{"id":576999,"date":"2022-11-06T04:00:29","date_gmt":"2022-11-06T04:00:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/cop27-dominates-foreign-coverage-does-the-imf-program-go-far-enough\/"},"modified":"2022-11-06T04:00:29","modified_gmt":"2022-11-06T04:00:29","slug":"cop27-dominates-foreign-coverage-does-the-imf-program-go-far-enough","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/cop27-dominates-foreign-coverage-does-the-imf-program-go-far-enough\/","title":{"rendered":"COP27 dominates foreign coverage + Does the IMF program go far enough?"},"content":{"rendered":"

<\/a> COP27 is dominating the conversation on Egypt in the foreign press this <\/strong>morning<\/strong> as the global climate summit gets underway today. The questions on most people\u2019s lips ahead of the start of the conference: can the developed and developing worlds come to an agreement on who pays? Many outlets are focusing on the critical question over \u201closs and damage\u201d this morning including the Financial Times<\/a>, AFP<\/a>, Sky News<\/a> and the Guardian<\/a>.<\/p>\n

MEANWHILE- <\/strong>Bloomberg<\/a>, the Associated Press<\/a>, the New York Times<\/a>, and CNN<\/a> are all focusing on whether climate activists will have room to operate, while the Independent<\/a> argues that sky-high hotel rates are pricing out people from developing nations.<\/p>\n

Tellimer\u2019s equity research chief isn\u2019t convinced by the IMF program:<\/strong> While the recently-agreed USD 3 bn IMF loan will help Egypt rebuild its foreign reserves, the IMF didn\u2019t go far enough in pushing for deeper structural reforms that could break Egypt\u2019s cycle of economic crises, Tellimer\u2019s\u2019 head of equity research, Hasnain Malik, tells Bloomberg TV (watch, runtime: 5:48<\/a>).<\/p>\n

Float or just another deval?<\/strong> Malik casts doubt on whether the EGP is now operating on a truly flexible exchange rate, calling last month\u2019s depreciation \u201ca big devaluation to a new managed float\u201d and expressing disappointment that the Fund didn\u2019t force through flexibility.<\/p>\n

Pushing for private-sector growth: <\/strong>Malik also wanted to see the IMF be more assertive in forcing the government to roll back the state- and military-owned enterprises from the economy and stimulate private-sector growth. \u201cWithout fixing that systemic problem, all we\u2019ve done is started the countdown to the next crisis, devaluation and bailout from external partners,\u201d he said. Bloomberg\u2019s Bobby Ghosh<\/a> is also out with a piece criticizing the IMF for not pushing Egypt hard enough to up private-sector participation in the economy.<\/p>\n

Also making headlines: <\/strong><\/p>\n