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Vol 63 No 7

Published 31st March 2022


Back to the IMF…again

Egypt is looking for a bailout for the third time since 2016, as the Ukraine war hits the economy and foreign portfolio investors head for the exit

The unfolding economic damage from Russia's war on Ukraine has again exposed Egypt's vulnerability to rising food and oil prices and the fickle money markets. On 23 March, the International Monetary Fund (IMF) confirmed that Egypt, the second largest borrower from the Fund after Argentina, had asked for help to deal with the fall-out from Russia's war. With its population of 100 million, Egypt was the biggest customer for wheat from Russia and Ukraine.

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