Mohammed Maait, Egypt's finance minister, speaks during a Bloomberg Television interview in Cairo, Egypt, on Tuesday, Nov. 27, 2018. A proposed change to the way Egypt taxes Treasury bill holdings may not hit bank profits as hard as initially thought, the research arm of Cairo-based investment bank EFG-Hermes said. Photographer: Sima Diab/Bloomberg
Mohammed Maait, Egypt's finance minister, at a Bloomberg Television interview in Cairo, Egypt. The country's three-year programme with the IMF, that helped pull the economy from the brink of crisis, eShow more

Egypt won't seek further IMF funding when programme ends



Egypt will not ask for further funding from the International Monetary Fund when its $12 billion programme expires next year but is open to maintaining a looser relationship with the multilateral lender to reassure investors, finance minister Mohamed Maait said.

“We are now in a position that we don’t think we will need further funding from the IMF. That is number one,” Mr Maait said. Speaking at his office in Cairo, Mr Maait said there “could be some sort of cooperation” with the Washington-based lender but “let me say again and stress again that this does not mean we’re going to ask for further financing".

Mr Maait declined to elaborate on what kind of arrangement Egypt hoped to reach when the three-year programme that helped pull the economy from the brink of crisis expires in June.

Egypt liberalised its currency regime in November 2016, helping to secure the IMF loan to support an economic overhaul that aimed to cut the budget deficit to 8.1 per cent of gross domestic product by mid-2019. The government has largely stayed the course, ploughing ahead with subsidy cuts, though the currency halved in value and inflation hovered above 30 per cent for much of last year. But with volatility sweeping emerging markets and borrowing costs rising, it had given no clear indication what might come next.

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Egypt on track to achieve its financial targets, finance minister said

IMF to disburse $2bn out to Egypt as economic reforms continue

Egypt's private sector activity contracts marginally in September as demand weakens 

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The IMF-backed measures helped attract billions of dollars of foreign investments into domestic bills and bonds and replenish foreign reserves. While the pound has remained stable, however, convulsions in emerging markets have hit demand. More than $7bn flowed out in the six months to the end of September.

The government has embarked on a multi-pronged plan to reduce debt and is taking steps to make itself more attractive to institutional investors.

Mr Maait confirmed Egypt was seeking inclusion in JPMorgan Chase’s emerging market bond indexes to boost inflows from overseas institutional investors to its domestic debt market, following similar steps by Saudi Arabia and four other Gulf countries.

The government was also nearing agreement with Belgium-based Euroclear, which settles transactions in securities in dozens of countries, to clear its domestic debt transactions, making it easier for foreigners, who currently have to go through a local bank, to invest in Egyptian-pound denominated debt.

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Read more:

IMF to approve $2bn payment to Egypt

IMF encourages Egypt to deepen economic reforms, pursue job creation

IMF agree on Egypt's $2 billion loan

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“We are taking steps. We hope that by April we’ll be ready and in the new financial year all our local and domestic debt issuances will be Euroclearable,” he said. “To be included in the JPMorgan index might take longer, but if we can also finish it by 30 June 2019 it would be a fantastic news for us because we think these tools will help us to reduce the cost of borrowing.”

Egypt has sold more than $13 billion in foreign-currency denominated bonds since it liberalized the currency in 2016. Its first euro-denominated bond, issued in April, was oversubscribed.

Mr Maait said the government would go to the market again in early 2019 but could look to diversify into yen and yuan-denominated debt. The government is also expecting to issue its first green bonds, linked to environmental projects, in the 2018-19 financial year ending in June but was unlikely to launch its first Islamic bond or sukuk until the following year.

“We will diversify countries, we will diversify currencies and we will diversify products,” he said.

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Stars: Brad Pitt, Margot Robbie, Jean Smart

Rating: 4/5

COMPANY PROFILE

Company name: Supy
Started: 2021
Founders: Dani El-Zein, Yazeed bin Busayyis, Ibrahim Bou Ncoula
Based: Dubai
Industry: Food and beverage, tech, hospitality software, Saas
Funding size: Bootstrapped for six months; pre-seed round of $1.5 million; seed round of $8 million
Investors: Beco Capital, Cotu Ventures, Valia Ventures and Global Ventures

In-demand jobs and monthly salaries
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  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

UAE FIXTURES

Wednesday 19 April – UAE v Kuwait
Friday 21 April – UAE v Hong Kong
Sunday 23 April – UAE v Singapore
Wednesday 26 April – UAE v Bahrain
Saturday 29 April – Semi-finals
Sunday 30 April – Third position match
Monday 1 May – Final

Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

New Zealand 21 British & Irish Lions 24

New Zealand
Penalties: Barrett (7)

British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

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Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging

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Colours: Midnight, silver, space grey, starlight

In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers

Price: From Dh4,599

The biog

Place of birth: Kalba

Family: Mother of eight children and has 10 grandchildren

Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken

Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah

Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5


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