Pre-Trading Thoughts

*Key news articles for today* The government is reportedly nearing an agreement with the IMF that would take the package to USD7-8 bn over three years, with USD700 mn disbursed up front after two in-process reviews are wrapped up. The IMF has downgraded its fiscal year 2023-2024 growth forecast for Egypt to 3.0% from October’s projection of 3.6%. 12-month EGP Non-Deliverable Forward (NDFs) surged to EGP63 per USD on 30 January. Egypt's tourism revenues increased by 8% YoY during 2023 to about...