Analysis: Egypt not out of the woods after IMF rescue deal – Reuters
- Date: 25-Nov-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Egypt
Analysis: Egypt not out of the woods after IMF rescue deal – Reuters
CAIRO/LONDON, Nov 25 (Reuters) - Egypt's finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund rescue package, economists say.
With debt interest payments set to soak up over 40% of the government's revenues next year and a lack of foreign currency still hurting the economy, investors remain cautious despite a post-IMF bounce in sentiment.
Bankers in north Africa's largest economy point out that the Egyptian pound's black market rate of 26-26.5 per dollar is still 8% below the 24.53 official rate despite a 36% overall devaluation this year.
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