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Thursday, 21 December 2017

IMF’s approval of USD 2 bn tranche disbursal, UN General Assembly vote on Jerusalem top talking heads’ agendas

The two most notable issues on the airwaves were the IMF approving the disbursal of another USD 2 bn tranche (we have chapter and verse in Speed Round, below) and the UN General Assembly’s scheduled vote on the Egypt-drafted resolution on Jerusalem.

The IMF’s praise of Egypt’s fiscal reforms and the strength of its banking sector is “considered a message of confidence,” CBE Assistant Sub-Governor of the Banking Reform Sector Hany Genena told Masaa DMC’s Osama Kamal. (watch, runtime: 6:06).

The USD 2 bn tranche will be repaid over 10 years, and most of Egypt’s loans also carry long-term repayment periods, Genena said. This includes the USD 3-4 bn eurobonds the government plans to issue in 1Q2018, which will have tenures of five, 10, and 30 years. Genena noted that Egypt plans to pay USD 12 bn in debt services next year (watch, runtime: 6:05).

Kol Youm’s Amr Adib delved into the political repercussions of the planned UN General Assembly vote, particularly after US President Donald Trump said he will “watch out” for the countries that support the resolution to rescind America’s Jerusalem declaration. Adib ignored the nearly unanimous outcry against the declaration and said that Trump specifically meant Egypt, which is paying the price for defending Jerusalem. He defiantly told Trump that Egypt would not bow down on the issue, even if the US were to permanently cut off its military aid (watch, runtime: 5:00). Hold your horses, there.

This is not the first time Trump has threatened to cut aid to Arab countries but the US knows it can’t afford to lose Egypt as an ally, Wednesday evening fixture Mostafa El Fekki told Yahduth fi Masr’s Sherif Amer.

Meanwhile on Al Hayah Al Youm, Suez Canal Authority Chairman Mohab Mamish told Tamer Amin that President Abdel Fattah El Sisi is expected to inaugurate soon the second phase of the Kafr El Sheikh fish farm, the first phase of which was launched last month. The president will also officially open three floating bridges in the Suez Canal and the EGP 700 mn upgrade of Mohamed Ali Street. He is also expected to inspect multi-purpose supply vessel built by the China State Shipbuilding Corporation, which will undertake work in the Mediterranean’s oil and gas fields (watch, runtime: 9:07).

Hona Al Asema’s Lamees Al Hadidi spent her evening talking about Nobel Prize laureate Naguib Mahfouz and the film interpretations of his written works (watch, runtime: 2:33:06).

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