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Tuesday, 21 February 2017

On the horizon

Foreign Minister Sameh Shoukry is heading to Washington on 25 February (that’s this coming Saturday, for those of you keeping track at home). Shoukry will meet with US Secretary of State Rex Tillerson and should lay the groundwork for a visit to the White House by President Abdel Fattah El Sisi.

Finance Minister Amr El Garhy will appear before the House of Representatives next week to present the USD 12 bn IMF loan agreement — which may require approval before an IMF delegation arrives early in March to compile a progress report on disbursing the second tranche of the facility — and talk budget deficit projections and public debt.

The Finance Ministry should complete an early outline of the FY2017-18 budget sometime next week, unnamed government officials tell Al Borsa. The new budget will probably not see sharp increases in state salaries or allocations for basic goods and services, they said, and should be ready for the House’s review by April.

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