Wrap-up of Egypt’s top news Aug. 1:Egypt’s premier, IMF delegation discuss $12 b loan deal
Prime Minister Sherif Ismail
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Politics

Egypt’s premier, IMF delegation discuss $12 b loan deal

Prime Minister Sherif Ismaiel met on Monday with an International Monetary Fund (IMF) delegation, headed by Christopher Jarvis, that has arrived in Cairo Saturday for talks on a loan reportedly worth $12 billion to suppor the country’s financial program.

A well informed source told Youm7 the mission will issue a statement at the end of its 10-day visit “briefs all the details of the negotiations.”

The delegation’s visit comes days after Finance Minister Amr el Garhy said Egypt is seeking three loan installments of $4 billion each over the next three years, with an interest rate of 1 to 1.5 percent.

“The loan will help boost international confidence in the economy,” President Abdel Fatah al Sisi said during a meeting with members of the government’s ministerial economic committee on Tuesday.

“We welcome this request, and look forward to discussing policies which can help Egypt meet its economic challenges,” Masood Ahmed, the IMF’s Middle East director, was quoted by Bloomberg on Tuesday.

 

Egypt’s Sisi warns tough measures to fix economy are looming

(Reuters) – President Abdel Fattah al-Sisi warned Egyptians on Monday that tough measures would be needed to turn the country’s ailing economy around, as the government negotiates a $12 billion loan program with the International Monetary Fund.

In a bid to prepare public opinion for a series of measures that will include subsidy cuts, tax reforms, and privatizations of state-owned companies, Sisi told Egyptians the government needed their support to weather the storm.

“The problem is whether public opinion is prepared to accept the measures which could be tough or harsh,” he told young people at a leadership conference.

 

Sisi amends provisions of earlier decree on sports national council  

President Abdel Fatah al Sisi has issued a decree amending some provisions of a previous decree on establishing a National Council for Sports, Youm7 reported Monday.

The amendment is mainly related to the revenues of sports establishments.

 

Egypt denies Israeli mediation in talks of controversial Ethiopian dam

Egyptian Ministry of Foreign Affairs denied media reports claiming that Egypt has asked Israel’s mediation in talks between Cairo and Addis Ababa on the Ethiopian controversial Renaissance Dam, state-owned news agency MENA reported ministry spokesperson Ahmed Abu Zeid said in a statement Monday.

Abu Zeid added that Egyptian foreign Minister Sameh Shoukry’s recent visit to Israel did not tackle the Ethiopian dam issue, noting that the talks focused only on the stalled Palestinian-Israeli peace talks.

In early July, Shoukry made a rare visit to Tel Aviv, where he met with Israeli Prime Minister Benjamin Netanyahu. Shoukry stated that his meeting with Netanyahu tackled Sisi’s vision to revive peace talks to end Palestinians’ humanitarian crisis.

Since May 2011, Cairo has voiced its concern that the dam could reduce the country’s annual share of more than 56 billion cubic meters of Nile water. Addis Ababa, however, has claimed that the dam is necessary for its development, and will not harm downstream countries.

 

Local

Egyptian population expected to reach 140 m by 2030: study

Egypt’s population is expected to reach 140 million by the year 2030 if the current 2.4% growth rate continues, according to a study conducted by the National Population Council.

The country’s birth rate increased from 2008-2012 due to low contraception use, with the highest birth rates in rural areas, where more than 72% of the overall Egyptian population lives, the study said.

 

Pope Tawadros II receives Ethiopian Orthodox Church Delegation

Pope Tawadros II of Alexandria and Patriarch of Saint Mark Diocese received a delegation from Ethiopia’s Orthodox Church on Monday, Youm7 reported.

The delegation was comprised of archbishop and head of the Ethiopian community in Cairo. The delegation had visited several Coptic monasteries and churches.

The Egyptian and Ethiopian churches have played a role in smoothing negotiations between the two countries regarding the Grand Renaissance Dam Ethiopia is building on the Blue Nile.

The Ethiopian church was formerly an archdiocese of the Church of Alexandria but became autonomous in the late 1950s.

