings\/","title":{"rendered":"Gov\u2019t makes the case for more investment in Egypt at IMF, WB fall meetings"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>REPORT ON IMF \/ WORLD BANK FALL MEETINGS- <\/strong>Egypt expects to receive the next USD 2 bn tranche of its IMF extended fund facility not long after the institution\u2019s second review of the reform program concludes in the first week of November, Finance Minister Amr El Garhy said in an upcoming interview with CNBC at the fall meetings over the weekend. El Garhy next delved into the social welfare side of the reform agenda, saying that the government doubled social welfare spending in the FY2017-18 budget. El Garhy also reiterated that the tax code is stable considering the implementation of the value-added tax, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a-12-10-17.aspx\">according to a ministry statement<\/a>.<\/p>\n<p><strong>Speaking on the next year\u2019s eurobond issuance program<\/strong>, El Garhy said that the government is still in talks with investment banks on the broad strokes of the program, which is \u201cmost probably\u201d happening in 1Q2018, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-10-14\/egypt-plans-to-extend-2-billion-financing-deal-for-a-year\">he told Bloomberg in an interview<\/a>. El Garhy also <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1204955\">said as much<\/a> in a meeting with his French counterpart Bruno Le Maire yesterday in D.C. <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/12\/mof-outlines-terms-for-banks-to-tender-managing-new-bond-issuance\/\">We had noted on Thursday<\/a> that the Finance Ministry is accept bids from investment banks interested in advising on the issuance.<\/p>\n<p><strong>The eurobond program comes as part of a wider plan to \u201cdiversify\u201d the state\u2019s sources of <\/strong><strong>financing<\/strong> in an effort to plug the budget deficit and meet foreign debt obligations. That\u2019s why the government plans to extend its <a href=\"https:\/\/enterprise.press\/stories\/2016\/11\/13\/cbe-secures-usd-2-bn-financing-agreement-after-treasury-privately-places-usd-4-bn-in-bonds\/\">USD 2 bn repurchase agreement (repo)<\/a> with a consortium of international banks for another year, El Garhy added. The consortium had <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/14\/international-institutions-offer-to-increase-volume-of-cbe-repo-transactions-to-usd-5-bn\/\">offered last month<\/a> to modify the agreement to a USD 5 bn repo with a five-year maturity instead of one.<\/p>\n<p><strong>Gov\u2019t makes another strong case for investment\u2026<\/strong> Egypt hopes to reduce the budget deficit by an annual 1-1.5% to bring the deficit down to 4-5% by 2022, El Garhy said at a meeting with Standard Bank Group in DC over the weekend, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a-13-10-17.aspx\">according to a ministry statement<\/a>. He reiterated that the government is targeting USD 10 bn in foreign direct investment this year. At <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a-14-10-17.aspx\">a separate meeting with a number of US and Egyptian investors<\/a>, El Garhy announced that the worst is over as far as the reforms are concerned, with markets stable, inflation falling, and the end of the FX crisis.<\/p>\n<p><strong>\u2026and gives quiet nod to investors on privatizing energy, railways: <\/strong>Vice Minister of Finance Mohamed Maait said from DC that the government is looking to make the energy and railway transport sectors \u201cmore efficient.\u201d This is a nod to efforts to privatize the energy sectors through the Natural Gas Act and the Electricity Act, as well as to announcements from Transport Minister Hisham Arafat that the private sector will be brought in to manage, operate and maintain railway lines. Arafat\u2019s most recent statement on the issue came on Friday, where he said that the government will hold back on allowing the private sector from operating railway lines until after they have been overhauled. He added that the government would open the door to the private sector to manage and run warehouses and other logistics facilities, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1204347\">AMAY reports<\/a>.<\/p>\n<p><strong>Investment and International Cooperation Minister Sahar Nasr was also busy making the <\/strong><strong>case for investment in Egypt <\/strong>at meetings with senior officials from the World Bank, IMF and <a href=\"http:\/\/www.miic.gov.eg\/Front\/Media\/NewsDetail.aspx?MedId=8428\">other financial institutes and investors<\/a>. With the WBG she discussed receiving the third USD 1 bn tranche of its USD 3 bn loan to Egypt and more funding to wastewater projects in Egypt, <a href=\"http:\/\/www.miic.gov.eg\/Front\/Media\/NewsDetail.aspx?active=1&MedId=8433\">according to a ministry statement<\/a>. <a href=\"http:\/\/www.miic.gov.eg\/Front\/Media\/NewsDetail.aspx?active=1&MedId=8430\">She invited the European Bank for Reconstruction and Development (EBRD)<\/a> to hold its next business forum for the southern and eastern Mediterranean (SEMED) region in Egypt, and pushed for the <a href=\"http:\/\/www.miic.gov.eg\/Front\/Media\/NewsDetail.aspx?MedId=8434\">International Finance Corporation<\/a> to boost its support to SME and the private sector.