Egypt Seeks IMF Rescue Package As Pound Collapses

The Egyptian government announced on 26 July that it was close to clinching an agreement with the IMF for a three-year support program to secure $12bn, or $4bn a year, to ease its funding gap and restore market stability in the country, having initiated discreet talks with the IMF some three months ago.

The country has been dependent on oil-rich Gulf states Saudi Arabia, Kuwait and the UAE for funding since President ‘Abd al-Fattah al-Sisi ousted his predecessor Muhammad Mursi in July 2013. But with their revenues having collapsed due to oil prices falling 60% from their peak in mid-2014 and hefty receivables owed to IOCs mean the government has had to find a new source of funding.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE