BNP Paribas on IMF / World Bank spring meetings

BNP Paribas’ Emerging Markets commentary from IMF / World Bank Spring meetings said that, in Egypt, the “authorities expect a strengthening in the export base after the currency devaluation and also see an improvement in tax revenues with the implementation of various fiscal reforms.” The bank says the meetings showed an expectation for tax revenues to grow “by some 1% of GDP per year in the next 5 years.” It also said there would be “no new Eurobond issuance expected before 1Q2018,” but this came before remarks from El Garhy who said Egypt was considering issuing a USD 1.5-2 bn eurobond in the coming weeks.