Goldman Sachs has revealed that Egypt faces a cumulative funding gap estimated at more than $11 billion over the next five years. Bloomberg warned that the market has become skeptical about dealing with the once-decade-old crisis in the Arab world's most populous country.
The first review of Egypt's program with the IMF, which was expected in March, has not yet taken place, representing a significant delay for the Egyptian government, which is struggling to access capital markets abroad and is now unable to access the next tranche of the IMF loan.
Egypt's bond investors are wary of injecting capital as the government spends nearly half of its revenue on paying interest.
Source (Al-Arabiya.net Website, Edited)
