Economics
Inflows, Inflation and IMF: Egypt’s Economic Overhaul in Charts
- Government began overhauling ailing economy in November
- Foreigners have bought debt, equities since pound was floated
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Egypt is overhauling an economy that was starved of investment and hard currency during years of upheaval following the Arab Spring. It has floated the pound, raised interest rates and cut subsidies, securing a $12 billion International Monetary Fund loan in November.
In some areas, the impact has been almost immediate. The government tapped international bond markets for the first time since 2015 and local financial markets have attracted investments. On the flip side, soaring inflation is depressing consumer demand among hard-pressed Egyptians.