The announcement follows Moody's positive revision of Egypt's outlook from negative to positive. Maait believes that this shift in outlook reflects the confidence in Egypt's macroeconomic management during a challenging period and the effectiveness of the policies implemented to withstand various shocks over the past years. The positive outlook is attributed to key economic policy shifts, including currency devaluation and interest rate increases. If sustained, this is anticipated to support macroeconomic rebalancing, enhance the resilience of Egypt's economy to shocks, and assist in sustaining an expanded International Monetary Fund (IMF) program. While the report acknowledges Egypt's high debt ratio and weak debt affordability compared to peers, it anticipates gradual improvement over time, reducing fiscal accounts' vulnerability to shocks.

CAIRO – March 8, 2024: President Abdel Fattah El Sisi attended Friday prayers at the Field Marshal Tantawi Mosque in the Fifth Settlement district of New Cairo, coinciding with the anniversary of "Martyr's Day." Upon his arrival, the president was greeted by Prime Minister Moustafa Madbouli, Minister of Defense and Military Production Mohamed Zaki, Al Azhar Grand Imam Ahmed el Tayyeb, and Awqaf Minister Mohamed Mokhtar Gomaa. Each year, Egypt and the Armed Forces observe Veteran Warrior and Martyr's Day on March 9th, commemorating the sacrifice of former army chief of staff, Lieutenant General Abdel-Moneim Riad, who gave his life in defense of the homeland on the same day in 1969, Egypt’s news agency MENA reported.

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. “Our data shows that 61% of these (anchored) after 13:30 UTC (18:30 ET), which was the time of the attack,” Windward CEO Ami Daniel told CNN. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Shipping through the Suez Canal dropped after Houthi attacksContainer shipping companies have been avoiding the Red Sea and the Suez Canal as Houthi militants in Yemen escalate attacks on commercial vessels.

The Biden administration insists Israel has already accepted the broad terms of a six-week pause while Hamas is holding out. A Hamas delegation left Cairo on Thursday after days of talks with no obvious breakthrough in negotiations aimed at reaching a ceasefire in exchange for hostage releases. “It’s in the hands of Hamas right now,” Biden told reporters on Tuesday as he boarded Air Force One. The Biden administration has escalated its criticism of Israel’s refusal to open more border crossings to allow aid into Gaza, particularly to address needs in the north. In their meeting, Blinken acknowledged that the pause and hostage deal is unlikely before the start of Ramadan, said a person familiar with the meeting.

Tanmiya Capital Ventures, a leading investment firm in Egypt, is preparing to launch its second fund, “TCVII,” with a target size of up to $100m. The fund will focus on investing in medium-sized enterprises with high growth potential. He added that the company’s recent exit from its stake in Abu Auf Food Company, a leading producer and seller of coffee and snack products, was motivated by its intention to launch the second fund. Agthia Group acquired 60% of Abu Auf Group in 2022, expanding its presence in the Egyptian market. Abu Auf Group was founded in 2010 and operates in six business segments: coffee, nuts, kitchen essentials, dates, dried fruits, sweets, and biscuits.

CAIRO – 7 March 2024: Egypt's Public Prosecution has detained 18 individuals responsible for EgyptAir's treasury on allegations of illegally trading nearly $1 million of the company's funds in the parallel market. They sold the money on the parallel market, and then deposited the proceeds in the treasury in local currency, profiting from the difference between the official exchange rate and the parallel market rate. Prosecutor-General Mohamed Shawki ordered the detention of the employees pending further investigation following the discovery of sums of foreign currency in their possession. In recent months, the Ministry of Interior has intensified its crackdown on illegal foreign currency trading. He further highlighted that eliminating the parallel market will help mitigate inflation.

Prior to the currency adjustment on Wednesday, the LE spent nearly a year at LE 30 against the USD. State-owned National Bank of Egypt (NBE) maintained the dollar's purchasing and selling price at LE 49.5 and a selling rate of LE 49.6, with Banque Misr recording a buying rate of LE 49.5 and a selling rate of LE 49.6, a slight decrease from Wednesday's peak numbers of LE 50 and LE 51, respectively. The buying rate at the Commercial International Bank (CIB) settled at LE 49.5, while the selling rate dipped to LE 49.6, marking a notable decline from Wednesday's rates of LE 50.3 and LE 50.4. ALEXBANK adjusted its rates to LE 49.4 for buying and LE 49.5 for selling, down from LE 50 and LE 50.10 on Wednesday. Abdallah said that Egyptian interest rates, long amongst the highest globally, would now be on a "downward track."

