Pre-Trading Thoughts

The IMF Executive Board has completed the third review of our USD 8 bn loan program, enabling the government to immediately draw the USD 820 mn third tranche. Foreign investments in Egypt’s debt currently stands at USD 32-33 bn after the exit of USD 4 bn in June. Egypt is not expected to tap the international debt market this year, adding that the state is focusing on the local market to meet its financing needs for the time being The cabinet gave the green light the ins and outs of the subsi...