“Everybody wants a piece of Egypt now,” Goldman Sachs’ MENA economist Farouk Soussa tells the Financial Times in a piece diving into the resurging foreign demand for Egyptian debt following the float of the EGP and the USD bns of funds secured from the Gulf and international partners.

By the numbers: Foreign investors have poured USD 8.5 bn in “hot money flows” into short-term local debt over the past month, according to the salmon-colored paper.

Sustained reforms is the order of the day: The economic reforms the Madbouly government is currently implementing provide “assurance that Egypt’s going to revert to a more orthodox policy trajectory and that it’s going to roll back some of the excesses that brought us to this place in the first place,” Soussa said. “There’s now [a chance] … If it’s wasted, it will be because of a reversion to poor economic policy and policy decisions.”

ALSO PUTTING EGYPT IN THE NEWS-

  • Caught red handed: An antiques trader has been arrested in Spain for selling a looted ancient Egyptian sculpture worth over USD 200k. (The National)
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