{"id":582115,"date":"2023-02-13T00:00:00","date_gmt":"2023-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/"},"modified":"2023-02-13T00:00:00","modified_gmt":"2023-02-13T00:00:00","slug":"more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/","title":{"rendered":"More EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA"},"content":{"rendered":"

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/span>Will other emerging markets follow Egypt, Pakistan and Lebanon on the devaluation <\/span>trail? <\/span>Analysts now see Argentina, Nigeria, Malawi, Ethiopia and Bangladesh at risk of seeing their currencies tumble on the back of <\/span>unsustainable debt burdens and FX shortages, <\/span>Bloomberg<\/a><\/span>reports. \u201cAdditional devaluations in some of the fragile frontier markets are very likely,\u201d said Wells Fargo strategist Brendan McKenna. \u201cAs external buffers get depleted, their ability to defend pegs diminishes. Investors with exposure to these markets should think about hedging against devaluation risks,\u201d he added. <\/span><\/p>\n

Devals bring upsides and downsides: <\/span>While devaluation could help bring in fresh capital and help in trade competitiveness, it could also further fuel inflation and debt repayments, Bloomberg notes. Tellimer strategist Hasnain Malik says investors should be on the lookout for routs in countries at risk. \u201cCurrency devaluation makes a number of equity markets in the smaller emerging and frontier universe untouchable,\u201d he said, namechecking Egypt, Argentina, Ghana, Lebanon, Nigeria, Pakistan, Sri Lanka and Zimbabwe. <\/span><\/p>\n

AND- Rising public debt in MENA is concerning the IMF<\/span>: Public debt in some countries in <\/span>the MENA region is of \u201cconcern,\u201d <\/span>Reuters<\/a><\/span> quotes IMF head Kristalina Georgieva as saying during the Dubai-hosted Arab Fiscal Forum. \u201cPublic debt is a concern, especially in countries that are oil importers and that is an issue we will continue to be working on,\u201d she said, adding that MENA inflation was \u201cfar too high still.\u201d She stressed that countries in the region need \u201crobust\u201d fiscal frameworks and more resilience to respond to shocks, noting the impact of the devastation caused by last week\u2019s earthquakes on the Turkish economy.. <\/span><\/p>\n

FINALLY- PIF-backed Chinese fund to raise USD 1 bn:<\/span> Riyadh-based <\/span>eWTP Arabia C<\/a><\/span>apital<\/a><\/span>, <\/span>a <\/span>venture capital fund backed by Saudi Arabia\u2019s Public Investment Fund (PIF) and China\u2019s <\/span>Alibaba Group, is close to raising USD 1 bn to back tech startups in Asia and the Middle East, <\/span>Bloomberg<\/a><\/span> reports<\/span>. The fund made a USD 400 mn raise in 2019 and has invested in 16 firms, five of which it plans to take public in Riyadh or the US next year. <\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,287<\/span><\/p>\n<\/td>\n

\n

-1.9% (YTD: +18.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.48<\/span><\/p>\n<\/td>\n

\n

Sell 30.58<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.48<\/span><\/p>\n<\/td>\n

\n

Sell 30.58<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,419<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: -0.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

10,023<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: -1.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,454<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,090<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +6.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,882<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,198<\/span><\/p>\n<\/td>\n

\n

-1.2% (YTD: +10.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 86.39<\/span><\/p>\n<\/td>\n

\n

+2.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.51<\/span><\/p>\n<\/td>\n

\n

+3.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,874.50<\/span><\/p>\n<\/td>\n

\n

-0.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 21,815<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +32.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 fell 1.9% at yesterday\u2019s close<\/span> on turnover of EGP 1.8 bn (3.6% below the 90-day <\/span>average). Foreign investors were net sellers. The index is up 18.4% YTD.<\/span><\/p>\n

In the green: <\/span>e-finance (+3.2%), Ezz Steel (+3.1%) and Elsewedy Electric (+2.2%).<\/span><\/p>\n

