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Bond Market News
Egypt Seeks to Boost IMF Rescue Program to $5bn
October 16, 2023
Egypt is said to be in talks with the IMF to increase the latter’s rescue program fund from $3bn to $5bn. The increase, however, will take place only after Egypt is able to successfully complete its two pending program reviews (scheduled for March and September) from the IMF. Egypt’s currency policy has been the main roadblock in the discussions. According to sources, the IMF may start the two reviews around the end of October with currency reforms likely to take place after presidential elections in December. The IMF board’s approval of the review and disbursal of the delayed loan tranches would follow once the currency reform is completed. According to Morgan Stanley estimates, Egypt currently faces financing needs of $24bn in the fiscal year through June 2024. Egypt owes $22bn to the IMF and is the second largest borrower from IMF after Argentina.
Egypt’s dollar bonds traded flat on Friday with its 7.5% 2027s at 66.5 cents on the dollar, yielding 22.4%.
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