The rationale behind Madbouly’s no-new-IMF-program signal

No talks are underway for a new IMF program to follow the current USD 8 bn Extended Fund Facility after it expires in December

End of program, not end of relationship:

IN CONTEXT- Fund’s most recent visit sees no need for a new program Egypt could enter a new, limited IMF program the current USD 8 bn

Analysts read this as a medium-term call, not a permanent break.

The structural tailwinds to keep an eye on:

Thndr’s Esraa Ahmed is more cautious, warning that external factors could cause sudden currency or balance-of-payments crises.

Finding other funds:

REMEMBER - expects remaining EUR 3 bn under the EU macro-financial assistance