{"id":577029,"date":"2022-11-07T04:00:57","date_gmt":"2022-11-07T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/"},"modified":"2022-11-07T04:00:57","modified_gmt":"2022-11-07T04:00:57","slug":"bond-investors-shrug-at-imf-rescue-package","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/","title":{"rendered":"Bond investors shrug at IMF rescue package"},"content":{"rendered":"

<\/a> The markets aren\u2019t convinced that the IMF program is a cure for Egypt\u2019s woes:<\/strong> Egyptian bonds have sold off and the cost of insuring the country\u2019s debt has risen in the days since the government agreed a USD 3 bn rescue package<\/a> with the IMF as investors adopt a wait-and-see approach and rising US interest rates squeeze emerging-market assets. Policymakers hoped a move to a floating exchange rate and fresh backing from the IMF would restore market confidence in our external position, but instead Egypt\u2019s bonds are nursing losses and five-year credit default swaps are trading deeper in distressed territory, Bloomberg<\/a> writes.<\/p>\n

Refresher:<\/strong> Egypt and the IMF announced a staff-level agreement for a USD 3 bn extended fund facility at the end of October after the central bank allowed the EGP to fall against the USD in what it said was a move to a \u201cdurably flexible\u201d exchange rate. The agreement is expected to unlock another USD 5 bn in financing from other international lenders. Policymakers expect the IMF executive board to approve the facility at a December meeting.<\/p>\n

Show don\u2019t tell:<\/strong> \u201cEgypt remains a \u2018show me\u2019 story,\u201d an analyst at Columbia Threadneedle Investments told the outlet. \u201cThe IMF involvement is a nice policy anchor but does not by itself fix any of the external funding issues as program success is very much contingent on execution of the privatization and foreign-direct-investment agenda, of which investors remain skeptical given previous disappointments.\u201d Bloomberg<\/a> had earlier quoted Tellimer expressing similar concerns.<\/p>\n

The program is at the low end of what was expected<\/strong>, disappointing some analysts who had estimated that the country could need as much as USD 15 bn to shore up its position. Deutsche Bank says Egypt needs USD 28 bn to cover debt repayments until the end of 2023 and requires another USD 20 bn for 2024, though it has just USD 33 bn in foreign reserves.<\/p>\n

Goldman did warn that it could take a while to get investors on side:<\/strong> \u201cThe funding being made available in the program is unlikely, in our view, to immediately allay investor concerns regarding Egypt\u2019s medium-term external financing outlook. We therefore do not expect market access to be restored in the immediate term,\u201d Goldman Sachs MENA economist Farouk Soussa wrote in a note<\/a> following the devaluation last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The markets aren\u2019t convinced that the IMF program is a cure for Egypt\u2019s woes: Egyptian bonds have sold off and the cost of insuring the country\u2019s debt has risen in the days since the government agreed a USD 3 bn rescue package with the IMF as investors adopt a wait-and-see approach and rising US interest […]<\/p>\n","protected":false},"author":1,"featured_media":577030,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[96,7106,104,1419,72,272,1368],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-abdel-fattah-el-sisi","tag-debt","tag-economy","tag-egp","tag-enterpriseam","tag-imf","tag-kristalina-georgieva","wpautop","entry"],"acf":{"mongo_id":"0cc4cbda-8fa0-412b-b4a5-635dd70d252c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/111.jpg","photo_position":"above","related_issue":[577015],"teaser":"","voice_url":""},"yoast_head":"\nBond investors shrug at IMF rescue package - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bond investors shrug at IMF rescue package\" \/>\n<meta property=\"og:description\" content=\"The markets aren\u2019t convinced that the IMF program is a cure for Egypt\u2019s woes: Egyptian bonds have sold off and the cost of insuring the country\u2019s debt has risen in the days since the government agreed a USD 3 bn rescue package with the IMF as investors adopt a wait-and-see approach and rising US interest […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-07T04:00:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/111.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bond investors shrug at IMF rescue package\",\"datePublished\":\"2022-11-07T04:00:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\"},\"wordCount\":387,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/111.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abdel Fattah El Sisi\",\"debt\",\"economy\",\"EGP\",\"EnterpriseAM\",\"IMF\",\"Kristalina Georgieva\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/bond-investors-shrug-at-imf-rescue-package\/\",\"name\":\"Bond investors shrug at IMF rescue package - 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The EFF aims to help Lebanon \u201crebuild the economy, restore financial sustainability, strengthen governance and transparency, and\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":611592,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/were-in-talks-with-the-imf-for-a-bigger-package\/","url_meta":{"origin":577029,"position":3},"title":"We\u2019re in talks with the IMF for a bigger package","author":"enterpriseam admin","date":"10 December 2023","format":false,"excerpt":"An IMF spokesperson described the need for more financing as \u201ccritical\u201d due to the war in Gaza","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/","url_meta":{"origin":577029,"position":4},"title":"It could take another month or two to finalize IMF support -Maait","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"Talks for an IMF facility could wrap in another month or two, Finance Minister Mohamed Maait told Bloomberg (watch, runtime: 14:28) in a wide-ranging interview that tackled everything from the IMF loan to Egypt\u2019s rising debt levels, devaluation of the EGP, and future bond issuances.Maait again refrained from providing a\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/365.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575750,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/bond-bulls-return-to-egypt-more-than-doubling-foreign-holdings-in-five-months\/","url_meta":{"origin":577029,"position":5},"title":"Bond bulls return to Egypt, more than doubling foreign holdings in five months","author":"enterpriseam admin","date":"26 October 2020","format":false,"excerpt":"Foreign investors are piling into Egyptian debt: Foreign inflows into Egyptian bonds have surged to more than USD 20 bn just a few months after investors pulled USD bns during the global market panic in the spring caused by the coronavirus pandemic, Bloomberg reports. 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