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.
Log in or register for a free trial to continue reading this article
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up