 

6 killed, 3 injured in road accidents near Cairo

Six people were killed and three others injured after a microbus collided with a car along the Cairo Fayoum Ring Road on Monday, Youm7 reported statement from governorate’s security directorate.

Preliminary investigations indicated that the crash happened after the driver of the microbus lost balance of the wheel, causing him to hit the other car.

Thousands of Egyptians die on the road every year due to traffic accidents. Egypt recorded 14,548 traffic accidents in 2015, a one percent increase compared to 2014, according to a statement by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

 

Delta’s Dakahlia governorate suffers sever water shortage

Chairperson of the Drinking Water Company of Delta’s Dakahlia stated that the governorate suffers sever water shortage to an extent that per capita share does not exceed 90 liters daily, Youm7 reported Monday.

In September 2015, the Ministry of Water Resources and Irrigation said in a statement that certain areas in Cairo and Giza suffered water shortages due to low Nile water levels.

 

Egypt receives last air-conditioned carriage from Hyundai Rotem for 1st line of Cairo Metro

Egypt will receive Monday the last nine-care air-conditioned metro from the Hyundai Rotem, Youm7 reported. Egypt has contracted with the South Korean company to purchase 20 metros for the first line of Cairo Metro for 2.2 billion EGP ($247 million).

On May 15, the first air-conditioned carriage operated in the first line of Cairo’s metro, running from Helwan-Marg.

 

25 grain silos built nationwide in short time: Supply Minister

A total of 25 silos have been built to store 1.5 million tons of grains and rice nationwide, Egyptian Minister of Supply Khlaed Hanfi told 10 P.M talk show on Dream channel Sunday evening. He added that the silos have been built in short time.

 

555K violation cases on arable lands reported since Jan. 25, 2011 uprising: Agriculture Ministry

A total of 555, 000 violations and encroachment cases on 68,579 arable acres nationwide have been reported since the outbreak of January 25, 2011 Uprising, according to a recent report from the Ministry of Agriculture Monday.

However, the ministry managed to remove a total of 314,587 cases on 17,712 acres, the report added.

Egypt’s arable land is estimated at around 8 million feddans. In December, President Abdel Fatah al-Sisi launched the first phase of a project to reclaim 1.5 million feddans in the desert in light of presidency’s mega project of reclaiming 4 million feddans nationwide amid Egypt’s increasing population. (one feddan equals about 1.038 acres).

 

Business

Egypt exchange market capital up by 8.2% MoM: report

The Egyptian Exchange indexes closed in July up and the market capital gained 31.3 billion EGP to reach EGP 413.8 billion; 8.2 percent higher than a month earlier, Youm7 reported on Monday, citing a monthly report issued by the Egyptian Exchange.

The benchmark index EGX 30 jumped 14.99 percent to 7,983 points, the broader EGX 70 index of the leading smaller and mid cap enterprises (SME) soared 3 percent, reaching 362 points, while the EGX 100 index was also up 5.27 percent to hit 783 points.

 

Egyptians will be able to get dollars at one rate: Sisi

Egyptians will “very soon” be able to purchase U.S. dollars at a unified rate, state television quoted President Abdel Fattah al-Sisi as saying on Monday.

“The next few days will see a lot of good news for the Egyptian people,” Sisi told youth participating in a leadership program.

The comments come almost a week after Egypt’s government announced it was in talks with the International Monetary Fund over a $12 billion loan program. The gap between the official and black market exchange rates has narrowed since the loan was announced.

 

Stock market losses 2.8 b EGP on Wednesday closing

The stock market’s main index EGX-30 dropped by 0.66 percent, while the EGX-70 index, which represents small and medium enterprises, has increased by 0.61 percent during the closing session of Monday.

Battered by national and Arab selling pressures, the market capitalization had lost nearly 2.8 billion EGP ($315.3 million) to close at 411,043.

 

Siemens Egypt appoints new financial manager

German Siemens Company has appointed Mostafa el Bagory as the new financial manager in Cairo succeeding German Thomas Traut, the international firm announced in a statement on Monday.

Siemens Egypt is currenly carrying out several development megaprojects in Egypt.

