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Bond Market News
Egypt, IMF Make Further Progress on EFF Arrangement
May 29, 2025
Egypt’s recent negotiations with the IMF continued to progress swiftly after the latter assessed the nation’s performance under its Extended Fund Facility (EFF) arrangement. The IMF reported “good progress” but indicated that further virtual discussions were needed to finalize the fifth review. Historically, Egypt has turned to the IMF multiple times, most notably in 2016 and 2022, to address foreign currency shortages, high debt, and inflation. The current EFF, agreed in 2022, aims to support macroeconomic stabilization, improve fiscal discipline, and promote structural reforms. The IMF acknowledged Egypt’s progress, including improved fiscal oversight, a raised GDP growth forecast to 3.8% for FY 2024-25, and early gains from tax and customs reforms. It also highlighted the importance of widening the tax base, managing debt sustainably and fostering a more competitive business climate. While Egypt has made strides in stabilizing its economy, the IMF emphasized that sustained recovery hinges on deeper structural reforms and private sector-led growth to ensure long-term resilience and employment.
Egypt’s dollar bonds were trading stable across the curve, with its 7.625% 2032s at 89.9, yielding 9.7%. Thanks to progress in Egypt’s programmes and strategic partnerships being forged, Egypt’s dollar bonds have rallied by as much as 15% since April.
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