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Egypt is planning to hold its presidential elections before end-2023, much earlier than the initial February 2024 date, as per sources. While no official date has been released yet, this news comes amid the nation’s economic crisis with inflation soaring higher. Egyptian authorities had agreed to a $3bn EFF rescue package with the IMF last year with the multilateral lender seeking for specific reforms from the nation, including a flexible currency and wide-ranging state asset sales. This would have to be fulfilled before the IMF signs off on a delayed program review and releases the second and third tranches of its loan. The focus on the presidential election could delay the authorities’ ability to enact the said reforms. According to Egypt’s constitution, the election process must begin at least 120 days before the end of the current president’s term.
Egypt’s dollar bonds were higher by up to 1 point across the curve with its 5.875% 2025s at 82.38, yielding 18.19%.
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