Last month's IMF deal has provided some respite. "Egypt has got a high debt load and arguably it is more vulnerable even than Pakistan in terms of debt payments as a share of revenues," said Renaissance Capital's chief economist Charlie Robertson. "But the difference is, it has been proactive and been quick to go to the IMF," Robertson added, noting Egypt also has strong support from rich Gulf countries. Egypt's IMF negotiations dragged on for seven months and drove its second big devaluation of the year. The central bank continues to allow the pound to weaken incrementally by 0.01 or 0.02 pounds each trading day.

Source: The North Africa Journal November 26, 2022 10:10 UTC