Al Mashat presented the country’s recent economic and structural reforms, emphasizing the government's efforts to strengthen macroeconomic stability, enhance the business environment, and build a competitive, investment-friendly economy.
With a 12-month waiting period for re-inclusion, the next anticipated step involves JPMorgan potentially placing Egypt on its watchlist in the first half of 2025.
Gbolahan Taiwao at JPMorgan expressed optimism in a note to clients, stating, “The Egypt carry trade is back in focus, and this time should be different.”
The firm also shared that it expects Egypt and the International Monetary Fund (IMF) will finalize a new agreement for its $3 billion loan during the first half of 2024, leading to an adjustment of the EGP and tightening of monetary policy
Egypt holds roughly 0.6% in the GBI-EM Global Diversified Index as of December 26 2023, with 13 EGP-denominated bonds included in the index with maturity dates stretching from 2024 to 2030
