Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of Egypt (CBE), state-run Saudi Press Agency reports. The kingdom made the deposit in March. The sum forms part of over USD 22 bn pledged in investments and deposits by our GCC neighbors to help shore up Egypt’s finances and contain the fallout from Russia’s war in Ukraine.

The Saudi statement noted Egypt’s “enormous growth potential” amid ongoing structural reforms and moves to boost the role of the private sector in the economy. The statement also notes that Riyadh believes the deposit is important to Egypt’s bid to line up deposits and other lines of finance from other sources — including paving the way for us to land a USD 3 bn IMF facility.

What about the IMF facility? As of this morning, we still don’t appear on the IMF executive board’s public agenda, which is public through to 7 December.

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