Analysis by Region - Africa - Egypt

Analysis by Region - Africa - Egypt

The United Arab Emirates (UAE) clinching a deal to invest $35bn to develop a prime stretch of Egypt's north-western coast has been heralded as a breakthrough for the troubled Egyptian economy. Erasing the FX backlog meant that authorities could release goods held at various ports around the country and lift restrictions on the use of credit cards abroad. Importantly, it also afforded the government the scope to advance the policy reforms which the IMF had tabled as prerequisites for unlocking an augmented $8bn deal. The signing of the latest IMF deal has been followed by two additional funding packages: $8bn from the EU and $6bn from the World Bank. Moody’s and S&P Global Ratings were quick out of the blocks to change the outlook on the sovereign’s credit rating to positive.

Egypt: Near-term headwinds die down but is the storm over?
Forecast overview
Recent developments
Short-term Outlook
Key drivers of our Short-term Forecast
Economic risk
Economic risk evaluation
Economic development
Structure of the Economy
Balance of payments
Policy and politics

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