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Tuesday, 16 May 2017

On the horizon

We’re keeping our eyes on the IMF Executive Board’s meeting calendar to see when they plan to review and vote on the staff-level agreement that could see us receive the second tranche of the USD 12 bn extended fund facility by the end of June. As of this morning, Egypt doesn’t appear on any of the board’s agenda for upcoming meetings.

The Ismail cabinet sent the Consumer Protection Act to the Council of State (Maglis Al Dawla) for a second review after having amended parts of the bill,Al Borsa said on Monday. The 85-article Act sets tougher penalties for price gouging and failing to meet health requirements. The bill would also make it mandatory for shopkeepers to print out receipts for every transaction and outlines guidelines for returning purchases.

Also on the State Council’s agenda: A review of amendments a 1941 commercial fraud law and the proposed overhaul of the Mineral Resources Act, both of which are due back to cabinet next week.

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