The Clap
Egypt has requested the International Monetary Fund’s (IMF) support to aid with its economic program in light of challenges stemming from the Russia-Ukraine crisis.
The deets
The IMF released a statement yesterday stating that Egypt’s recent macroeconomic measures will help mitigate shocks on the Egyptian economy. It also stated that “continued exchange rate flexibility will be essential to absorb external shocks.”
The IMF’s press release ended with a remark on how its staff will begin working with Egyptian authorities to achieve an “inclusive medium-term growth for Egypt.”
For the full press release, click here.
Why this matters
FitchRatings recently expected Egypt’s government to both seek an IMF program as well as raise interest rates, but ruled out the possibility of a currency devaluation. Of course, they missed on the latter call.
Ask & you shall receive.. an order confirmation?📜
