It’s almost-THURSDAY, wonderful people — our second-favorite day of the week. We have a balanced but interesting news day to bring you on this final workday before entering a new month. But first…

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THE BIG STORY TODAY

BNP Paribas tempers expectations of a mega IMF loan: BNP Paribas has revised its earlier predictions on Egypt’s super sized loan package from the IMF to USD 3-5 bn, down from a previous assumption of USD 10 bn, it said in a research note today. The French bank’s forecasts come as officials continue to shoot down expectations on a super-sized facility without disclosing an exact figure.

THE BIG STORY ABROAD

The international business press is occupied this afternoon with different sides of the same story: Advancements in the Russia-Ukraine war and how it’s all affecting Europe’s energy situation. Ukraine launched a push today against Russian forces to reclaim occupied territory in the south. Armed with weapons from his Western friends, Ukrainian President Volodymyr Zelenskiy launched the offensive to safeguard Ukraine’s access to the Black Sea, Reuters reports. Meanwhile, Europe is bracing itself for energy cuts as Russian gas giant Gazprom tightens the taps to France over contractual disagreements and cuts flows to the Nord Stream pipeline, Bloomberg reports. The vital Nord Stream pipeline halted supplies earlier this morning for what it said was unscheduled three day maintenance, leaving Germany to tap into its gas reserves. Reuters also has the story.

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HAPPENING NOW-

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Goods that have been piling up at Egypt’s ports are expected to be released in the “coming days” as the government rolls out a basket of measures to clear shipments that have been held up at customs.
• EGP WATCH- Credit Suisse + Arqaam are the latest to comment on the fate of the EGP: FX flexibility is “definitely going to come” if Egypt is to solve its external imbalances and is important as a “sustainable” strategy for the currency, Arqaam Capital and Credit Suisse said yesterday.
• Auto sales halved in July from a year earlier as the market continued to struggle with import restrictions, inflation and a weaker currency.

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FOR TOMORROW-

A new month begins, kicking off our monthly list of data points to keep your eye on:

• PMI data: Data measuring activity in Egypt’s non-oil private sector will be released on Monday, 5 September.
• Foreign reserves figures for August should be out during the first week of the month.
• Inflation figures: Inflation data for August from CAPMAS will land on Saturday, 10 September. Expect the Central Bank of Egypt to follow up on Sunday, 11 September with its inflation report.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 September to review interest rates.

ALSO TOMORROW-

• Social safety net: Credit hikes for ration card holders will come into effect and the Madbouly government is set to introduce new social protection measures.
• Third Egypt- and UN-led regional climate roundtable in Santiago: The two-day event will see climate negotiators discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November.

???? CIRCLE YOUR CALENDAR-

It’s going to get easier for owners of overseas yachts to pitch up in Egypt: The Transport Ministry’s digital platform for foreign yachts will be up and running starting tomorrow, it said in a statement. The platform will act as a one-stop-shop for yacht owners to get the permits they need to come to Egypt and moor at marina’s across the country. We have the full rundown on the state’s efforts towards becoming a yacht tourism destination in our Hardhat here.

The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is organizing a trade mission to Kenya between 4-8 October, the council said in a statement yesterday. Around 30 companies are set to take part in the mission, according to state news agency MENA.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 38°C tomorrow during the day before falling to 24°C at night, our favorite weather app tells us.