IMF Boss Says Egypt to ‘Bleed’ Reserves Unless It Devalues
- IMF head praises progress of Ghana, Zambia in securing support
- Tunisia not at point of debt restructuring but needs to act
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Egypt will “bleed” precious reserves unless it devalues its currency again, the managing director of the International Monetary Fund said, as she praised other steps her institution’s second-largest borrower has taken to right its stricken economy.
In a wide-ranging interview, Kristalina Georgieva also said Zambia and Ghana, which have both defaulted on their debt, are making progress under their IMF programs, while Tunisia doesn’t need a restructuring yet but should act soon to shore up its economy.