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Tuesday, 24 January 2017

What we’re tracking this week

More noise about the cabinet reshuffle: Following from the reports by Al Ahram that eight ministers will be replaced in the upcoming reshuffle, including an “economic” one, Al Mal’s source in parliament said the reshuffle will only encompass seven positions but will include the investment minister and the trade and industry’s. Other cabinet members reportedly facing the axe are the ministers of: education, higher education, health, and agriculture, along with the wildcard guess of the justice ministry as well. Other sources said consolidating the ministries of antiquities and tourism into one and reintroducing the information ministry are among the options being assessed. Part of why speculation is at all time high is that so many of the candidates tapped to replace current ministers have so far refused, Al Ahram reports. The reshuffle is expected to be completed by the start of next week.

More talks on LC debt-relief: Members of the Union of Egyptian Investors Associations will meet with Central Bank Governor Tarek Amer and Finance Minister Amr El Garhy this week to resume talks on the repayment of their pre-float LCs, Al Mal says. Members of the organization proposed a seven-year repayment period with at 7% interest rate at an earlier meeting with Prime Minister Sherif Ismail, where CBE officials had suggested setting an 18% interest rate.

We hope you’ll be watching the Egypt’s national team playing Ghana in the Africa Cup of Nations tomorrow at 9 pm, it’s hardest game to date in the competition. What’s at stake: Egypt needs to at least draw with Ghana and Mali needs to lose to Uganda if we ever stand a chance of moving to the knockout stages.

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