Egypt's finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund rescue package, economists say.
With debt interest payments set to soak up over 40% of the government's revenues next year and a lack of foreign currency still hurting the economy, investors remain cautious despite a post-IMF bounce in sentiment.
Bonds that won't have to be paid for another 15-20 years have also gained sharply, although at 65-70 cents in the dollar and a third below their face value, analysts stress they still indicate danger. , This is partly because of the government's reluctance to raise the interest rate -- or yield -- on the bills above the rate of inflation, particularly when another sharp currency devaluation is being priced in.Egypt's swollen current account deficit and $33.
Egypt's IMF negotiations dragged on for seven months and drove its second big devaluation of the year. The central bank continues to allow the pound to weaken incrementally by 0.01 or 0.02 pounds each trading day.
France Dernières Nouvelles, France Actualités
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