{"id":650187,"date":"2017-03-19T04:01:10","date_gmt":"2017-03-19T04:01:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/19\/on-the-horizon-246\/"},"modified":"2017-03-19T04:01:10","modified_gmt":"2017-03-19T04:01:10","slug":"on-the-horizon-246","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/19\/on-the-horizon-246\/","title":{"rendered":"On the horizon"},"content":{"rendered":"

Egypt expects to receive the second USD 1.25 bn payment of a USD 12 bn<\/strong>International Monetary Fund loan in May or June<\/strong>, Finance Minister Amr El Garhy told Reuters<\/a> on Thursday. His remarks confirm those by IMF Mission Chief in Egypt Chris Jarvis, who had previously noted<\/a> the payment is expected to come in June. An IMF team coming to assess progress on the reform agenda ahead of disbursing the second payments is due in Cairo on 8 May. The visit has been delayed to allow the Finance Ministry time to finish its 2017-18 budget.<\/p>\n

Meanwhile, the House of Representatives appears to have scheduled its plenary vote <\/strong>on the IMF agreement for 26 March<\/strong>, according to statements by House Legislative Committee member Alaa Abdel Moneim which we noted<\/a> on Thursday.<\/p>\n

El Garhy briefs president on new budget: <\/strong>Meanwhile, next year\u2019s budget will apparently be ready to present to the cabinet economic group within two weeks, Al Masry Al Youm<\/a> reports, citing an unnamed government official. President Abdel Fattah El Sisi met with El Garhy and Prime Minister Sherif Ismail yesterday to discuss the economy and the basic planks of the new budget, including the strategy to reduce the budget deficit, according to a presidency statement<\/a>.<\/p>\n

On that front, the EGPC will be calculating its fuel subsidy costs for the FY2017-18 <\/strong>budget using the average EGP-USD exchange rate since the pound was floated<\/strong> in November and the average price for international crude, Al Borsa reports<\/a>. The Petroleum Ministry\u2019s subsidy bill for the current fiscal year has nearly doubled after the float, according to Minister Tarek El Molla.<\/p>\n

Central Bank of Egypt\u2019s monetary policy committee (MPC) will <\/strong>meet<\/strong><\/a> on 30 March<\/strong> to review interest rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt expects to receive the second USD 1.25 bn payment of a USD 12 bnInternational Monetary Fund loan in May or June, Finance Minister Amr El Garhy told Reuters on Thursday. His remarks confirm those by IMF Mission Chief in Egypt Chris Jarvis, who had previously noted the payment is expected to come in June. 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Disbursement of the USD 1.25 bn tranche awaits the approval of the\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647682,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/on-the-horizon-219\/","url_meta":{"origin":650187,"position":2},"title":"On the horizon","author":"enterpriseam admin","date":"17 May 2017","format":false,"excerpt":"We\u2019re still waiting for word of when the IMF Executive Board plans to review and vote on the staff-level agreement that could see Egypt receive the second tranche of the USD 12 bn extended fund facility by the end of June.The Finance Ministry will ask Prime Minister Sherif Ismail to\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627938,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/19\/on-the-horizon-13\/","url_meta":{"origin":650187,"position":3},"title":"On the horizon","author":"enterpriseam admin","date":"19 June 2018","format":false,"excerpt":"IMF board to decide on disbursement of USD 2 bn ad tranche next week: The IMF\u2019s executive board will meet on 27 June to review progress on Egypt\u2019s economic reform program ahead of voting to disburse the fourth USD 2 bn tranche of Egypt\u2019s USD 12 bn Extended Fund Facility.\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651789,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/21\/on-the-horizon-261\/","url_meta":{"origin":650187,"position":4},"title":"On the horizon","author":"enterpriseam admin","date":"21 February 2017","format":false,"excerpt":"Foreign Minister Sameh Shoukry is heading to Washington on 25 February (that\u2019s this coming Saturday, for those of you keeping track at home). Shoukry will meet with US Secretary of State Rex Tillerson and should lay the groundwork for a visit to the White House by President Abdel Fattah El\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628727,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/on-the-horizon-25\/","url_meta":{"origin":650187,"position":5},"title":"On the horizon","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"The IMF should issue its progress report on Egypt\u2019s economic reform program in two weeks\u2019 time, Deputy Chief of Media Relations Alistair Thomson tells Al Masry Al Youm. 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