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Bond Market News
Egypt Says IMF Has Agreed to Merge First Two Program Reviews Following Delays
September 25, 2023
Egypt has said that IMF has agreed to merge the first and second reviews of its economic reform program. This comes after the IMF’s first review which has been constantly delayed in the recent past after doubts regarding Egypt’s progress in meeting the lender’s terms. The merging of reviews is a positive update for Egypt so that the pace of discussions quickens given the delays till date. The IMF had approved a $3bn EFF for Egypt in December 2022 under the 46-month program, subject to eight reviews. The first review was supposed to have happened in March but still has not come about. The terms from the IMF included Egypt adopting a flexible exchange rate which has not seen any progress yet. Besides, Citigroup strategists have also expressed concerns, stating that Egypt’s privatization plan is “increasingly falling behind targets”.
Egypt’s dollar bonds trended higher last week and have opened slightly higher today – its 7.625% 2030s were up 1.1 points to trade at 61.95, yielding 17.05%.
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