Goldman Sachs expects Ras El-Hekma deal to foster Egypt’s FX liquidity
Updated 2/28/2024 9:00:00 AM
Arab Finance: The US-based investment bank Goldman Sachs expects the scale and speed of the Ras El-Hekma deal’s investments to boost Egypt’s foreign exchange liquidity to meet its financing needs in the near and medium terms, according to a note.
As per the note, Egyptian authorities are working on finalizing the loan program with the International Monetary Fund (IMF), expecting a staff level agreement (SLA) to be announced in the coming days soon.
Moreover, officials do not expect that the UAE investment will result in a material change to the IMF’s loan program size or design, yet quantitative benchmarks, especially net international reserves (NIR) and financing/debt assumptions is likely before the final agreement between the IMF and Egypt.
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