Wrap-up of Egypt’s top news Aug. 4:Egypt won’t accept IMF “preconditions” place pressure on Cairo: finmin
Egyptian Minister of Finance Amr al-Garhi (YOUM7 archive)
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Politics

Egypt won’t accept IMF “preconditions” place pressure on Cairo: finmin

The Egyptian side “would not accept any preconditions” that could exercise pressure on Egypt in loan talks with the International Monetary Fund (IMF) delegation, Youm7 quoted Finance Minister Amr el Garhy on Thursday.

The statement comes amid media reports suggesting that the delegation had laid down requirements to provide the $12 billion loan package to Cairo, including laying off a million public servants.

Speaking at a press conference, Garhy said “We want to achieve the figures we set for the budget. This is what we are discussing with the IMF.”

 

Egypt receives missile boat from Russia

Egypt has received a missile ship which was gifted to the Egyptian armed forces last year, military spokesperson Mohamed Samir announced in a statement Thursday.

The Rumade Molniya (R-32)-missile corvette arrived at the Alexandria naval base raising the Egyptian flag in presence of Russian military delegation, said Samir.

The boat participated in the inauguration of a new Suez Canal expansion project in August 2015.

The ship includes multiple armament systems, including surface to surface missile, considered to be one of the fastest among world navies, Samir said.

 

Egypt, EU envoy to ME peace process discuss Palestinian cause developments

Assistant foreign minister for neighboring countries’ affairs ambassador Osama Al-Majdoub met in Cairo with EU Special Representative for the Middle East peace process Fernando Gentilini on Wednesday for talks on latest developments in the Palestinian cause, Youm7 reported.

During the meeting, Magdoub stressed the importance of supporting all regional and international pro-peace efforts, highlighting the necessity to stop the Israeli settlement expansion in the West Bank.

Gentilini hailed President Abdel Fatah al Sisi’s initiative to revive peace process.

 

Egypt downsizes water mission in S. Sudan due to political, security instability

Egyptian Ministry of Water Resources and Irrigation has decided to downsize the number of Egyptian mission in South Sudan due to the political and security instability, Youm7 reported Ahmed Bahaa al-Din, head of the Nile Water Section at the Ministry Thursday.

The ministry has contacted with the Egyptian embassy in Juba to facilitate the return of all mission members in case that the situation worsen. Egypt has snet a mission of water experts and engineering to participate in building a dam on Jur River in Wau city in northwestern South Sudan.

South Sudan suffers violence broke out between the supporters of President Salva Kiir and supporters of his rival Riek Machar. Reuters reported the United Nations that hundreds of thousands fled the two-year ethnic-related violence.

 

Sisi, May talk lifting travel ban on flights to Sham el Sheikh

President Abdel Fatah al-Sisi phone called Wednesday evening U.K. Prime Minister Theresa May, congratulated her on assuming her new post, said Egyptian Presidential Spokesperson Alaa Youssef in a statement.

Sisi and May discussed a number of issues on bilateral relations, including the current travel ban on flights to Sharm El Sheikh as well as measures Egypt is taking in cooperation with the British authorities to lift it, the statement added.

“Both sides agreed to continue working closely to resume flights to Sharm El Sheikh. They also discussed regional developments and ways to reach political solutions to ongoing crises in a number of countries in the region so as to preserve their sovereignty and territorial integrity,” the statement read.

 

Local

Double cut in 2 telecom cables affects internet, mobile services

A double cut in two transmission cables of Telecom Egypt on Thursday has affected communication services in some areas nationwide, Youm7 quoted a well-informed Telecom Egypt source.

Efforts are underway to fix the cable and restore the cell phone and internet services, the source added.

Telecom Egypt is the country’s only fixed-line operator.

 

Egypt’s consulate in Los Angeles mourns Zewail

Egypt’s consulate in Los Angeles mourned on Thursday Nobel Prize winner Ahmed Zewail, who passed away in the U.S. at the age of 70.

The Egyptian consulate offered its condolences to the deceased’s family and the Egyptian people.

A number of political parties, state agencies, public figures, the Coptic Pope and the Egyptian Council of Churches and have mourned the passing of Zewail who died after a battle with disease.

His body will arrive in Cairo on Saturday where a funeral military will be held.

 

Social solidarity ministry organizes training sessions for pilgrimage mission supervisors

Training sessions have been organized for the Egyptian Hajj mission supervisors in their governorates to spread awareness among them on how to serve pilgrims, Social Solidarity Minister Ghada Wali was quoted by Youm7 Thursday.

Hajj is a holy pilgrimage to Mecca that is obligatory for all Muslims who can afford to go. The rituals of Hajj this year will commence on September 9.

 

18-year-old guy fatally shot by father over ‘tok tok’

A 18-year-old man was fatally shot by his father over a difference on a tok tok in al-Belina village of Upper Egypt’s Sohag, Youm7 reported Thursday.

According to the investigations, Ahmed Ibrahim Ali Hassan Shoman had an altercation with his father, 63, over tok tok that belonged to the son. Security forces arrested the father who confessed his crime.

 

Late Noble Laureate Ahmed Zewail’s family to receive condolences in Los Angeles Thursday

Late Egyptian Noble Laureate Ahmed Zewail’s family will Thursday receive in Los Angles the condolences for the death of Egyptian scientist who passed away Tuesday at the age of 70 in U.S., Youm7 reported Egyptian Consul General Lamiaa Mekheimar Thursday.

The dead body will return back home Sunday to lie in his resting place in 6th October City. World and Egyptian figures have offered their condolences for the death of Noble Laureate.

 

Wastewater Co. fined 600K EGP waste into the Nile

The Egyptian Ministry of Water Resources and Irrigation has imposed a fine of 600,000 EGP on a company over throwing its waste into the Nile, Youm7 reported.

