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Tuesday, 4 July 2017

What we’re tracking on 5 July 2017

House to vote on new budget today: The House of Representatives is expected to make its final vote on the state’s FY2017-18 budget in a plenary session today, Al Borsa reports. The body had already approved the budget late last month, but the legislation needed a final approval from the Egyptian Council of State before being sent back for a final vote. The Finance Ministry, eager to get the ball rolling on the budget (which is technically four days behind schedule) reportedly refused the House Health Committee request for an additional EGP 64 bn for healthcare.

Approving the budget may be the final act of the current House session which is set to close by Wednesday, House speaker Ali Abdel Aal says, according to Al Shorouk.

It is perhaps not surprising that the House rushed through a number of legislative amendments to the Personal Status Act, the law governing the National Human Rights Council, and that for the Supreme Antiquities Council, news reports say. MPs also signed off on a KWD 100k (EGP 5.9 mn) grant from the Kuwaiti Fund for Arab Economic Development to finance an organic farm project in North Sinai.

We are expecting an announcement that Egypt’s FX reserves for June have continued to grow sometime this week, according to statements by Central Bank Governor Tarek Amer picked by Ahram Gate. Egypt’s net FX reserves had reached USD 31.1 bn in May. Amer added that Egypt will be making another payment to the Paris Club this month.

Qatar responds to Arab neighbors’ demands: Qatar’s Foreign Minister Mohammed Al-Thani presented to Kuwait’s Emir Sheikh Sabah Al-Ahmad Al-Sabah his country’s response to the 13 demands set by Egypt, Saudi Arabia, the UAE, and Bahrain, according to a statement that provides exactly zero details. Qatar has until the end of tomorrow to respond to the demands, which include shuttering Al Jazeera, or face the possibility of further sanctions.

The laptop ban on flights to the US to be scrapped tomorrow? That’s what we’re hearing from Turkish Airlines CEO Bilal Eksi who made the announcement in a tweet on Monday. He gave not detail on whether this was exclusively for Turkey, or would include Egypt, Morocco, Jordan, Saudi and Kuwait. Laptops on flights from Abu Dhabi had been given the okay by US authorities.

Goodbye, heatwave: The weather is expected to improve over the next few days as we recover from a heatwave that pushed temperatures above 40 degrees Celsius, Al Ahram reports. All we can say is thank heavens it is no longer Ramadan.

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