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Wednesday, 10 August 2016

What we’re tracking on Wednesday, 10 August

As talks with the IMF on a USD 12 bn assistance package look set to continue for another week (more below), the government is said to be in talks with the UAE and Saudi Arabia to secure USD 2 bn in deposits within the next month, government sources tell Al Shorouk. The CBE apparently wants to secure USD reserves ahead of taking “more decisive action on the devaluation.” These talks have been ongoing for the last few weeks, the source added. This isn’t new money, though: Do the math on last month’s reserve report, and it’s clear that the USD 2 bn UAE deposit announced in April and expected in May never arrived. The Emirati deposit would have topped reserves back up to USD 17.5 bn after repaying USD 1 bn to Qatar, USD 714 mn to the Paris Club and more than USD 500 mn split between Libya and back-dues owed by EGPC. We’re down to about 2.8 months of import cover.

Enterprise loves Brazil. Maybe not the rowing / sailing / open water swim course in Brazil, but the open-mindedness of a people who full-throatedly sided with Egypt’s beach volleyball team, chanting “Egypt, Egypt, Egypt” just because “today, Egypt needed our support.” Reuters has the story.

Egypt’s men handball team beat four time European and world champions Sweden, 26-25 at the Rio Olympics, Ahram Online reported early this morning. Egypt also defeated Cuba 3-0 Pool B in Men’s Volleyball.

Ahram Online’s Rio 2016 portal is the best English-language resource of which we’re aware for updates on how Egyptian athletes are faring in Brazil.

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