{"id":647736,"date":"2017-05-18T03:54:24","date_gmt":"2017-05-18T03:54:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/18\/what-were-tracking-on-18-may-2017\/"},"modified":"2017-05-18T03:54:24","modified_gmt":"2017-05-18T03:54:24","slug":"what-were-tracking-on-18-may-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/18\/what-were-tracking-on-18-may-2017\/","title":{"rendered":"What we\u2019re tracking on 18 May 2017"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong>We think the International Monetary Fund has told the Ismail government that the <\/strong><strong>world will not end if fuel subsidies aren\u2019t cut on 1 July<\/strong> when consumers are tapped-out after spending on Ramadan and Eid El Fitr \u2014 and in the run-up to an expensive time of year marked by spending on summer vacation, school fees, Eid Al Adha, hajj, etc. Speaking with Lamees El Hadidi last night, IMF Egypt Mission Chief Chris Jarvis said the IMF backs Egypt\u2019s plan to phase-out energy subsidies over three years and to bring inflation down into the single digits. But critically, he also said that the IMF would leave the timing of the subsidy cuts to the Ismail government. If you\u2019re impatient, <a href=\"https:\/\/www.youtube.com\/watch?v=hQOZlkUjJqs\">skip straight to Lamees\u2019 interview with Jarvis in English here<\/a> (runtime: 14:21)<\/p>\n<p><strong>Judge for yourself: <\/strong>Asked about subsidy cuts, Jarvis said, \u201cWe did talk about energy subsidies because they\u2019re a very important part of the government\u2019s program. I think it is important to realize that even now, after some of the increases in fuel and electricity prices, <strong>energy prices still amount to about a fifth of the government\u2019s budget (excluding interest)<\/strong>. That\u2019s money that could be spent on other things like health or education or social benefits. But the president and the government are very conscious of that, and they have a plan to eliminate fuel subsidies on most products \u2014 on the main products \u2014 within about three years. <strong>We think that\u2019s a good plan. We leave the precise timing of measures to reduce subsidies to the government to decide<\/strong>, but we strongly endorse that objective of spending less on fuel subsidies \u2014 which often benefit better-off people with big cars and big houses \u2014 and spending more money on health, on education and on social benefits.<\/p>\n<p><strong>Lamees:<\/strong> \u201cWill we be expecting in the coming year another reduction of energy subsidies?\u201d<\/p>\n<p><strong>Jarvis:<\/strong> \u201cWell, as I said, it\u2019s for the government to both decide on and announce the particular measures that it is planning to take.\u201d<\/p>\n<p><strong>A slight delay in subsidy cuts would assuage the concerns of a number of <\/strong><strong>economists<\/strong> who have warned that fuel price hikes this summer would <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/11\/inflation-grows-at-slowest-monthly-rate-since-flotation\/\">drive inflation up again<\/a> just as it is on a declining month-on-month trend. It also meshes with rumblings we\u2019re hearing about <strong>the government acknowledging that inflation could remain in the 20% band for a good portion of the coming fiscal year<\/strong>, as Bloomberg noted yesterday. And if you accept that they\u2019re right, it meshes with IMF boss Christine Lagarde\u2019s statement a month or so back that the most important thing for Egypt to do right now is get a handle on inflation. We have more on Jarvis\u2019 interview in Last Night\u2019s Talk Shows, below.<\/p>\n<p><strong>Egypt will begin unloading its first shipment of Iraqi crude today<\/strong> before transporting it over to refineries, <a href=\"http:\/\/www.youm7.com\/story\/2017\/5\/17\/%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%AA%D9%81%D8%B1%D9%8A%D8%BA-%D8%A3%D9%88%D9%84%D9%89-%D8%B4%D8%AD%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%89-%D8%BA%D8%AF%D8%A7%D9%8B-%D8%AA%D9%85%D9%87%D9%8A%D8%AF%D8%A7%D9%8B-%D9%84%D9%86%D9%82%D9%84%D9%87%D8%A7-%D9%84%D9%85%D8%B9%D8%A7%D9%85%D9%84\/3239328\">Petroleum Ministry officials tell Youm7<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>CIB was named Euromoney\u2019s Best Bank on the Middle East for 2017 <\/strong>at an awards ceremony in Dubai last night, marking the first time an Egyptian bank has taken home the regional honor. Euromoney\u2019s statement singles out our friends for their hard work, specifically noting that it is recognizing \u201cEgypt\u2019s unmatched management at Commercial International Bank, the local banking sector\u2019s biggest private-sector profit earner. As it steers through a market with great potential, but where conditions are rarely easy, CIB is worthy of the title of best bank in the region.