Last year, the company and the Egyptian government signed contracts worth €8 billion for high-efficiency natural gas-fired power plants and wind power installations that will boost Egypt’s power generation capacity by more than 50 percent compared to the currently installed base,  according to a statement released by Siemens in May.

 

Finance minister: Egypt’s external debt to reach $53.4 billion with IMF loan

(Reuters) – Egypt’s finance minister said in a television interview on Sunday that Egypt’s external debt would reach $53.4 billion if his country receives an International Monetary Fund (IMF) loan.

Last week Egypt said it was seeking $4 billion a year over three years from the IMF to help plug a funding gap. The government hopes to finalise the deal in August.

A two-week IMF mission arrived in Cairo over the weekend to negotiate an IMF loan package.

 

Egypt M2 money supply rises 18.6 pct in June -central bank

(Reuters) – Egypt’s M2 money supply was up 18.6 percent at the end of June from a year earlier, the central bank said on its website.

The money supply stood at 2.095 trillion Egyptian pounds, it said.

Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website (www.cbe.org.eg):

June 2016 May 2016 June 2015

Domestic liquidity (M2) 2.095 2.044 1.765

 

Egypt launches international tender for oil, natgas exploration

(Reuters) – Egypt’s Ganoub El-Wadi Petroleum Holding Company (GANOPE)launched an international tender for oil and natural gas exploration in 10 sectors in the southern regions of the Gulf of Suez and Western Sahara, the oil ministry said in a statement on Sunday.

Company chairman Sherif Sousa told Reuters by telephone that November 30 was the deadline for bids to be presented.

The ministry statement named the sectors included in the bidding process as Western Gebel el Zeit, South-East Ghara, Eastern Jesoum, Taer El-Bahr and South Sinai, and five other sectors of the western desert.

Egypt has been seeking to boost domestic production, as increased consumption and declines in production have transformed the country from a net exporter to an importer of energy.

 

Social

Ministry of Antiquities re-opens King Farouk’s resting house in Helwan Tuesday

Egyptian Minister of Antiquities will inaugurate Tuesday late King Farouk’s resting house in Helwan city, southern Cairo, after five-year hiatus, Youm7 reported.

The resting house has turned into a museum includes artifacts belonged to the Muhammad Ali dynasty. The museum has been closed since 2011 due to the security vacuum after the January 25 Uprising.

 

10-day caricature exhibition in Ismailia Cultural Center

Cultural Center of the Mediterranean cit, Ismailia, hosted Monday a caricature exhibition that will last for 10 days, Youm7 reported. The exhibition cartoons tackle issues of peace, pollution, and terrorism.

 

Egypt agrees to establish Federation of Arab Journalists’ library in Cairo

Egyptian Minister of Culture Helmy al-Namnam agreed on establishing a library in Cairo to be affiliated to the Federation of Arab Journalists, Youm7 reported. The Ministry added that the ministry will provide the library with a total of 15,000 books.

 

Ministry of Culture Ok’s Aswan Festival for Women Films

Al-Namnam has also agreed on a project of Aswan Festival for Women Films that will be held on February 21 to 28, 2016, state owned newspaper al-Ahram reported.

 

Sports

Palermo talks Zamalek on Mostafa Fathi

Italian Città di Palermo will hold negotiations with Egyptian Zamalek SC for a deal to transfer midfielder, Mostafa Fathi, KingFut reported. the representatives of both football clubs would meet in Austria for potential deal.

 

Egyptian flag flies Monday in Olympic village of Rio de Janeiro

Egyptian flag will be raised Monday in the Olympic village in Rio de Janeiro, Brazil, while the Egyptian national anthem will be played, youm7 reported.

 

Egypt’s Basketball Federation discusses situation of player apologized to participate in Championship

Egyptian Basketball Federation, headed by Magdi Abu Frakhh, will hold several meetings to examine the situation of Nadine Alslaoy, basketball player junior U 18 women team, after she apologized to participate in Cairo-held African Championship due to her studying a scholarship in U.S, Youm7 reported.

 

Zamalek’s winger receives transfer offers from Ismaili, Petrojet

Zamalek’s winger Mohamed Adel has received two transfer offers from Egyptian clubs of Ismaili and Petrojet, Youm7 reported Monday.

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