In the red: <\/span>CIB (-4.7%), Abu Dhabi Islamic Bank (-4.3%) and Mopco (-3.7%).<\/span><\/p>\n

Asian shares were down in early trading today <\/span>and futures suggest most of Europe will follow suit, as will Wall Street and Bay Street later today. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Will other emerging markets follow Egypt, Pakistan and Lebanon on the devaluation trail? Analysts now see Argentina, Nigeria, Malawi, Ethiopia and Bangladesh at risk of seeing their currencies tumble on the back of unsustainable debt burdens and FX shortages, Bloombergreports. \u201cAdditional devaluations in some of the fragile frontier markets are very likely,\u201d said Wells Fargo […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7210],"tags":[380,7106,115,72,6723,119,272,1368,1389,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582115","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-currencies","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-ewtp-arabia-capital","tag-financial-markets","tag-imf","tag-kristalina-georgieva","tag-pif","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a2852e87-576f-4149-b253-3b5dd65eea19","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg,https:\/\/download.efghermesone.com\/","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582090],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.15bbb78d-7abb-4e7e-a63e-6b330b5eeace.mp3"},"yoast_head":"\nMore EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA - 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\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA\" \/>\n<meta property=\"og:description\" content=\"Will other emerging markets follow Egypt, Pakistan and Lebanon on the devaluation trail? Analysts now see Argentina, Nigeria, Malawi, Ethiopia and Bangladesh at risk of seeing their currencies tumble on the back of unsustainable debt burdens and FX shortages, Bloombergreports. \u201cAdditional devaluations in some of the fragile frontier markets are very likely,\u201d said Wells Fargo […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-13T00:00:00+00:00\" \/>\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\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA\",\"datePublished\":\"2023-02-13T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\"},\"wordCount\":483,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"currencies\",\"debt\",\"emerging markets\",\"EnterpriseAM\",\"eWTP Arabia Capital\",\"Financial Markets\",\"IMF\",\"Kristalina Georgieva\",\"PIF\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/\",\"name\":\"More EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA - 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Not always. The depreciation of emerging-market currencies may actually result in falling exports, research by the Bank of International Settlements (BIS) and the FT suggests. Conventional wisdom tells us that a weakening currency makes exporters more competitive in the international market, causing an increase in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/980.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":582115,"position":1},"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":570852,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/16\/paris-club-agrees-on-debt-relief-plan-for-developing-countries\/","url_meta":{"origin":582115,"position":2},"title":"Paris Club agrees on debt relief plan for developing countries:","author":"enterpriseam admin","date":"16 April 2020","format":false,"excerpt":"The world\u2019s biggest payday loan club agree on debt relief plan for developing countries: Officials of the Paris Club group of creditor countries have agreed to suspend debt payments owed by developing countries to rich governments this year, French Finance Minister Bruno Le Maire told reporters following a video conference\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/","url_meta":{"origin":582115,"position":3},"title":"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546201,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/emerging-market-investors-expect-imf-to-back-risky-debt-global-food-prices-eased-slightly-in-april\/","url_meta":{"origin":582115,"position":4},"title":"Emerging-market investors expect IMF to back risky debt + global food prices eased (slightly) in April","author":"enterpriseam admin","date":"8 May 2022","format":false,"excerpt":"Expectations of IMF support are driving gains in some of the riskiest EM debt markets: Emerging-market debt has been battered by a tightening monetary environment as central banks crack down on inflation, losing 6% last month alone. But investors are flocking to buy high-risk bonds in the belief that the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570425,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/are-emerging-markets-about-to-impose-capital-controls\/","url_meta":{"origin":582115,"position":5},"title":"Are emerging markets about to impose capital controls?","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Are emerging markets about the slap on capital controls? Emerging market economies are witnessing a collapse in external financing, with indications that outflows from EM bond and equity funds of the last three weeks exceeded 4% of net asset value. 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