Egypt is pushing to tie up a crucial financial package from the International Monetary Fund at annual meetings in Washington this week, hoping to stem a currency crisis that has restricted imports and sparked market unease over foreign debt repayments.
Register now for FREE unlimited access to Reuters.com"The conclusion of negotiations with the IMF are becoming increasingly urgent amid growing foreign exchange scarcity, supply shortages and persistent inflation," said Callee Davis of Oxford Economics.that Egypt and the fund were close to a deal.
Net foreign assets in the banking system fell by almost $30 billion from August 2021 to August 2022, according to central bank data, raising concern among foreign investors about Egypt's ability to repayAs of the end of June, the government had a total of $155.7 billion in foreign debt. Some $42.2 billion was due to mature between March 2022 and March 2023, according to the latest central bank figures.
By the end of 2025, it will have to pay a total $11.6 billion to the IMF for a support package concluded in 2016 and another two packages in 2020.The country's longer-dated dollar-denominated bonds maturing in 10 years or beyond are trading below 70 cents to the dollar, which many consider the threshold for distressed debt. ,
Maait has indicated in the local press that Egypt could expect just $3-$5 billion, but one person familiar with the matter said the package would likely be at the lower end of this range.
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