{"id":653981,"date":"2024-10-25T00:00:00","date_gmt":"2024-10-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/25\/egypt-asks-the-imf-to-extend-timeline-for-the-loan-program-reforms\/"},"modified":"2024-10-25T00:00:00","modified_gmt":"2024-10-25T00:00:00","slug":"egypt-asks-the-imf-to-extend-timeline-for-the-loan-program-reforms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/25\/egypt-asks-the-imf-to-extend-timeline-for-the-loan-program-reforms\/","title":{"rendered":"Egypt asks the IMF to extend timeline for the loan program reforms"},"content":{"rendered":"

Good morning, friends, and happy Friday. <\/strong><\/p>\n

Seeking the thrill of a big change? Why not do the unthinkable and trade in your iPhone for something new?<\/strong> Hear us out. With climbing price tags and an incomprehensibly large sea of specs, the iPhone isn\u2019t the only cutting edge competitor anymore. In this week\u2019s guide, you\u2019ll find options that may suit your lifestyle better.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY-<\/strong><\/p>\n

Egypt asks IMF for more time to implement reforms: <\/strong>Prime Minister Moustafa Madbouly confirmed that the government has asked the International Monetary Fund for an extension on the timeline<\/a> for the implementation of economic reforms that were agreed upon as part of our loan program, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review. Earlier this week President Abdel Fattah El Sisi made headlines after stating that Egypt might reevaluate its agreement with the IMF<\/a> in light of economic pressures the nation is enduring as the country carries out reforms as part of the loan agreement.<\/p>\n

The IMF is open to adjusting the timeline for reforms related to Egypt\u2019s loan program<\/strong>, the fund managing director Kristalina Georgieva said yesterday, while noting that any delay will make the cost of reforms higher and that \u201cEgypt is better served by doing reforms sooner rather than later.\u201d<\/p>\n

M&A WATCH-<\/strong><\/p>\n

Raya gives preliminary greenlight to Helios Investment Partners\u2019 acquisition bid:<\/strong> Africa-focussed PE outfit Helios Investment Partners\u2019<\/a> offer to acquire 49% of Raya Foods<\/a> for USD 40 mn has been approved and initially accepted by parent company Raya Holding\u2019s board, we learnt at the beginning of the week. <\/p>\n

We also found out that half of Helios\u2019 acquisition bid for Raya Foods will go towards<\/strong> building a new factory: <\/strong>Raya Food\u2019s parent company Raya Holding will direct USD 20 mn<\/a> of Helios Investment Partners\u2019 USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables. The new factory will most likely be set up next to its existing factory in Sadat City, according to Khalil \u2014 and its use of freeze-drying produce will play an important role in helping the company boost exports.<\/p>\n

IPO WATCH-<\/strong><\/p>\n

A fresh face on the EGX: <\/strong>The EGX\u2019s listing committee <\/a>approved the temporary listing<\/a><\/a> of United Bank, the EGX said in an announcement<\/a>. Shares will be listed on the bourse today, after which its shares will not be allowed to be traded and the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO before the end of 1Q 2025 The Central Bank of Egypt-owned bank will list 1.1 bn shares with a nominal value of EGP 5 per share \u2014 bringing its total issued capital to EGP 5.5 bn.<\/p>\n

MANUFACTURING-<\/strong><\/p>\n

Our localization efforts are in full swing: <\/strong>The Madbouly government will work to localize the manufacture of 12 products selected by the ministries of housing and industry. The products include electric motors, generators, valves, pumps, water filtration devices, electric tools, solar cells, electrical control and power distribution panels, and elevators.<\/p>\n

