Al Ahly Pharos Al Ahly Pharos

Prime Minister Moustafa Madbouly’s new government will take their oath before President El Sisi on Tuesday.The IMF has reached a staff-level agreement with Egypt on the third review of its expanded USD8 billion loan program, which is set to unlock USD820 million after the Fund’s executive board gives the go-ahead in the coming weeks.Ain Sokhna will receive the floating LNG regasification unit that the government will lease from Norway’s Höegh LNG in mid-June as it gears up to welcome LNG ship...

Market Overview

Remittances from Egyptians abroad surged 43.8% YoY in April to USD2.2 billion. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%. A number of government officials are reportedly in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance. The Ministry of Petroleum will launch an international tender to import about 15 shipments of liquefied gas until next October to meet the country’s fuel...

Market Overview ORWEPHDCHRHOSWDY TMGHESRSprepared by: Mayada Amin- CETA, CFTe

Net International Reserves increased to USD46.126 billion in May, the highest on record, up from USD41.1 billion in April. It is known that the second tranche of the Ras El-Hekma deal funds was received by the Egyptian authorities around mid-May.Ministries of Petroleum and Electricity announced they were extending rolling power blackouts across the country for an extra hour on Tuesday to allow for preventative maintenance on its regional gas and power networks and because of increased consump...

Market Overview PHDCHELISWDYFWRYALCNORWEEKHOAprepared by: Mayada Amin- CETA, CFTe