Middle East & Africa: Economic overview
Egypt’s reliance on imported oil and gas is expected to continue despite the recent devaluation of the Egyptian pound.
The International Monetary Fund (IMF) expects Egypt to implement a raft of measures in exchange for the first tranche of a $12 billion Extended Fund Facility, which was approved by the IMF’s executive board in November and will last for three years. The currency devaluation is part of the reforms, with others including the reduction of energy subsidies. Cairo aims to raise around $6 billion in bilateral aid from other sources.