Egypt not out of the woods after IMF rescue deal ...Kuwait

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. Foreign exchange traders, meanwhile, seem convinced it will be 28 to the

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Last updated : 27 Nov 2022 clock 03:16 AM

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Egypt not out of the woods after IMF rescue deal ...Kuwait

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