{"id":649325,"date":"2017-04-30T04:04:32","date_gmt":"2017-04-30T04:04:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/"},"modified":"2017-04-30T04:04:32","modified_gmt":"2017-04-30T04:04:32","slug":"el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/","title":{"rendered":"El Garhy talks IMF visit, Eurobonds; Nasr on the Investment Act delays"},"content":{"rendered":"<p><strong>Finance Minister Amr El Garhy and Investment and International Cooperation Minister Sahar Nasr\u2019s interviews<\/strong> were the main highlights in the airwaves which largely focused on the Pope\u2019s visit.<\/p>\n<p><strong>The IMF delegation arrived yesterday and will be here for two weeks to review progress on the economic reforms<\/strong> before disbursing the second tranche of the USD 12 bn facility, El Garhy told Hona Al Asema\u2019s Lamees Al Hadidi last night (<a href=\"https:\/\/www.youtube.com\/watch?v=mMXdcG4qAe4\">watch<\/a>, runtime: 13:42). From his statements it appears that<strong> inflation will take center stage during the talks <\/strong>which will begin today between the delegation and the Central Bank. El Garhy acknowledged that the IMF is pushing for interest rates to rise to help curb the inflation, whose pace, he added, was declining month-on-month. The CBE is studying the recommendation as it determines whether the inflation is spike is a one off shock to the economic reform measures, El Garhy added.<\/p>\n<p><strong>Commenting on the decline in the trade deficit <\/strong>(more on that in the Speed Round), El Garhy attributed this to a significant decline in imports of non-essential goods. \u201cImports of productions inputs have not decreased,\u201d said El Garhy. This is evidenced by the Emirates NBD\u2019s PMI Index which (while continuing to decline) does indicate a growth in industrial activity, he added.<\/p>\n<p><strong>El Gahry also confirmed that the government is planning to \u201creopen eurobonds\u201d worth USD 1.5-2 bn in the coming period. <\/strong>Talks are ongoing with investment banks (strongly implied to be the same ones who managed the previous issuance) on the right timing of the issuance.<\/p>\n<p>Lamees\u2019 lesser half, <strong>Kol Youm\u2019s Amr Adib, interviewed Investment Minister Nasr who reassured him that the drawn-out Investment Act will be ratified in the House before Ramadan<\/strong> \u2014 less than one month from now (<a href=\"https:\/\/www.youtube.com\/watch?v=kIG58XDwLsI\">watch<\/a>, runtime: 6:18).<\/p>\n<p><strong>Her interview largely focused on Egyptian Cement breaking ground on its EGP 6 bn factory in Sohag,<\/strong> which had a lavish ceremony on Saturday (as one would expect from Abou Hashima). Nasr told Adib that the government will provide this plant with the needed infrastructure, such as roads to ports for exporting. \u201cWe hope this cement plant will begin production in a year,\u201d she said.<\/p>\n<p>Adib also showcased a report on progress in the development of the Alexandria tram which being funded through the French Development Agency (<a href=\"https:\/\/www.youtube.com\/watch?v=5yzwEng5vxk\">watch<\/a>, runtime: 4:32).<\/p>\n<p><strong>Tourism Minister Yehia Rashed told Al Hayah Al Youm\u2019s Lobna Assal that the ministry will use highlights from Pope Francis\u2019 visit in Egypt\u2019s tourism promotional campaigns<\/strong>, particularly when marketing the religious tourism sites such as the Holy Family trail (<a href=\"https:\/\/www.youtube.com\/watch?v=bixEPExnawc\">watch<\/a>, runtime: 6:45).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 tranche of the USD [&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-649325","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":"4d7016af-877b-42f5-b98c-f4049fd0ef1b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[649320],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>El Garhy talks IMF visit, Eurobonds; Nasr on the Investment Act delays - 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\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Garhy talks IMF visit, Eurobonds; Nasr on the Investment Act delays\" \/>\n<meta property=\"og:description\" content=\"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 tranche of the USD [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-30T04:04:32+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/el-garhy-talks-imf-visit-eurobonds-nasr-on-the-investment-act-delays\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"El Garhy talks IMF visit, Eurobonds; 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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":638964,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/el-garhy-on-eurobond-program-praise-for-egypt-in-the-us\/","url_meta":{"origin":649325,"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":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":649325,"position":3},"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":546085,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/","url_meta":{"origin":649325,"position":4},"title":"PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Saudi PIF subsidiary ups stake in Rameda: The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the EGX announced (pdf) yesterday. SSIC, a subsidiary of the Public Investment Fund (PIF, KSA\u2019s sovereign wealth fund), purchased 65 mn shares for EGP\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633093,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/el-garhy-talks-imf-loan-inflation-and-public-sector-wage-raises-on-masaa-dmc\/","url_meta":{"origin":649325,"position":5},"title":"El Garhy talks IMF loan, inflation, and public sector wage raises on Masaa DMC","author":"enterpriseam admin","date":"27 February 2018","format":false,"excerpt":"Finance Minister Amr El Garhy\u2019s interview with Masaa DMC\u2019s Eman El Hossary was the only topic of real interest on the airwaves last night.Egypt should receive the fourth tranche of its USD 12 bn extended fund facility from the IMF by the end of the current fiscal year in June,\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\/649325","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=649325"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649325\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/649320"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=649325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=649325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=649325"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=649325"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=649325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}