Egypt's currency crisis eases with $35bn tourism deal, $16bn aid from EU & IMF, and record interest rate hike.
Egypt's currency crisis appears to be over after a $35bn tourism development deal with the UAE and a record interest rate hike. The EU and IMF have provided $16bn in aid, but Egypt faces challenges including persistent capital outflows, chronic current account deficits, and a structural imbalance in merchandise trade. The EU's $8bn package covers areas such as renewable energy, trade, and security, aiming to boost investor confidence and support the Egyptian economy.
March 21, 2024
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