Egypt’s int’l reserves hit highest point in 4 years

The reserves are the highest they have been since the pandemic outbreak in February 2020, when they hit $45.5 billion.

The number is expected to exceed $50 billion thanks to the Ras El-Hikma development deal Egypt signed with the UAE in February worth $35 billion, commitments from international financial institutions, and the UK’s recent $400 million financing pledge.

Egypt is engaged with the IMF in an Extended Fund Facility (EFF) loan programme till 2026 worth $8 billion.

Under the programme, Egypt is committed to replenishing its NIRs, which dropped significantly in March 2022 due to the repercussions of the war in Ukraine, a weak Egyptian pound, and a decline in remittances.