{"id":633887,"date":"2024-07-22T00:00:00","date_gmt":"2024-07-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/egypts-external-debt-sees-record-drop-in-may\/"},"modified":"2024-07-22T00:00:00","modified_gmt":"2024-07-22T00:00:00","slug":"egypts-external-debt-sees-record-drop-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/egypts-external-debt-sees-record-drop-in-may\/","title":{"rendered":"Egypt\u2019s external debt sees record drop in May"},"content":{"rendered":"

Good afternoon, wonderful people. <\/strong>We\u2019re already in the middle of the short workweek and very much looking forward to the long weekend. <\/p>\n

\n

THE BIG STORY TODAY<\/p>\n

Egypt\u2019s external debt registers record decline in May:<\/strong> Egypt\u2019s external debt dropped to USD 153.9 bn at the end of May, down by USD 14.17 bn \u2014 or 8.43% \u2014 from its level at the end of December 2023, according to a high-level source at the central bank.<\/p>\n

We\u2019ve got our imports covered for eight months<\/strong>: <\/strong>Egypt\u2019s foreign reserves can now cover approximately 7.9 months of merchandise imports, \u201cexceeding internationally accepted standards of safe levels,\u201d the source said.<\/p>\n

ICYMI- FX reserves hit a record high in June: <\/strong>Net foreign reserves increased in June<\/a> to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May<\/a>.<\/p>\n

\n

\n

\n

THE BIG STORY ABROAD<\/p>\n

It\u2019s all coming up Kamala:<\/strong> Media furor over Kamala Harris\u2019s bid to replace Joe Biden as the Democratic Party\u2019s presidential candidate continues at full throttle ahead of a scheduled vice presidential appearance at the White House today. With less than four months until the US presidential election on 5 November, Biden\u2019s heir apparent has precious little time to wage a campaign against Donald Trump, who found himself backed by a united Republican Party at the Republican National Convention in Milwaukee last week.<\/p>\n

What\u2019s next? <\/strong>The Democratic National Committee\u2019s rules committee has called a meeting<\/a> for Wednesday to discuss the process for picking a new candidate. While Harris has garnered significant support<\/a> from Democratic lawmakers since Biden\u2019s announcement, she can\u2019t become the party\u2019s nominee until the vote at the Democratic National Convention, scheduled for 19-22 August. If a roll call at the convention does not show a clear majority for Harris, the convention will likely turn into an open primary \u2014 providing other would-be candidates<\/a> like Michigan governor Gretchen Whitmer and Pennsylvania governor Josh Shapiro the option of throwing their hats into the race.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n