Egypt should focus on attracting more foreign direct investment and boosting exports so it relies less on its once-lucrative carry trade, Finance Minister Mohamed Maait said. The North African country has been racing to limit its exposure to the economic impact of Russia’s invasion of Ukraine, which has imperilled crucial wheat imports and could curb its post-pandemic tourism revival. Egypt’s seen some $20bn in foreign outflows this year as investors in local debt exited what had been a favourite market. Egypt’s Gulf allies have pledged more than $22bn in deposits and investments since the war began, and Cairo is promising to open sectors and businesses to private foreign and domestic ent
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