The Company in Cairo has directed the waste water  to a canal, linked to the Nile, until maintaining the a decayed waste water pipeline.

 

Business

Egypt’s stock ends on mixed note amid IMF loan talks

The Egyptian Exchange (EGX) ended on mixed note during the closing session of Thursday as the benchmark index EGX30 surged 1.86 percent, to more than one-year high of 8255.36 points backed by the purchases of the institutions.

The Mid- and small-cap index EGX70 rose 0.04 percent, to 360.45 points. Price index, EGX100 picked up 0.49 percent, to 794.48 points.

Market capitalization incurred losses worth around 6.2 billion EGP ($698.2 million), to record 419.002 billion pounds.

 

Egypt, IMF delegation discuss budget clauses: finmin

Egyptian Finance Minister Amr El-Garhy said on Thursday that issues regarding government budget are currently discussed with the International Monetary Fund (IMF) delegation as a part of a loan worth $ 12 billion.

Egypt said last month it was close to agreeing a $12 billion IMF lending program to ease its funding gap and restore market stability.

 

Egypt bourse caps firms raising cash abroad to deepen home market

(Reuters)Egypt’s stock exchange is changing its rules on global depositary receipts (GDRs) to encourage companies to increase their “free float” of shares at home before looking abroad to raise money.

“The goal is to encourage companies to increase their free-floating shares on the bourse,” the exchange’s chairman Mohamed Omran told Reuters on Thursday.

 

Egypt cabinet approves plan to issue $3-5 bln in eurobonds

The Egyptian Cabinet has approved plans for an international bond issuance of $3 b-$5 b, Youm7 quoted a finance ministry official said on Thursday.

Egypt would initially target $3 billion but could borrow up to $5 billion “if it found there was investor appetite,” said the source.

 

Egypt talks with EBRD to finance Abu Rawash waste water treatment project

Egyptian Minister of International Cooperation Sahr Nasr and Minister of Housing Mostfafa Madbouly has met Wednesday evening with director of Cairo Bureau of European Bank for Reconstruction and Development (EBRD) Philip Tirrot to discuss financing a project of waste water treatment in Abu Rawash city, 8 km to the North of Giza, according to a statement from the Ministry of International Cooperation Thursday.

Financing the project came among the bank’s new strategy in Egypt as it will provide 1,500 job opportunities over the coming five years over which the project will be implemented, the statement added.  The EBRD’s investments in Egypt are estimated at 1.7 billion Euros.

 

Social

Pot dating back to Tutankhamen’s era selected as ‘Piece of the Month’ for August

The Egyptian Museum in downtown will exhibit on Friday a pot, dating back to the era of King Tutankhamen, was selected to be the “Piece of the Month” for August.

The Ministry of Antiquities has posted on its Facebook page photos of 13 ancient Egyptian artifacts from the collection of the Egyptian Museum to select the “Piece of the Month” for August.

In July, the ministry began a new trend to share with the community the selection of the Egyptian Museum’s Piece of the Month through Voting on a group of artifacts carefully chosen from the museum in an attempt to raise people’s archaeological awareness and to share in the ministry’s decision making.

 

U.S. Getty Museum buys 7-inch-high Ushabti

The U.S. Getty Museum has bought an Egyptian pharaonic 7-inch-high Ushabti from Christie London at an auction this year, according to Blouibartinfo website Thursday.

Ushabti was one of the artifacts found in Tomb of Neferibresaneith (570 – 526 B.C.), Egypt’s Saqqara, in 1929.  The Ushabti was sold privately t the Getty after it failed to sell in Christie London in last October, the website added.

Ushabti figures, from an ancient Egyptian term meaning ‘to answer,’ were placed inside tombs, pyramids and graves for the purpose of serving the pharaoh in the afterlife, Dean of Minya University’s Faculty of Tourism and Hotels archaeologist Sherif el-Sabban has previously told The Cairo Post.

“During the New Kingdom Period, [1580 B.C.-1080B.C.], 365 statuettes were placed inside each tomb in order to ensure the pharaoh’s afterlife demands would be met all through the year. Ushabtis are usually carved with inscriptions asserting their readiness to serve the deceased,” said Sabban.

 

Granada building in Heliopolis to be changed into open theater  

Egyptian Heliopolis–located archeological building, Granada, will be changed into an open theater, comes under the authority of Cairo Opera House, state-owned newspaper al-Ahram reported head of Heliopolis Ibrahim Saber Thursday.

 

Sports

Egyptian Super Cup match on Sept. 14: EFA

The Egyptian Football Association (EFA) has set September 14 a date for the game of the Egyptian Super Cup, Youm7 reported.

Saudi King Abdullah Sports City will host football game of the Egyptian Super Cup for season 2016/2017. The super match is usually be played by champions of the Egyptian Premier League and the winners of the Egyptian Cup. Al-ahly Sporting Club has won the Premier League, while the Egyptian Cup championship is being held.

 

Final game over Egyptian Cup may be played on Borg al-Arab or Suez Stadium

The final match over the Egyptian Cup title, scheduled to be played on Sept. 8, could be played on Alexandria’s Borg al-Arab Stadium or the Suez Stadium, Youm7 reported official from the EFA.

The EFA has sent letters to the two Stadiums and is waiting for their replies, the official added.

 

Minister of Sports meet with Pope Tawadros II in Alexandria

Egyptian Minister of Sports and Youth Khaked Abdel Aziz will meet with Pope Twadros II on Friday in Abu Qir of Alexandria, Youm7 reported.

The meeting will be attended by 1,000 youth in the Mediterranean city to tackle certain issues.

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