The float of the EGP is dividing the international commentariat

Egypt’s post-float economy is raising both optimism and pessimism in the international press, with Rockefeller International chair and founder and CIO of Breakout Capital Ruchir Sharma taking an upbeat tone in the Financial Times, praising Egypt among four other “on the mend” emerging markets for “bowing to market realities” by floating the EGP, raising interest rates, and beginning to cut down on mega project spending. While Bloomberg took a more pessimistic tone, warning that away from the official narrative of the float of the EGP pointing to better times to come, Egyptians are bracing for a further squeeze on their wallets.