Egypt’s net foreign reserves edge up slightly for first time since April

Egypt’s net foreign reserves edge up slightly for first time since April

Egypt’s net international reserves rose slightly for the first time since April, providing a measure of relief as the North African nation seeks a loan from the International Monetary Fund.

The figure increased to $33.198 billion in September, from $33.142 billion the month before, the central bank said on Wednesday in a statement.

For the latest headlines, follow our Google News channel online or via the app.The mild rise comes as the most populous Arab nation wrestles with the economic shock-waves of the Russian invasion of Ukraine. Food and fuel bills have soared, with inflation near a four-year high. Foreign investors have pulled $22 billion out of the local debt market since March.

Egypt is in talks with the IMF for support while it also works on attracting more foreign direct investment, including plans to offer parts of state-owned enterprises, and boosting exports.

Finance Minister Mohamed Maait told Bloomberg in September that authorities hope to reach an IMF deal within one or two months, although the loan amount is yet to be determined.

Goldman Sachs Group Inc. and Bank of America Corp. have estimated Egypt may need to secure $15 billion, although Maait previously said it is seeking a smaller amount. Analysts have said the