Egypt | - Part 17

Egypt Reaches Initial IMF Accord on $12 Billion Program

CAIRO. Egypt, Capital Markets in Africa: Egypt reached an initial agreement with the International Monetary Fund over a $12 billion package designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth. The three-year agreement aims to “improve the functioning of the foreign exchange markets, bring down the budget deficit and government debt, and to raise growth and create jobs,” said Chris Jarvis, the IMF Egypt delegation head. He said the…

Egypt Has Proposed 18-month Reform Program to IMF

Posted on by The Editorial Team

CAIRO, Capital Markets in Africa: Three Egyptian dailies said Monday that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian…

Egyptian Stocks Rise as Investors Prepare for Pound Devaluation

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks rallied to the highest level in more than a year as investors increased their holdings on bets that a currency devaluation would lure foreigners to the nation’s assets. The EGX 30 Index advanced 1.9 percent, the most in the world among more than 90 indexes tracked by Bloomberg globally after Argentinian equities. Commercial International Bank Egypt, the country’s biggest listed company, climbed to a record and was the biggest contributor to the gauge’s gains….

Egypt’s $12 Billion IMF Talks: A Guide to What to Expect

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egyptian officials are holding talks in Cairo with the International Monetary Fund over a loan to help finance the government’s economic program. Egypt is seeking $12 billion over three years. The most-populous Arab country has had a tumultuous relationship with the IMF since the 2011 uprising that ousted Hosni Mubarak, turning down two initial loan accords. Some of the topics likely to be discussed — new taxes, cuts to…

Citi Sees Oil Bears ‘Gone Wild’ at $40 as Outages to Persist

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: While oil bears go “wild” at crude’s retreat to $40 a barrel, there’s some comfort on the way for the bulls, according to Citigroup Inc. As prices plunge and are pulled below support levels amid concerns over swelling global stockpiles, some supply disruptions including those in Nigeria are set to persist and crude at $40 a barrel may spur demand, according to a report from the bank dated Aug. 2. Crude has declined since…

Egypt Ministry Seeks Bank Proposals for 2016 Dollar Bond Sale

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt requested proposals to issue dollar bonds in 2016, part of its efforts to shore up reserves and end a dollar shortage that is hampering economic growth. In an advertisement published in the Financial Times newspaper, the Finance Ministry announced it was seeking lead managers for the issue. The deadline for submitting proposals is Aug. 11, it said. Egyptian officials are in talks with the International Monetary Fund to secure a…

Egypt Stocks Rise Most in World as Bonds Rally on IMF Loan Talks

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks and bonds rallied after the government said it’s negotiating with the International Monetary Fund for a loan to help revive its battered economy. The EGX 30 Index advanced 4.7 percent to 7,894.03 at 11:08 a.m. in Cairo, the biggest gain among more than 90 gauges tracked by Bloomberg globally. Commercial International Bank Egypt was the largest contributor to the jump, climbing 6.8 percent, the most on a closing basis since…

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