It’s almost-THURSDAY, friends — which means our favorite day of the week (and the weekly exodus to the Sahel bawabat) is just around the corner. Our reward? Another busy and interesting news day.

THE BIG STORIES TODAY

#1- We’re working out our differences with the IMF as the government pushes through negotiations over a fresh loan program, Finance Minister Mohamed Maait told Al Arabiya TV (watch, runtime: 1:16). His statements come one day after the IMF urged the government to take “decisive” steps on fiscal and structural reforms as Egypt seeks the loan to mitigate the fiscal strain and balance of payments pressure triggered by the crisis in Ukraine.

#2- It’s official: CIRA’s future flow securitization program gets regulatory approval: The Financial Regulatory Authority (FRA) has given EFG Hermes the go-ahead to take EGX-listed education provider CIRA’s planned EGP 800 mn issuance of future flow securities to market, in what would kick off the company’s EGP 2 bn future flow securitization program, the authority announced in a statement (pdf) today.

^^We’ll have more on these stories and plenty of others in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD

Russia further reducing its gas flows to Europe is still topping headlines in the international business press. Moscow followed through on its decision from earlier this week, bringing supplies from its key Nord Stream 1 pipeline Europe to just 20% of its total capacity. While the move was blamed on technical issues, EU energy policy chief Kadri Simson has gone on record saying that it is politically motivated. In anticipation of the move, EU countries yesterday approved a proposal to cut gas use by 15% from August to March of next year, as they struggle to secure enough gas for the winter. Unsurprisingly, European gas futures jumped 12% on the news. (Reuters | Financial Times | CNN | CNBC)

HAPPENING NOW-

It’s day two of the US Federal Reserve’s Federal Open Market Committee meeting. Expect Fed Chairman Jay Powell to announce the central bank’s second consecutive 75 bps interest rate hike later today. Investors are broadly expecting the Fed to “keep aggressively raising” rates this year, as demonstrated by the inverted yield curve, the Wall Street Journal writes. On the flipside, many are concerned that the Fed going too tight too fast on monetary policy could push the US into a recession.

WATCH THIS SPACE- The Central Bank of Egypt will next meet to review rates here at home on Thursday, 18 August.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• IMF wants Egypt to move faster, more decisively on reforms: The IMF yesterday called on the Egyptian government to take “decisive” steps on fiscal and structural reforms.
• …and revised downwards its global growth outlook for this year and next, warning that gathering headwinds are pushing the world closer to recession.
• Infinity + AFC plan USD 4 bn investment to double Lekela’s capacity: Our friends at renewables player Infinity Group and Africa Finance Corporation want to raise USD 2.5-4 bn over the next four years to double the capacity of the newly-acquired Lekela Power

???? CIRCLE YOUR CALENDAR-

The FRA will hold public hearings on its 2022-2026 strategy next Sunday, 31 July, the authority said in a press release (pdf). The dialogue will include representatives from the FRA’s capital markets advisory committee, the EGX, Misr for Central Clearing, Depository and Registry, the Investor Protection Fund, the Egyptian Capital Market Association, and the Fixed Income Association in Egypt. The strategy, which the authority released late May, aims to double the EGX’s market cap to EGP 1.6 tn by 2026.

☀️ TOMORROW’S WEATHER- It’ll be a hot day tomorrow, with the mercury forecasted to rise to 41°C during the day before falling to 25°C the evening, according to our favorite weather app.