The Central Bank of Egypt revealed an improvement in the current account deficit in the first half of the fiscal year 2022-2023 (the months from July to December 2022) to $1.8 billion, compared to $7.8 billion during the same period a year ago.
According to the Central Bank, remittances from Egyptians working abroad amounted to $ 12 billion during the period from July to December 2022.
In parallel, Moody's warned that delays in making progress on the asset sale program contribute to the downside risks to Egypt's ability to repay its debt and debt sustainability risks. Moody’s pointed out that the return of foreign investments to Egypt will contribute to increasing the dollar earnings, which supports Egypt's ability to repay dollar bond payments.
Source (Al-Arabiya.net Website, Edited)
