CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27%.Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion.Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month, Prime Minister said.Egyptian officials and the IMF mission are in discussions over how they can extend the timeline of...

Market Overview ORWEBTFHEKHOAEMFD ALCNprepared by: Mayada Amin- CETA, CFTe

Market Overview ADIBESRSEKHOAARABprepared by: Mayada Amin- CETA, CFTe

Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsزOil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said.Egypt will pay about USD818 million to the IMF during November, according to local press. The government has already paid US...

Market Overview Prepared by: Mayada Amin - CETA, CFTe

The IMF will begin the fourth review of Egypt’s IMF loan program tomorrow. Three main areas will be subject to discussions during the review.The IMF team will be discussing green financing through its Resilience and Sustainability Facility next week. The government applied for an additional USD1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility back in August.President El-Sisi said, during his meeting with the Director of the IMF Kristalina Ge...

Market OverviewCOMICIEBEKHOAETRSATLC

IMF’s Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August.Budget deficit narrowed to 2.12% of the country’s GDP in 1Q 2024-2025, recording EGP361.8 bn, compared to an EGP455.8 bn deficit during the same period last year. Th...

Market Overview HRHOCCAPORHDFWRYALCNprepared by: Mayada Amin- CETA, CFTe

The IMF’s Managing Director Kristalina Georgieva will be in Egypt next week to discuss our USD 8 bn loan program, Prime Minister Moustafa Madbouly said. A delegation from the Fund will arrive directly following her visit in preparation for the program’s fourth review, Madbouly added. The government will be taking another look at its plan to sell off stakes in state-owned companies and assets, Madbouly said. The sectors and sizes of the stakes of offered companies may be re-evaluated, he ...

Market Overview Prepared by: Mayada Amin - CETA, CFTe

Prime Minister delivered a speech during the opening session of the Future Investment Initiative (FII) conference in Riyadh. The speech was about Egypt’s approach to securing sustainable and inclusive development, with a particular focus on empowering the private sector and further developing our energy sector, transport and infrastructure networks, and telecom and CIT industry.The Ministry of Industry and Transport, in coordination with the Ministries of Electricity and Petroleum, is prepari...

Market Overview ESRSEASTCLHOprepared by: Mayada Amin - CETA, CFTe

Finance Minister Ahmed Kouchouk said that while in Washington for the IMF and World Bank’s annual meetings he had expressed the government’s expectation that it would have “positive and constructive discussions” with the Fund during the fourth review of our loan program. The review, which if successfully passed will unlock USD 1.3 bn in funds, had been previously expected to commence after the IMF annual meetings wrapped up this past Saturday.The EGX is considering allowing sole proprietorshi...

Market Overview COMITMGHESRSCIEBprepared by : Mayada Amin - CETA, CFTe

Egypt is preparing three possible revisions to the loan agreement to present to the IMF delegation when they land in Egypt mid-next week.The first scenario proposes extending the loan program by two years so Egypt ends up having five years to implement the reforms and unlock the entire USD8 billion in funding.The second scenario would give the government a year to carry out a stimulus package that includes pausing energy price hikes and slashing interest rates in efforts to boost growth.The t...

Market Overview ALCNBINVEXPAEKHOA prepared by: Mayada Amin - CETA. CFTe

In contrast to the IMF’s talk of being open to changing some of the terms of the loan agreement, Georgieva reiterated that “Egypt is better served by undertaking reforms sooner rather than later.” IMF Director Kristalina Georgieva stated that the Fund’s amendment to the basic and additional fees for programs and loans will save Egypt USD800 million up to 2030.Investment Minister Hassan El Khaitb will now be minister in charge of the Sovereign Fund of Egypt (SFE).The Green Climate Fund ha...

Market Overview BINVTMGHCCAPORWEprepared by: Mayada Amin- CETA, CFTe

The Prime Minister confirmed that the government is currently reviewing the timeline and reforms put forward by the Fund, 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.The Prime Minister said that the foreign exchange flows and the state’s needs and obligations are proceeding regularly and smoothly, and there is no delay with regard to production requirements, raw materials, and ba...

Market Overview TMGHMFPCBINVPrepared by: Mayada Amin - CETA, CFTe

The IMF has kept our growth forecast for the current fiscal year unchanged at 4.1% in its updated World Economic Outlook.President Sisi met his Russian counterpart Vladimir Putin on the sidelines of the Brics Summit, which kicked off in Kazan yesterday. The conversation centered around Egypt’s role in the bloc, bilateral relationship, and regional and international issues.El Sisi made a case for using the Brics platform to find workarounds for external trade restrictions that hamper intra-blo...

Market overviewBINVCIEBEPCOMFPCEMFDPrepared by: Mayada Amin- CETA, CFTe

Pitch: Egypt Banking Sector| Rerating Is a MustThe Egyptian banking sector is poised for remarkable performance as we approach the release of third-quarter results for 2024. The combination of anticipated extraordinary results amid high interest rates and the compelling valuation metrics makes the Egyptian banking sector a prime candidate for investment. Our top picks for the sector are: ADIB (FV: EGP80.00, OW) and COMI (FV: EGP130.00, OW)The Madbouly government has reportedly asked the ...

Market Overview SWDYTMGHGBCOJUFOBINVPrepared by: Mayada Amin- CETA, CFTe