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Thursday, 29 September 2016

On the horizon

Russia is due to lift its ban on imports of fruits and vegetables from Egypt, excluding potatoes, starting Saturday, 1 October, according to Russian state watchdog Rosselkhoznadzor speaking to Russian state news agency TASS on Tuesday. We noted on Tuesday that the ban was to be lifted following the dispatch of an Egyptian delegation on Sunday, though the exact date had yet to be confirmed at the time. The ban has been in place since 22 September. Egypt’s Agriculture Export Council will hold a meeting with Egyptian exporters on Sunday to explain to exporters the conditions for allowing exports, which include international certifications for produce and meeting international quality control standards, Al Mal reports.

Meanwhile, Agriculture Minister Essam Fayed has issued orders to enforce Russian quality standards on potato exports. Russian food safety regulators had pointed to the prevalence of the potato tuber moth in Egypt’s exports, Al Shorouk reports.

The upcoming annual meetings of the IMF and World Bank Group will be make or break for the economy. Finance Minister Amr El Garhy and Central Bank Governor Tarek Amer are due to attend the 7-9 October gathering at the head of a government delegation that will also include International Cooperation Minister Sahar Nasr and Planning Minister Ashraf El Araby. The aim: Secure IMF executive board approval for the USD 12 bn extended fund facility they negotiated in Cairo with local IMF staff. Government sources tell Al Masry Al Youm the delegation will arrive in DC on 5 October to start laying the groundwork.

Egypt, Greece and Cyprus will hold a tripartite summit on 11-12 October, following PM Alexis Tsipras’ expected visit to Egypt on 9-12 October, Al Masry Al Youm reports.

Can we make it 12 in a row? The Emirates NBD/Markit purchasing managers’ indices for Egypt, Saudi Arabia and the UAE are out at 6:15 am CLT. The Egyptian gauge has deteriorated for 11 straight months through September.

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