<\/p>\n<p>While in D.C., Nasr also <strong>assumed the chairmanship of the WBG\u2019s 2018 African Caucus<\/strong>, which Egypt is hosting next year. During her tenure, Nasr said she would focus on investment in infrastructure and human capital, particularly in the youth population, <a href=\"http:\/\/www.miic.gov.eg\/Front\/Media\/NewsDetail.aspx?MedId=8432\">according to a ministry statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REPORT ON IMF \/ WORLD BANK FALL MEETINGS- Egypt expects to receive the next USD 2 bn tranche of its IMF extended fund facility not long after the institution\u2019s second review of the reform program concludes in the first week of November, Finance Minister Amr El Garhy said in an upcoming interview with CNBC at [&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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638782","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0a77daf6-d2c2-49f8-bfc5-ddefaff26a95","order":"0","is_powered_by":true,"section_story_id":"577a2dc0-c8cf-47f2-8ccd-203683847118","story_type":"1","photo_url":"","photo_position":"above","related_issue":[638773],"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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This comes in line with IMF executive director Hazem El Beblawi\u2019s expectation of the USD 1.125 bn tranche being disbursed within six\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652076,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/28\/el-garhy-speaks-at-amcham-luncheon-promises-determination-resolve-in-policy-making-announces-ambitious-targets\/","url_meta":{"origin":638782,"position":1},"title":"El Garhy speaks at AmCham luncheon, promises determination, resolve in policy making, announces ambitious targets","author":"enterpriseam admin","date":"28 February 2017","format":false,"excerpt":"El Garhy: No backing away from subsidy reform, IMF visiting in April, stamp tax is coming. 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The Trade Ministry last year introduced a 25% duty on steel rebar imports and\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\/2020\/1\/705.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650538,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/government-to-increase-spending-on-social-security-and-welfare-programs-in-upcoming-fiscal-year\/","url_meta":{"origin":638782,"position":3},"title":"Government to increase spending on social security and welfare programs in upcoming fiscal year","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"The government will increase spending on social security and welfare in FY2017-18 bysetting aside a sum equivalent to 1% of the nation\u2019s projected EGP 4 tn in GDP, said Finance Minister Amr El Garhy. This should come to around EGP 40 bn, he told President Abdel Fattah El Sisi and\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647188,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/04\/imf-review-going-well-egypt-on-track-to-receive-second-tranche-of-usd-12-bn-facility-el-garhy\/","url_meta":{"origin":638782,"position":4},"title":"IMF review \u201cgoing well,\u201d Egypt on track to receive second tranche of USD 12 bn facility -El Garhy","author":"enterpriseam admin","date":"4 May 2017","format":false,"excerpt":"Cabinet\u2019s progress on the economic reforms it promised as a condition of the USD 12 bn IMF bailout is so far in line with the fund\u2019s expectations, Finance Minister Amr El Garhy told the press yesterday. According to El Garhy, discussions with the IMF delegation currently in town to assess\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646005,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/04\/next-imf-review-to-be-in-november-or-december-el-garhy\/","url_meta":{"origin":638782,"position":5},"title":"Next IMF review to be in November or December -El Garhy","author":"enterpriseam admin","date":"4 June 2017","format":false,"excerpt":"The next review by the IMF as part of its USD 12 bn, three-year, funding package to Egypt will be in either November or December, Finance Minister Amr El Garhy said, according to Reuters. Egypt completed a review last month and the reached a staff-level agreement with the IMF to\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\/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\/638782","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=638782"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/638782\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/638773"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=638782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=638782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=638782"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=638782"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=638782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}