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Bond Market News
Egypt’s Dollar Bonds Rally on Expected IMF Disbursement, Import Bill Savings
January 7, 2025
Egypt is expected to receive a $1.2bn disbursement from the IMF as part of an $8bn program from the multilateral lender. In December, the IMF reached a staff-level agreement with Egypt on the fourth review of the 46-month EFF deal. Egypt’s Finance Minister Ahmed Kouchouk said that the nation was targeting about $3bn for the remainder of the current fiscal year ending June. Separately, their Petroleum Minister Karim Badawi said that they had a new system for monthly payments to repay arrears owed to foreign oil companies. He noted that the new payment system led to more petroleum products in Egypt by end-2024. This is expected to cut their import bill by $1.5bn per year beginning January, according to a cabinet statement.
Egypt’s dollar bonds traded higher with its 7.3% 2033s up 1.4 points to 86.5, yielding 9.62%.
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