\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

Hopes at the start of the week that <\/strong>Israel would begin<\/strong> to scale down its bloody offensives were short lived<\/strong>, with the Israeli army intensifying its campaigns in both Lebanon and Gaza. As has sadly become a trademark of the Israeli ethnic-cleansing campaign, it continued to target civilian infrastructure with schools and hospitals targeted in Gaza. Another worrying sign that Israel\u2019s war on Lebanon may become just as ruthless and indiscriminate as its assault on Gaza was Israeli claims that there are Hezbollah bunkers underneath one of Beirut\u2019s main hospitals \u2014 a depressingly familiar narrative that has been used in Gaza as a pretext to attack hospitals.<\/p>\n

The US presidential election \u2014 now just over ten days away \u2014also got plenty of ink<\/strong> throughout the week<\/strong>, with the global press focusing in on the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election. While the odds of a Harris victory seem to be in her favor, some hedge funds and investors are positioning themselves for a potential Trump victory, with stocks tied to his policies already seeing gains.<\/p>\n

Harris has been breaking records on the fundraising front<\/strong>, as the president hopeful raised over USD 1 bn in the three-month period ending at the end of September surpassing the USD 894 mn Donald Trump has gathered since January 2023.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>This weekend will be maintaining the month\u2019s slowly cooling weather. The capital will be seeing highs of 30\u00b0C today and tomorrow, with a low of 19\u00b0C on both days, according to our favorite weather app.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

For the love of tapestry. <\/strong>Today in History<\/a> is Amsterdam-based Egyptian artist Dina Danish\u2019s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqu\u00e9 tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery<\/a> till Saturday, 30 October.<\/p>\n

The fourth edition of <\/strong>Forever is Now<\/a><\/strong> is here.<\/strong> This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza \u2014 including two groundbreaking AI-powered projects. The exhibition is live and will continue till Saturday, 16 November.<\/p>\n

Run for a cause.<\/strong> CairoRunners are hosting the Run4Her<\/a> on Friday, 25 October at ZED park to support breast cancer patients. The run will start at 8am. Pre- registration<\/a> is required. <\/p>\n

The largest collection of prints in the country.<\/strong> Cairopolitan<\/a> is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition<\/a>. The gallery is open till Monday, 18 November in Garden City<\/a>. <\/p>\n

Calling all plant parents. <\/strong>The autumn edition of the International Flower Expo<\/a> began on Thursday, 10 October at Al Horreya Garden<\/a>. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November. <\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Zawya goes to Gouna (again):<\/strong> Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting on Sunday, 27 October, to Saturday, 2 November. You can find the screening schedule on Zawya\u2019s official Instagram<\/a> account.<\/p>\n

Glowing puppets swimming across a stage.<\/strong> The Book of Neptune<\/a> is a great family event to attend. Ledpuppets<\/a> will transform the Rawabet Art Space<\/a> stage into an underwater wonderland with glowing puppets dancing around and acting out stories. Tickets are available on Ticketsmarche for Friday, 1 November<\/a> and Saturday, 2 November<\/a>. <\/p>\n

Did somebody say cheese? <\/strong>The third edition of Egypt Cheese Festival<\/a> will begin on Thursday, 31 October at Al Horreya Garden<\/a>. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and happy Friday. Seeking the thrill of a big change? Why not do the unthinkable and trade in your iPhone for something new? Hear us out. With climbing price tags and an incomprehensibly large sea of specs, the iPhone isn\u2019t the only cutting edge competitor anymore. In this week\u2019s guide, you\u2019ll find […]<\/p>\n","protected":false},"author":1,"featured_media":653982,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7287],"tags":[104,6653,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-economy","tag-enterprise-weekend","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"35b45afe-ab69-466c-8b4f-bf267327ec1b","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/938.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt asks the IMF to extend timeline for the loan program reforms","related_issue":[653979],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.617d186d-a346-428d-84f8-ddf0e8917599.mp3"},"yoast_head":"\nEgypt asks the IMF to extend timeline for the loan program reforms - 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\/2024\/10\/25\/egypt-asks-the-imf-to-extend-timeline-for-the-loan-program-reforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt asks the IMF to extend timeline for the loan program reforms\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and happy Friday. 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