\u201d CIB Chairman and Managing Director Hisham Ezz Al Arab said last night in Dubai that, \u201cWe are honored to be the first Egyptian private bank selected by Euromoney for this prestigious award category. This is another momentous testimony, not only for CIB\u2019s consistent growth and performance, but to the outstanding capabilities, strength and stability of the entire Egyptian banking sector.\u201d You can read <a href=\"http:\/\/www.euromoney.com\/Article\/3645921\/Middle-Easts-best-bank-2017-Commercial-International-Bank.html\">Euromoney\u2019s note about the award here<\/a> and check out <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/05\/20170515-Euromoney-Best-Bank-in-the-Middle-East-English-PR-FINAL-1.pdf\">CIB\u2019s press release on the win here (pdf)<\/a>.<\/p>\n<p><strong>Cairo American College startup records EGP 40k in sales in first month of product <\/strong><strong>launch. <\/strong>Zip & Flip, a business owned by students participating in CAC\u2019s Injaz program, is closing in on a 200-unit sales milestone just days ahead of this weekend\u2019s inter-school competition in Cairo. Zip & Flip\u2019s signature product is a stylish, functional bag-towel combo: \u201cIts waterproof lining keeps your valuables dry and when it opens up, you have a beautiful towel to share on the beach with your friends,\u201d the company said. You can check out Zip & Flip and real-world reviews of its product on <a href=\"https:\/\/www.facebook.com\/ZipAndFlip\/\">Facebook<\/a> and <a href=\"https:\/\/www.instagram.com\/zipandflip\/\">Instagram<\/a> or <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/05\/CAC-Press-Release-Final.pdf\">read their first-ever press release here (pdf)<\/a>.<\/p>\n<p><strong>NO COMMENT-<\/strong> Supporters of Turkish buffoon Recep Tayyip Erdogan beat the daylights out of Kurdish protesters on Embassy Row in Washington, DC. (<a href=\"https:\/\/twitter.com\/VOATurkish\/status\/864631567972540417\">Watch<\/a>, runtime: 2:20)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We think the International Monetary Fund has told the Ismail government that the world will not end if fuel subsidies aren\u2019t cut on 1 July when consumers are tapped-out after spending on Ramadan and Eid El Fitr \u2014 and in the run-up to an expensive time of year marked by spending on summer vacation, school [&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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647736","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"89348768-ca8f-446e-8e89-e3d16b0fc38c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647734],"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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The IMF\u2019s executive board will now have to sign off on\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":645222,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/16\/imf-board-approves-release-of-second-tranche-of-extended-fund-facility\/","url_meta":{"origin":647736,"position":3},"title":"IMF board approves release of second tranche of extended fund facility","author":"enterpriseam admin","date":"16 July 2017","format":false,"excerpt":"The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility to Egypt, following an IMF Executive Board review on Thursday. The funds should already have hit Egypt\u2019s coffers, according to MENA. \u201cThe continued fiscal consolidation aims 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":[]},{"id":651204,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/07\/electricity-prices-set-to-increase-in-july\/","url_meta":{"origin":647736,"position":4},"title":"Electricity prices set to increase in July","author":"enterpriseam admin","date":"7 February 2017","format":false,"excerpt":"We\u2019re all going to start paying more for electricity come July: The Electricity Ministry is repricing electricity following the increase in fuel prices as a result of the EGP flotation, ministry spokesman Ayman Hamza told Al Shorouk, without providing details on the new pricing formula. The move comes as the\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":652825,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/19\/what-were-tracking-on-18-january-2017\/","url_meta":{"origin":647736,"position":5},"title":"What we\u2019re tracking on 18 January 2017","author":"enterpriseam admin","date":"19 January 2017","format":false,"excerpt":"The terms of the USD 12 bn IMF agreement are here, and not a moment too soon, as the local press came close to orchestrating a rain dance for it. It is not surprising that this what was driving the conversation today. 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