Egypt's sovereign dollar bonds tumbled on Friday after ratings agency Moody's downgraded its credit rating deeper into junk territory, ramping up the pressure on the cash-strapped nation as it heads into elections in December.'
A view from an airplane window of buildings in a densely populated area, in Cairo, Egypt, May 2, 2023. REUTERS/Mohamed Abd El Ghany/File photorating deeper into junk territory, ramping up the pressure on the cash-strapped nation as it heads into elections in December.
Egypt has downgraded its pound currency to half its former value in the year to March. But on Thursday, International Monetary Fund director Kristalina Georgieva told Bloomberg that Egypt will continue to "bleed" reserves unless it devalues again. Economists said the downgrade and Georgieva's comments would make it tougher to attract cash into the country in the short term.
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