A worth reading commentary was published by BMI – A Fitch Solutions Company on July 4, 2024 stated some positive insights following the new government announcement. Some of the most related insights to our Ministry's scope were the following;

 

📌 We have long argued that a new government will have limited impact on policy direction in Egypt, which will continue to be guided by the International Monetary Fund programmer. While the magnitude of the ministerial changes exceeded our initial expectations, we think that this aims to increase confidence in the implementation of economic and structural reforms. However, even though we think that this change will boost confidence in the near term.

 

📌 The reshuffle has been positively received by markets, as indicated by the appreciation of the Egyptian pound and the rise in Eurobond prices. This is because of some optimism about Egypt’s ability to secure sustainable sources of FX, especially from FDI and exports of goods and services.

 

📌 We think that Egypt’s new cabinet aims to signal to the market and investors a desire for a stronger momentum for reforms that would put Egypt’s economic recovery on a sustainable path.

 

📌 The most prominent change came in the Ministry of Finance with appointing  Ahmed Kouchouk (former WorldBank economist and key player in Egypt’s negotiations with the IMF over funding programmes).