{"id":652795,"date":"2024-10-13T00:00:00","date_gmt":"2024-10-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/13\/imf-slashing-of-surcharges-set-to-save-egypt-usd-300-400-mn\/"},"modified":"2024-10-13T00:00:00","modified_gmt":"2024-10-13T00:00:00","slug":"imf-slashing-of-surcharges-set-to-save-egypt-usd-300-400-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/13\/imf-slashing-of-surcharges-set-to-save-egypt-usd-300-400-mn\/","title":{"rendered":"IMF slashing of surcharges set to save Egypt USD 300-400 mn"},"content":{"rendered":"

Good afternoon, folks<\/strong>, and welcome to the start of the workweek.<\/p>\n

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THE BIG STORY TODAY-<\/p>\n

#1- The IMF\u2019s recently announced plan to cut surcharges could save us a whole lot of dough, <\/strong>officials tell Enterprise: <\/strong>Egypt stands to save between USD 300-400 mn, thanks to the reduction in surcharges<\/a> announced on Friday, a government source told Enterprise. Before the decision to cut fees by an average of 36% starting next month, Egypt had been forecasted to pay the IMF USD 646 mn in surcharges over the next five years \u2014 marking it as the world\u2019s <\/a>fourth largest surcharge payer<\/a> \u2014 according to the Centre for Economic Policy Research.<\/p>\n

The government should soon have a more precise figure of how much it will need to pay <\/strong>out in surcharges going forwards: <\/strong>Discussions between the government and the Fund about the country\u2019s new discounted rates and its repayment timelines are expected to commence in the coming days, the source added.<\/p>\n

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#2- Our friends at EFG Hermes have successfully advised on an EGP 1.4 billion <\/strong>securitized bond issuance for Bedaya Mortgage Finance<\/strong>, marking the second issuance in the company's EGP 3 bn securitization program, according to a statement (pdf)<\/a>. The four-tranche bond, with tenors ranging from 13 months to 81 months, received credit ratings from A- to AA from the Middle East Rating and Investor Service.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

Dubai\u2019s state-owned port operator DP World is <\/strong>set to go ahead<\/a><\/strong> with a USD 1.3 bn <\/strong>investment in its London Gateway<\/strong> port following reports that the firm would suspend the project, the UK government confirmed. The news comes following reports that DP World had put the investment on hold<\/a> following comments from two British ministers criticizing its subsidiary P&O Ferries for firing 800 people with immediate notice in 2022 and replacing them with cheaper agency labor.<\/p>\n

ALSO- US officials believe Israel has <\/strong>narrowed down its list of targets<\/a><\/strong> for its response to <\/strong>Iran\u2019s <\/strong>attack<\/a><\/strong> earlier this month to military and energy infrastructure<\/strong>, with officials under the impression that attacks on nuclear facilities or assassinations are not part of the plan. (Reuters<\/a>) <\/p>\n

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