The American investment bank, Morgan Stanley, expected that Egypt would be able to pass the first and second reviews of its program with the International Monetary Fund. He revealed that the Egyptian government's progress in asset sales and the improvement in the balance of payments show a possible easing of the liquidity shortage in foreign currency.
According to the report, there is a need for further devaluation of the currency, to ensure the continuation of restoring balance on the external level, in light of the economy awaiting reviews from the International Monetary Fund. The report shows that the decrease in the current account deficit resulted from increased revenues from services and curbing imports, which led to a shortage in supply, hurting growth and creating inflationary pressures, which raises questions about the sustainability of imposing restrictions.
Source (Al-Arabiya.net Website, Edited)
