Domestic industry at the heart of structural reforms as IMF delegation talks begin: The government will now start focusing on structural reforms to support manufacturers and exports, Finance Minister Amr El Garhy announced. The IMF delegation will meet with CBE Governor Tarek Amer and El Garhy on Sunday, a ministry statement read. Talks with the delegation have recorded “significant progress,” El Garhy said yesterday, Ahram Gate reports. The finance minister says the delegation’s review should wrap by 8 or 9 November and adds that support from the IMF, whose review should unlock another tranche of Egypt’s USD 12 bn extended fund facility, shows the potential of the Egyptian economy. Borrowing from the IMF will be directed towards deficit financing without any stipulation on how or for what specific purpose the funds could be used, Vice Minister of Finance Ahmed Kouchouk says.

Speaking of manufacturing and exports: Trade and Industry Minister Tarek Kabil will speak today at AmCham’s monthly luncheon meeting. The topic: “Egypt: Industry and Trade Growth.” Members can register here.

The Oil Ministry has finished its review of the executive regulations to the Natural Gas Act and will be sending them to Cabinet for its sign-off soon, Minister Tarek El Molla said yesterday, Al Masry Al Youm reports. The regulations will outline the roles and duties of EGAS. The market regulator will be in charge of easing the state out of the industry and regulating both private and public players. If the law passes this year, it should permit the first licenses for imports and distribution to be handed out next year. EGAS has granted three companies preliminary approval for licenses. The regs to the Natural Gas Act are the latest in a string of reforms the Sisi administration has signalled it is fast tracking for the House of Representatives’ current legislative session. Cabinet approved last week of the Universal Healthcare Act (which now goes to parliament) and the executive regulations for the Investment Act last week.

US Vice President Mike Pence will be visiting Egypt and Israel in late December, according to the Associated Press. “One of the messages that I will bring on the president’s behalf to leaders across the region is that now is the time to bring an end to the persecution of Christians and all religious minorities,” Pence said. He also has plans to redirect funds aimed at supporting minorities away from the UN, saying the US “will no longer rely on the United Nations alone to assist persecuted Christians and minorities in the wake of genocide and the atrocities of ISIS. The United States will work hand-in-hand with faith-based groups and private organizations to help those who are persecuted for their faith… From this day forward, America will provide support directly to persecuted communities through USAID.”

Were travel warnings issued by Germany and Russia in the wake of the El Wahatattack? The German embassy issued a statement on Wednesday clarifying that while it had updated its guidelines on travel and safety in Egypt last week in the wake of the El Wahat attack which killed 16 policemen, it had not issued a blanket travel warning nationwide. Travel warnings were only in place in “certain areas,” the statement reads without clarifying whether new places had been added. Egypt Independent is reporting that the Russian Foreign Affairs Ministry issued a similar travel warning to some parts in Egypt, though we were unable to find a statement from the ministry or the embassy.

Amazon boss Jeff Bezos has supplanted Bill Gates as the world’s richest man according to the Bloomberg Billionaires Index on Friday, on the back of a post-earnings surge in Amazon.com shares that saw his net worth rise to USD 93 bn. This is the first time Gates, whose net worth stands at USD 88.7 bn, was beaten out of the top spot in the index since 2014, Bloomberg notes.