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Bond Market News
Egypt’s Dollar Bonds Jump After Reaching IMF Deal for $3bn loan
October 28, 2022
Dollar bonds of Egypt jumped as much as 5% as the nation reached a staff-level agreement with the IMF supported by a $3bn loan under the Extended Fund Facility (EFF). Ivanna Vladkova Hollar, IMF’s Mission Chief for Egypt said that the agreement is set enhance Egypt’s external position , macro stability and debt sustainability as it unlocks a multi-year financing package of $5bn from multilateral and regional partners. Zawya notes that Egypt also requested financing under a new facility known as the Resilience and Sustainability Facility (RSF), which could see them avail up to an additional $1bn in funding.
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