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Tuesday, 10 October 2017

What we’re tracking on 10 October 2017

Expect the rest of this football-centric news week to be focused squarely on the global macro outlook: The IMF and World Bank annual fall meetings kicked off yesterday and will run until 15 October. Among those attending are Investment Minister Sahar Nasr, Finance Minister Amr El Garhy, EGX chief Mohamed Farid and Egyptian Financial Supervisory Authority Chairman Mohamed Omran.

That should mean the IMF looks into its crystal ball today and unveils its latest World Economic Outlook. The IMF is predicting global growth of 3.5%n in 2017 and 3.6% next year, and German policymakers expect the fund will raise today its outlook for next year. Look for heavy coverage on this front tomorrow as the presser is scheduled for 9-10am Eastern today. Tap or click here to visit the landing page for the WEO.

Expect some tough words from IMF boss Christine Lagarde, the Guardian suggests, noting that she’s expected to deliver this week “a hard-hitting speech … urging world leaders to push ahead with reforms to turn the current global economic recovery into something more sustainable.” Our understanding is that Lagarde speaks on Wednesday and that both she and World Bank President Jim Yong Kim will hold a news conference tomorrow.

Garhy, Nasr to headline special lunch for investors, U.S. business community in New York: Our friends at AmCham and EFG Hermes will then host a special lunch in New York for Investment Minister Sahar Nasr and Finance Minister Amr El Garhy on Tuesday, 16 October. The gathering will feature keynotes from both ministers. Each of the keynotes will be followed by panel discussions, AmCham and EFG Hermes said in a statement (pdf) targeting a US audience. EFG Hermes Group CEO Karim Awad will lead a discussion with El Garhy as well as reps from BNY Mellon and Citi Group. “The second discussion will include Minister Nasr and be moderated by a senior Apache Corporation executive with the participation of a senior executive from PepsiCo,” the statement said. The event, headlined “Egypt: The Revival of an Economy … Stability, Reform and Growth,” is being hosted in coordination with the US Chamber of Commerce, US-Egypt Business Council and the Egypt-US Business Council.

It’s down to the wire for Moushira Khattab’s bid to run UNESCO after Cairo’s preferred candidate finished third in initial voting. The closed-door, secret ballot vote got underway yesterday with a total of seven candidates vying for the job, among them nominees from China, Azerbaijan, Vietnam, France, Qatar, Lebanon and Iraq in addition to Khattab. Day-one votes broke down as 19 for some Qatari or another, 13 for France’s Audrey Azoulay and 11 for Khattab, the Jerusalem Post reports. The winner will need 30 of the 58 votes on UNESCO’s executive board to win the nomination. If there’s no clear winner today, daily rounds of voting will continue this week until a two-candidate runoff takes place on 13 October. The Foreign Ministry continues to lobby African states for support, according to a Foreign Ministry statement, but Khattab’s campaign told talk show hosts last night that African nations weren’t playing ball.

President Abdel Fattah El Sisi is scheduled to meet with Germany’s Economic Cooperation and Development Minister, Gerd Müller, in Cairo today. The two are expected to discuss cooperation on renewable energy, professional training, and agriculture. Müller, who will be in Egypt for the next few days, has already met Investment Minister Sahar Nasr, Al Mal reports.

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