Egypt could be back to the drawing board on austerity measures linked to a critical US$4.8 billion (Dh17.63bn) loan package from the IMF, as the government yesterday indicated that it would need to re-examine the conditions attached to the release of the funds.
"We invited another mission of the IMF to again realign the programme so we can move forward with our national reform programme, to handle the budget deficit, to handle the fiscal problems so we can move forward with growth," the prime minister Hisham Kandil said.
The IMF is seeking reassurances that Egypt's government can push through a fiscal and financial programme that includes tax increases and spending cuts.
Yesterday, Mr Kandil addressed investors at a conference in Cairo, saying that although a programme had been agreed to, it had to be postponed "because of the domestic situation". The government was undergoing a quick-assessment and expected to be on track very soon, he said.
Securing the IMF loan would send a reassuring message to international markets that Egypt was on the path to a sustainable economy.
Discussions had been expected to begin where they left off last month, when violent protests erupted across Cairo to criticise a package of unpopular austerity measures that come as a requirement of the loan. Officials decided at the time to postpone concluding a deal for one month to allow time to explain the loan conditions to the public.
But the latest statements by the prime minister have sparked fears among the investment community of a sustained economic crisis including the collapse of Egypt's currency amid a rapid depletion in foreign currency reserves if the IMF loan is postponed further.
"The government needs a new plan given the uncertainty and how things have drastically changed over the course of two months," said Wafik Dawood, the head of institutional trading at Mega Investment Securities in Cairo.
"They will have to submit new economic plans in line with the economic reality. Much has changed in terms of the currency and political stability."
Egyptians have rushed to buy US dollars in the last two months, causing the pound to fall to record lows amid fears of a bigger depreciation in the currency.
The pound weakened further to 6.5423 to the dollar yesterday, breaking its previous record of 6.52121 on Wednesday.
Foreign reserves fell to $15bn last month, just enough to cover the cost of three months of imports, considered a "critical minimum" by bankers.
The currency slump has fuelled worries about Egypt's financial health. Last week, it emerged that a $2bn financial lifeline from Qatar appeared to have been used up to support the pound.
"It is worrying," Mr Dawood said. "There are still too many uncertainties regarding the IMF loan. Most people within the industry think Egypt will get the loan, but its just about the time factor."
Egypt's benchmark slipped TK per cent yesterday, amid profit-taking by investors, to close at TK. The EGX 30 Index is up more than 4 per cent since the start of the year. It rallied more than 40 per cent last year, ranking it among the top performing markets globally.
Egyptian authorities have pledged that the loan will be disbursed before April, when the country's parliamentary elections are expected to take place.
"Equity markets are likely to be impacted if statements indicate that an agreement will not be reached before April," Mr Dawood said.
* with Reuters
halsayegh@thenational.ae
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
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Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
More from Neighbourhood Watch:
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Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
Company%20Profile
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
PAKISTAN SQUAD
Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017