Israeli airstrikes in the central province resulted in casualties and injuries, targeting homes belonging to the Sunwar, Abu Malal, and Shabrawi families in the Nuseirat camp. Israeli forces prevent ambulances from reaching the wounded, besieging Gaza hospitals and disrupting services by restricting fuel supplies. The spokesperson for Al-Aqsa Martyrs Hospital announced an increase in casualties from Israeli airstrikes to 45 martyrs and 90 wounded, most of whom are women and children. The Palestinian Red Crescent transported numerous wounded individuals following airstrikes targeting a house in the Nuseirat camp. Israeli warplanes also bombed agricultural land near the entrance to al-Zawayda in central Gaza.

CAIRO - 6 March 2024: Prime Minister Mostafa Madbouly will be supervising the release of goods from the port of Alexandria. The Prime Minister's tour will focus on monitoring the progress of multiple release operations involving a variety of goods, including food commodities, feed, medicines, and production requirements. In February, Prime Minister Madbouly issued a directive to gradually release goods from customs, with priority given to food commodities, medicines, and feed. During a recent meeting, Al Hommosani presented reports detailing the current stock of food commodities, medicines, and fodder in customs, which amounted to approximately $1.3 billion. The Prime Minister's hands-on approach in supervising the release of goods from the port of Alexandria underscores the government's commitment to ensuring the timely provision of essential commodities to the Egyptian people.

The recent “tanker war” in the Red Sea echoes a similar conflict from the mid-1980s, during the Iran-Iraq War (1980-1988). Now, nearly four decades later, history is repeating itself with Iran’s “Houthi” militias attacking tankers in the Red Sea. The Western military footprint in the Red Sea is longstanding but has recently been legitimized by survival concerns. This initiative includes strategic projects along the Red Sea, such as the NEOM city and the endeavors of the Red Sea International company, owned by the Public Investment Fund. In conclusion, the growing militarization of the Red Sea and the intensification of conflicts in and around it have widespread and potentially far-reaching consequences.

Wednesday 6 March 2024 10:18 PMThe Central Bank of Egypt’s (CBE) decisions on Wednesday struck a severe blow to the black market, according to several banking leaders and experts. El-Etreby also revealed that a foreign company deposited $25m in Banque Misr following the CBE’s decisions today. He described it as a crucial and positive step that will significantly contribute to eliminating speculation and the parallel market for foreign currency. Tamer Youssef, a banking expert specializing in asset management, believes that the main objective of the decisions is to attract direct foreign investments. He explained that given the low local savings rates, direct foreign investments are vital for financing growth, as they enable the use of available production capacities in all economic sectors, thus stimulating growth.

Egypt is preparing to conduct a feasibility study on a giant new project aiming to expand the Suez Canal to speed up transit times and avoid maritime traffic jams. Journalist Ahmed Moussa revealed, through his program “By My Responsibility” on Sunday, that the chairman of the Suez Canal Authority (SCA) Osama Rabie will present to President Abdel Fattah al-Sisi the “duplication of the Suez Canal” project. He assured that the project to double the Suez Canal will have a 100 percent safety rate. He noted that in the past 70 to 80 ships would travel through the canal daily, and following the project the passage of ships through Egypt will increase and the passage period will be reduced to approximately nine hours. The new expansion proposals are based on plans first floated in 2021 after the grounding of the giant ship Ever Given, which closed much of the vital sea lane for about a week.

The International Monetary Fund (IMF) announced Wednesday an expansion of its loan program with Egypt, increasing the total amount from $3bnto $8bn. The original $3bn agreement, reached in December 2022 under the Extended Fund Facility (EFF), aimed to support Egypt’s economic stability through a shift towards a flexible exchange rate system. However, progress stalled due to delays in implementing reforms, including asset divestment and private sector development, and Egypt’s continued tight control over the pound. The IMF considers this agreement crucial for Egypt’s continued stability, which holds significance for the entire region. Social Spending: Vulnerable groups will be protected through continued social safety nets.

CAIRO - 6 March 2024: The cabinet approved a draft decision of the President of the Republic regarding pardoning the remainder of the sentence for some convicts. The decision comes on the occasion of the celebration of Eid al-Fitr, corresponding to the first of Shawwal 1445 AH, as well as the celebration of the Sinai Liberation Day, corresponding to 4/25/2024.

CAIRO - 6 March 2024: The Cabinet, in its meeting on Wednesday, approved the launch of the seventh phase of the Instant Payment Initiative to settle export burdens, with a value of LE 8 billion. At the beginning of the Cabinet session, Mostafa Madbouly praised the important decisions taken by the Central Bank earlier in the day. The Prime Minister added that these steps aim to unify the exchange rate, a crucial measure that contributes to eliminating the accumulation of demand for foreign currency, following the closure of the gap between the official market exchange rate and the parallel rate. The Prime Minister stressed the continued coordination between the government and the Central Bank in the coming days to closely monitor the markets and understand the impact of these decisions. "Our goal in this stage is to work and coordinate with the Central Bank to reduce inflation rates, regulate debt, and transition it to a downward path.