Mirette Magdy

Egypt’s credit rating was upgraded by Fitch Ratings for the first time since 2019, the latest boost for the economy emerging from two years of crisis after securing a $57 billion global bailout.

International Monetary Fund chief Kristalina Georgieva is in Egypt to hear views on how the lender can further support the North African nation as it emerges from a grinding economic crisis, she told the state-run Al-Ahram newspaper.

Egypt’s pound weakened to more than 49 per dollar for only the second time since the North African nation enacted a sharp devaluation in March.

Egyptian inflation slightly quickened for a third month, driven by a sharp rise in fuel prices.

Egypt has started selling a stake of as much as $110 million in United Bank, the country’s first initial public offering in three years as it presses ahead with a privatization program being encouraged by the International Monetary Fund.

The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation’s $8 billion program, although further talks are needed.

(Bloomberg) -- The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation's $8 billion program, although further talks are needed.

Egypt is poised to keep interest rates at a record high as it awaits the full inflationary impact of a fuel-price hike and the completion of a key International Monetary Fund review.

Egypt's pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.