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Wednesday, 26 April 2017

What we’re tracking on 26 April 2017

The Ismail government owns the news agenda this morning as the private sector took yesterday off to observe Sinai Liberation day. We saw great three-part harmony from Finance Minister Amr El Garhy, Investment Minister Sahar Nasr and Tourism Minister Yehia Rashed. Nasr is in the early days of a global campaign to promote investment to strategic and public markets investors alike, while Rashed was chatting up reporters about the nascent recovery in the industry and the government’s plan to diversify inbound flows. We have more on both Nasr and Rashed in this morning’s Speed Round, below.

The second phase of the economic reform agenda is now underway after thesuccessful conclusion of the first wave of reforms, El Garhy said at a meeting with investors, bankers institutions including BNP Paribas and the Business Council for International Understanding on the sidelines of the World Bank and IMF spring meetings. He noted hikes in fuel prices and the curbing of spending on electricity subsidies as part reforms undertaken, according to a ministry statement. That’s in line with the International Monetary Fund’s expectations: A senior IMF official said during the meetings that “We will need to discuss with the government the sequencing of measures to achieve their goal of eliminating subsidies on most fuel products during the program period.”

The economy was also at the heart of remarks yesterday by President Abdel Fattah El Sisi at a youth conference. The troubles the country faces are temporary, El Sisi said, according to Ahram Online. More on that, too, in Speed Round, below.

Legislation watch: The House Planning and Budget Committee is scheduled to begin its discussion of the FY2017-18 state budget this week, while the House Economics Committee could wrap discussion of the long-awaited Investment Act.

Expect ‘Francis Mania’ to kick into high gear today as the capital city prepares for the visit this weekend of Pope Francis. The pontiff, who arrives on Friday for a two-day visit, has chosen not to travel in a bulletproof vehicle, The Telegraph reports. “The Pope will use a closed car to move around, but not an armoured one … That’s how he wanted it,” said Greg Burke, the Vatican spokesman. Burke said security is an issue “everywhere, not just in Egypt … Are we worried? I wouldn’t use the word ‘worry’. The security measures are similar to many trips. The Egyptians obviously want everything to go well.”

We aren’t taking any chances: Security and intelligence officials have been ramping up security measures in the lead-up to Francis’ visit by conducting door-to-door checks in Zamalek and prohibiting parking around the Vatican residence, the Associated Press reports. Security has also been tightened in Maadi, with house-to-house visits in one area near a high-profile church.

Pope Francis said in a video message that he is coming to Egypt as a “friend and a messenger of peace and a pilgrim to the country that was a refuge to the Holy Family 2,000 years ago,” the Associated Press reports. Francis also said in a Vatican video that he wants his two-day visit to carry a message of friendship and reconciliation with people of all religions (watch in Arabic, runtime 4:19). Reuters says some conservative Catholics are less than pleased with the Pope’s visit in light of the recent attacks against Christians in Egypt and believe Pope Francis should not engage in dialogue with Islam.

Oh, and brace yourselves for an exceptionally negative Egypt in the News section this morning, including grumping about Egypt in the US Senate, rumors that VOIP calls are being blocked (as we discussed before yesterday’s holiday) and allegations of extrajudicial killings in the Sinai. We rather like Pope Francis, but expect his visit will draw more of the same negative coverage, so expect a rough week or so on the international media front.

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